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Councilmember Musgrove introduced the following resolution and moved for its adoption: RESOLUTION #20-082 RESOLUTION APPROVING A BUSINESS SUBSIDY AND AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT, RIGHT OF RE-ENTRY AGREEMENT AND APPROVING TERMS OF AN INTERFUND LOAN WHEREAS , Ramsey Hotel Group LLC (the "Developer") has requested the City of Ramsey, Minnesota (the "City") to assist with the financing of certain costs incurred in connection with the construction of an approximately 36,578 square foot 60-unit hotel, restaurant and related facilities to be located in the City (the "Project"); and WHEREAS , the Developer and the City have determined to enter into a Development Agreement providing for the City's assistance for the Project (the "Development Agreement"); and WHEREAS , the sale of certain real property by the City to the Developer 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"); and WHEREAS , a public hearing, pursuant to the Business Subsidy Act, was held on the date hereof; and WHEREAS , the City heretofore established Tax Increment Financing (Redevelopment) District No. 14 (the "TIF District") and adopted a Tax Increment Financing Plan (the "TIF Plan") therefor; and WHEREAS , the purpose of the Right of Re-Entry Agreement is to protect the City interest in the 1.428 acre parcel in the event that the Developer does not perform according to the terms and conditions therein; and NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: Business Subsidy; Public Purpose. The City hereby determines that the public purpose of the Business Subsidy is to increase the tax base in the City, help meet market demand for lodging in the City and to help support commerce in the City. 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. Development Agreement. The City Council hereby approves the Development Agreement in substantially the form submitted, and the Mayor and City Administrator are hereby authorized and directed to execute the Development Agreement on behalf of the City. The approval hereby given to the Development Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this