Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />1.08. The City established Tax Increment Finance District No.4 (Redevelopment District) <br />("TIF District No.4") on April 28, 1997 in connection with the Bel Rae Project. <br /> <br />1.09. The City and the Authority have entered into an Exclusive Negotiations Agreement <br />\\ith V.B. Digs in which tax increment finance assistance would be provided to be V.R Digs for <br />certain qualified reimbursable costs relating to land acquisition and public improvements for the <br />Bel Rae Project, induding parking. <br /> <br />1.10. The COlmciI previously authorized the City to enter into a contract with W AI <br />Continuum ("W AI) for architectural and design services related to the Bel Rae Project and the <br />architect has commenced work on the architectural design for the Bel Rae Project pursuant to the <br />contract. <br /> <br />1.11. The Council has authorized the City to enter into a construction manager agreement <br />with Flannery Construction~ Inc. to serve as construction manager for the Bel Rae Project. <br /> <br />1.12. The City has requested the Authority to provide the City with tax increment funds <br />in an amount not to exceed 4.5 million doll~ in the form of a loan to finance the City's costs <br />in connection with the Bel Rae Project. <br /> <br />1.13. The City is currently in the process of negotiating leases with the Childrens Home <br />Society of :tYtinnesota and Independent School District No. 621 as tenants of certain leased <br />premises of the City's owned portion of the Bel Rae Project. <br /> <br />Section 2. Resolved. <br /> <br />2.01. That the Board of the Authority authorizes the President and Executive Director to <br />enter into a loan agreement beN/een the Authority and the City for a loan to the City of up to <br />4.5 million in tax increment funds to finance the City's costs in connection with the Bel Rae <br />Project <br /> <br />2.02. That the Board of the Authority hereby grants final approval for the expenditure <br />of up to 4.5 million in tax increment funds loaned to the City by the Authority to finance the <br />City's costs in connection with the Bel Rae Project <br /> <br />Adopted by the Board of Commissioners of the Mounds View Economic Development <br />Authority this 12th day of May, 1997. <br /> <br />~tJt{( IUJlk&:zf ~- <br /> <br />Duane McCarty, President <br /> <br />A1TEST: <br /> <br />~~-v-.~ <br />ca y e xecutIve Drrector <br /> <br />Ra.l226l6 <br />ML'20S-4 <br /> <br />2 <br />