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EDA RESOLUTION NO. 09-EDA-252 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION APPROVING FIRST AMENDMENT TO <br />DEVELOPMENT ASSISTANCE AGREEMENT BETWEEN <br />MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY AND MOUNDSVISTA, INC. <br />WHEREAS, in October 2001, the Mounds View Economic Development <br />Authority (EDA) entered into a Development Assistance Agreement (the "Agreement") <br />with MoundsVista, Inc. (d.b.a. The Mermaid) that set forth the intentions and <br />responsibilities of the parties for the development of certain property located within the <br />City of Mounds View, Minnesota, as identified on Exhibit A of the Agreement (the <br />"Development Property"); and, <br />WHEREAS, the Agreement was to assist with redevelopment costs such as land <br />acquisition, building demolition and site clearance that allowed for the construction of <br />the hotel and banquet center; and, <br />WHEREAS, MoundsVista, Inc. received $631,897 in assistance as a result of the <br />issuance of Tax Increment Financing (TIF) Revenue Bonds; and, <br />WHEREAS, on March 20, 2009, MoundsVista, Inc. requested that the EDA <br />modify the Agreement to allow for the sale of the hotel and the continuation of semi- <br />annual payments to the bondholders; and, <br />WHEREAS, The Authority and the Developer have indicated a willingness to <br />amend the terms of the Agreement pursuant to a First Amendment to Development <br />Assistance Agreement (the "Amendment"); and <br />WHEREAS, the City Council discussed MoundsVista, Inc.'s request at the <br />March 23, 2009 Regular City Council meeting and at the April 6, 2009 City Council <br />Work Session. <br />NOW, THEREFORE BE IT RESOLVED THAT the Mounds View Economic <br />Development Authority (EDA) does hereby authorize a modification of the Agreement <br />pursuant to the Amendment to allow for the sale of the hotel and the continuation of <br />semi-annual payments to the bondholders and that all costs associated with this <br />modification be the responsibility of MoundsVista, Inc. subject to the following: <br />349968v3 SJR MU210-26 <br />1 <br />