Resolution 04-EDA191 - Laserfiche WebLink

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. . . EDA RESOLUTION NO. 04-EDA-191 CITY OF MOUNDS VIEW MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING THE DEVELOPMENT AGREEMENT TO PROVIDE $75,000 IN TAX INCREMENT FINANCING (TIF) ASSISTANCE TO VELMEIR CO., LLC TO FACILITATE THE REDEVELOPMENT OF THE AMOCO PROPERTY AT 2800 COUNTY HIGHWAY 10 IN MOUNDS VIEW WHEREAS, the parcel located at 2800 County Highway 10, at the intersection of Silver Lake Road and Highway 10, has had a vacant gas station for over three years; and, WHEREAS, the Velmeir Co., LLC, a Michigan development group, has been working for over a year and a half to redevelop the site for a 13,000 sq. ft. CVS Pharmacy facility; and, WHEREAS, the proposed use of the 3.38 acre subject property would be to facilitate the commercial redevelopment of this visible corner lot along the City's main business corridor; and, WHEREAS, Velmeir has signed purchase agreements with BP Amoco and other adjacent landowners necessary for the redevelopment; and, WHEREAS, on May 5 and 19, 2004, the Mounds View Planning Commission voted unanimously to recommend approval of the preliminary plat, rezoning and development review for the Velmeir CVS Addition, and the City Council approved the preliminary plat on May 24, 2004; and, WHEREAS, unexpected additional costs during the past several months have been added to the site development costs, in particular, Rice Creek Watershed District has added over $106,000 in stormwater management costs; and that these added costs put the project at risk; and WHEREAS, on June 22, 2004 Velmeir has requested financial assistance from the City to ameliorate costs associated with Demolition and Clearing, and/or Rice Creek Watershed Requirements; and that the City provide a grant of $75,000 from Tax Increment Financing (TIF) funds.