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'-ii'lk .� River City of Elk River Housing and Redevelopment Authority Resolution 17-02 A RESOLUTION APPROVING PURCHASE OF CERTAIN PROPERTY AND THE EXECUTION OF DOCUMENTS IN CONNECTION THEREWITH WHEREAS, the HRA was heretofore established by the City of Elk River, Minnesota (the "City") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"), and is authorized to undertake certain activities to facilitate the development and redevelopment of real property by private enterprise,including the purchase and sale of property;and WHEREAS, to facilitate redevelopment of property in the City,the HRA proposes to acquire certain property located at 426 Main Street in the City (the "Property") from the owner of the Property (the "Seller"). NOW THEREFORE, BE IT RESOLVED by the Board of the HRA as follows: � 1. The HRA finds and determines that the purchase of the Property from the Seller is in the public interest and will further the objectives of its general plan of economic development, housing development and redevelopment of the City because it will provide an opportunity for increased employment opportunities,provide opportunities for redevelopment of the area in accordance with the City's Mississippi Connections Plan,and serve as an impetus for further development. 2. The HRA hereby authorizes the Executive Director and HRA staff to prepare a purchase agreement (the "Purchase Agreement") with the Seller setting forth the terms of the acquisition of the Property in accordance with the terms presented to the Board at its meeting on May 1,2017. 3. The HRA hereby authorizes the Executive Director and the President to execute and deliver the Purchase Agreement on behalf of the HRA, together with any related documents necessary in connection therewith (collectively, the "Development Documents"). The President and Executive Director are further authorized and directed to execute the Development Documents on behalf of the HRA and to carry out,on behalf of the HRA,the HRA's obligations thereunder. 4. HRA staff and officials are authorized to take all actions necessary to perform the HRA's obligations under the Development Documents as a whole, including without limitation execution of any documents or certifications to which the HRA is a party referenced in or attached to the Development Documents,and other documents necessary to acquire the Property from the Seller. 5. The approval hereby given to the Development Documents includes approval of such language and details as may be necessary and appropriate and such modifications thereof, deletions � therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the HRA and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the