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RESOLLTIUN NO. 97-EDA ~_ <br />• CITY OF MOEti'D5 VIEW ~~k' <br />COUNTY OF RAMSEY <br />STATE OF ~IINNESUTA - <br />RF.SOLUTIO>! APPROVING A COIvZ'RACT FOR PRIVATE <br />REDEVELOP~[E\iT BY AND AMONG THE CITY OF <br />MOL~iDS VIEW, THE EDA. V.B. D[GS. LLC A.\D <br />AC°TFiOR[L1NG "I'HE PRESIDENT AND EXECLTiVE <br />DIRECTOR TO EXEGETE TEIE CUh-CRACT AND RELATED <br />DOCL'MEVTS UN BEHALF OF '1'l1E L•DA. <br />Section I. Recitals" <br />1.01" The \~Iounds View Economic Development ~\uthority ("CDi\") consolidated <br />Development Districts Nos. 1. 2, and 3, pursuant to Nin" ~(~, Sections X69.090 through <br />#69.108. control of which was transferred to the EDA by the Ciry of btounds View ("City"), <br />thereby establishing the Mounds View Economic Development Project ("Project"), and adopted <br />a project plan therefor ("Project Plan"). <br />I.02. The Ciry has modified the Project Plan pursuant to Minn. mt". Sections 4!,9.134 <br />• through169.134 ("Development District Act") and Minn. 5ffit", Sections 469.001 to 469.047 <br />("HRA Act") and to that end has caused to be ptt:pated a document entitled "Moditcation Ivo. <br />Ito the Mounds View Economic Development ProjecC dated April l4, 1997 ("Project Plan <br />Modification"). <br />I "03" The Ciry has established Ta~c Increment Financing District No. 4 ('TIF Disa~ict No. <br />4'~ and adopted a Tax Increment Financing Plan ("TIF Plan's therefor. p~»~~+nt to ~r2. ~.. <br />Stations 169.101 through 369.1081 and Minn. Star., Sections 469.174 through 469.179 ("TIF <br />Act") and to drat and has caused to be prepared a document entitled "Tax Increment Financing <br />Platt for Redcvelopmcnt Tax Increment Financing District No" 4," dated April 14, 1997" <br />1.04. Among the activities proposed to be assisted by the EDA within the Project and <br />TIF District lvo. 4 is the redevelopmem of the Bel Rae Ballroom Siu: ("Bel Rae Site"). <br />1 AS" Thr EDA desires to provide development assistance for redeveloping the Bel Rae <br />Site by making available certain excess tar increment from the Consolidated Ih:velopment <br />Districts Nos. 1. '_' and 3 and newly generated tax itrcremem from TIF District Vo. 4. <br />1"06. There has been presented before the EDA a form of Contract fur Private <br />Redevelopment ("Contract") by and among the City. EDA and V.B. Digs, LLC, a Minnesota <br />limited liability company ("V.B" Digs' setting forth the parties' respective responstbilitiey in the <br />• proposed redevelopment of the Bel Rae Site. <br />an 1242^_3 <br />yc:aos-{ <br />