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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 94-EDA11 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A <br />REVISED DEVELOPMENT ASSISTANCE AGREEMENT WITH THE EVEREST <br />GROUP, LTD., REGARDING C.G. HILL PROJECT <br /> <br />It is hereby resolved by the Board of Commissioners (the <br />"Board") of the Mounds View Economic Development Authority (the <br />"Authority") as follows: <br /> <br />1. Recitals. <br /> <br />(a) The Authority has <br />Statues, Sections 469.124 <br />(collectively, the "Act"). <br /> <br />the powers provided in <br />to 469.134 and 469.090 <br /> <br />Minnesota <br />to 469.108 <br /> <br />(b) Pursuant to and in furtherance of the objectives of the <br />Act, the Authority has undertaken a program to promote development <br />and redevelopment of certain land within the City of Mounds View <br />and in this connection is engaged in carrying out the Mounds View <br />Economic Development Project (the "Project") within the City. <br /> <br />(c) There has been approved pursuant to the Act a Project <br />Plan for the Project. <br /> <br />(d) The redevelopment and development of property within the <br />Project by private developers are stated objectives of the Project <br />Plan. <br /> <br />(e) In order to achieve the objectives of the Project Plan, <br />the Authority has determined to provide substantial aid and <br />assistance through the financing of certain of the public costs of <br />development. <br /> <br />(f) The Everest Group, Ltd. (the "Developer"), has presented <br />the Authority with a proposal for the completion of certain <br />improvements within the Project, consisting generally of the <br />construction of an approximately 30,000 square foot building in the <br />City for C.G. Hill & Sons, Inc., and certain Development Assistance <br />Agreement between the Authority and the Developer (the "Development <br />Agreement" - dated June 15, 1994 draft) stating the terms and <br />conditions thereof and the Authority's responsibilities respecting <br />the assistance thereof has been presented to the Board for its <br />consideration. . <br /> <br />(g) The Development Agreement is revised from the similar <br />agreement which was approved by the Board on May 23, 1994, in that <br />minor revisions were made to the definitions regarding C.G. Hill <br />and the Development Agreement now specifies that C.G. Hill will own <br />the property at the time of the Certificate of Completion from the <br />Authority. <br /> <br />2. The Board hereby determines that the Authority's <br />execution and performance of the Development Agreement would be in <br />