Resolution - #16-10-200 - 10/11/2016

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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF RAMSEY, MINNESOTA HELD: October 25, 2016 Pursuant to due call and notice thereof, a meeting of the City Council of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall in said City on Tuesday, the 25th day of October, 2016, at 7:00 o'clock p.m. The following members were present: Mayor Strommen, CouncilmemberJohns, Councilmember Kuzma, Councilmember LeTourneau, Councilmember Riley, Councilmember Shryock, and Councilmember Williams and the following were absent: None Councilmember Riley introduced the following resolution and moved its adoption: RESOLUTION #16-10-200 RESOLUTION APPROVING A BUSINESS SUBSIDY AND AUTHORIZING EXECUTION OF A PURCHASE AGREEMENT WHEREAS, the City of Ramsey, Minnesota (the "City") proposes to sell city land at below market value to Platinum Properties Group, Inc., (the "Developer"). WHEREAS, the sale of certain real property by the City at below market value is considered a business subsidy (the "Business Subsidy") pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsides Act"). WHEREAS, the Developer and the City proposes to enter into a Purchase Agreement for the City's sale of the property to the Developer (the "Purchase Agreement"). WHEREAS, a public hearing, pursuant to the Business Subsidy Act, was held on the date hereof. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, Minnesota, as follows: 1) The City hereby determines that the public purpose of the Business Subsidy is to increase the tax base in the City. 2) In accordance with the provisions of the Business Subsidies Act, the City hereby determines that the creation and retention of jobs is not a goal of the Business Subsidy and consequently hereby sets the wage and job goals at zero. 7879263vl