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EXTRACT OF MINUTES OF MEETING <br /> OF THE CITY COUNCIL OF THE <br /> CITY OF RAMSEY, MINNESOTA <br /> HELD: October 25, 2016 <br /> Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br /> Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall in said City on <br /> Tuesday, the 25th day of October, 2016, at 7:00 o'clock p.m. <br /> The following members were present: <br /> and the following were absent: <br /> Member introduced the following resolution and moved its <br /> adoption: <br /> RESOLUTION 916-10-200 <br /> RESOLUTION APPROVING A BUSINESS SUBSIDY AND <br /> AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT <br /> A. WHEREAS, the City of Ramsey, Minnesota(the "City") proposes to sell city land <br /> at below market value to Platinum Properties Group, Inc., (the "Developer"). <br /> B. WHEREAS, the sale of certain real property by the City at below market value is <br /> considered a business subsidy (the "Business Subsidy") pursuant to Minnesota Statutes, Sections <br /> 116J.993 to 116J.995 (the "Business Subsides Act"). <br /> C. WHEREAS, the Developer and the City proposes to enter into a Purchase <br /> Agreement for the City's sale of the property to the Developer(the "Purchase Agreement"). <br /> D. WHEREAS, a public hearing, pursuant to the Business Subsidy Act, was held on <br /> the date hereof. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, <br /> Minnesota, as follows: <br /> 1. The City hereby determines that the public purpose of the Business Subsidy is to <br /> increase the tax base in the City. <br /> 2. In accordance with the provisions of the Business Subsidies Act, the City hereby <br /> determines that the creation and retention of jobs is not a goal of the Business Subsidy and <br /> consequently hereby sets the wage and job goals at zero. <br /> 7879263v1 <br />