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<br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 96-EDA45 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING AND AUTHORIZING AN OPTION AGU-EEMENT WITH <br />TONY AND DOLORES JAMBOR FOR THE BEL-RAE LAND AND BUILDING <br /> <br />WHEREAS, Mounds View Economic Development Authority (BDA) and City <br />Staff have been exploring options for the use and financing of the Bel-Rae Ballroom per the <br />direction of Resolution No. 96-EDA43 passed by the EDA Board (Board) on February 12, 1996; <br />and <br /> <br />WHEREAS, opportunities for pminerships with a private sports venture, Mounds <br />View School District and social service providers are being reviewed; and <br /> <br />WHEREAS, it has been recommended that the EDA enter into an Exclusive Option <br />Agreement with Tony and Dolores Jambor, current owners of the Bel-Rae land and building to <br />allow adequate time to negotiate a redevelopment plan; and <br /> <br />WHEREAS, the structure and financing arrangements for the redevelopment of <br />the Bel-Rae property is scheduled to be completed prior to the July 9, 1996 expiration of the <br />Option Agreement with Tony and Dolores Jambor;. and <br /> <br />WHEREAS, the agreement includes option money in the amount of $10,000 <br />which will be held in a trust account until the option is either exercised or expired. <br /> <br />It is hereby resolved by the Board of Commissioners (the Board) of the Mounds <br />View Economic Development Authority (the Authority) as follows: <br /> <br />1. RECITALS: <br /> <br />(a) the Authority has the powers provided in Minnesota Statutes, Sections 469.124 <br />to 469.124 and 469.090 to 469.108 (collectively the Act). <br /> <br />(b) Pursuant to and in furtherance of the objectives of the Act, the Authority has <br />undertaken a program to promote development and redevelopment of certain land <br />within the City of Mounds View and in this connection is engaged in carrying out the <br />Mounds View Economic Development Project (the Project) within the City. <br /> <br />(c) There has been approved pursuant to the Act a Project Plan for the Project. <br /> <br />(d) The redevelopment and development of property are stated objectives of the <br />Project Plan. <br />