Resolution 97-EDA63 - Laserfiche WebLink

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- . . RESOLUTION NO. q 7 - 2 Of-} & 3 A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT WITH KENMARK PARTNERSHIP It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: 1. Recitals. (a) The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act"). (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a program to promote development and redevelopment of certain land within the City of Mounds View and in this connection is engaged in carrying out the Mounds View Economic Development Project (the "Project") within the City. ( c) There has been approved pursuant to the Act a Project Plan for the Project. (d) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. (e) In order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain of the public costs of development. (f) Kenmark Partnership, LLP, a Minnesota limited liability partnership (the "Developer"), has presented the Authority with a proposal for the completion of certain improvements within the Project, consisting generally of the construction of an approximately 25,000 square foot office/ warehouse/manufacturing facility, in the City, and a certain Development Assistance Agreement between the Authority and the Developer (the "Development Agreement") stating the terms and conditions thereof and the Authority'S responsibilities respecting the assistance thereof has been presented to the Board for its consideration. 2. The Board hereby determines that the Authority's execution and performance of the Development Agreement would be in 346932.2