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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 97-EDA68 <br /> <br />MOlJNDS VIEW ECONOMIC DEVELOPMENT AUTHORlTY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION GRANTING FINAL APPROV AL FOR <br />EXPENDITURE OF TAX INCREMENT FUNDS TO FINANCE <br />TIIE CITY'S COSTS IN CON"NECTION Willi THE BEL RAE <br />COM:MlThllTY CENTER PROJECT AND AUTHORIZING TIiE <br />EDA TO ENTER INTO A TIF LOAN AGREEMENT WITH THE <br />CITY TO PROVIDE TIF FINANCING ASSISTANCE IN <br />CONNECTION WITH THE PROJECT <br /> <br />It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View <br />Economic Development Authority (the" Authority) as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01. The Authority has the powers provided in Minnesota Statues, Sections 469.124 to <br />469.134 and 469.090 to 469.108 (collectively, the n Act"). <br /> <br />1.02. 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 vvithin the City <br />of Mounds View and in this connection is engaged in carrying out the Mounds View Economic <br />Development Project (the "Project") Vwithin the City. <br /> <br />1.03. There has been approved pursuant to the Act a Project Plan for the Project_ <br /> <br />1.04. The redevelopment and development of property vvitbin the Project by private <br />developers and the creation of community and other public service centers are stated objectives <br />of the Project Plan. <br /> <br />1.05. In order to achieve the objectives of the Project Plan, the Authority has determined <br />to provide substantial aid and assistance through the financing of certain of the public costs of <br />development. <br /> <br />1.06. On May 9, 1994, the Authority amended and consolidated the development <br />programs for Development Districts Nos. 1,2 and 3 and amended the Tax Increment Financing <br />Plans therefor establishing an additional $20,000,000 in budget authority for the three <br />consolidated Development Districts. <br /> <br />1.07. The City Council ("Council") of the City of Mounds View ("City") has already <br />given preliminary approval of the Bel Rae Community Center project and proposed <br />redevelopment plans for the remainder of the Bel Rae site as proposed by V.B. Digs to build a <br />privately owned volleyball complex adjacent to the Bel Rae Community Center (collectively <br />referred to hereafter as "the Bel Rae Project"). <br /> <br />Rc:.122616 <br />M(,";lOS-4 <br /> <br />1 <br />