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<br />" <br /> <br />RESOLUTION NO. 99-EDA-115 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />ST ATE OF MINNESOTA <br /> <br />A RESOLUTION APPROVING AMENDMENTS TO THE HOUSING REPLACEMENT PROGRAM <br /> <br />It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development <br />Authority (the "Authority") as follows: <br /> <br />1. Recitals. <br /> <br />(a) Pursuant to Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469. J08. (collectively, the <br />"Act"), the Authority (i) has undertaken a program to promote the development and redevelopment of certain <br />land within the City of Mounds View and in this connection is engaged in carrying out the Mounds View <br />Economic Development Project (the "Project") within the City; (ii) has approved a Project Plan for the <br />Project; and (iii) has approved and adopted a Housing Replacement Program under and as an aspect of the <br />project plan. <br /> <br />(b) The redevelopment of property within the project is a stated objective of the Project Plan and the Housing <br />Replacement Program. <br /> <br />(c) The Housing Replacement Program's objectives include replacing lower-value housing on scattered sites <br />throughout the City with larger, new and higher value housing designed for families, the elimination of <br />blighting influences and the increase of available quality housing for families within the City. <br /> <br />. (d) Including the addition and replacement of language which includes but is not limited to; <br /> <br />(i) the provision of a section to include guidelines for drafting a Development Agreement for <br />the sale of the property; <br />(ii) requirement for submittal of a financial guarantee by the developer to the EDA which is <br />100% of the minimum improvement value; <br />(iii) a requirement that would allow the EDA to take possession of the property and <br />improvements in the event the developer fails to carry out its obligations as agreed. <br /> <br />The changes are being presented as amendments to the Housing Replacement Program. <br /> <br />2. The Board hereby determines that including (i) the provision of a section to include guidelines for drafting a <br />Development Agreement for the sale of the property; (ii) require the submittal of a financial guarantee by the <br />developer to the EDA which is 100% of minimum improvement value; (iii) a requirement that would allow the <br />EDA to take possession of the property and improvements in the event the developer fails to carry out its <br />obligations as agreed; is consistent with and would be in furtherance oflhe Project Plan and hereby approves <br />that Program. <br /> <br />3. The Board hereby determines that the impIcmentation of these amendments will help realize the public <br />purpose of the Act and would be in furtherance of the Project Plan <br /> <br />Adopted by the Board of Commissioners of the Mounds View Economic Development Authority on June 28, <br /> <br />1999. <br /> <br />(;;/ .--; - /;/ / ,- L-/' <br />;1J-?/.(! ( l/..~.(..A (/, <br />\ Dan Coughlih..-_P-resii.lenr '''v <br />" ,) <br /> <br />eATTEST;j/j <br /> <br />~AV~ <br /> <br />.Qm Ics S. W-Hi~-g, Executive Director <br />,v\leNu....l Ull'fc.L-. lIe-k6 <br />