04-22-1996 EDA - Laserfiche WebLink

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t_ . _.T . r _ . _. G : , ' . . . . , ,- . .� _� ; ��- =-. : .. _�., .�.__r --�-�_� . � _ � � .. _ . _ . . r. . . .� �.. ._ ��_ . . � -_._. _._ .. . -- _ _'`-- -'- - '- . �"'_' _ - - --- - - -- -- RESOLUTION NO. 96-EDA45 CITY OF NIOUNDS VIEW COUNTY OF RAIVISEY STATE OF MINNESOTA RESOLUTION APPROVING AIYD AUTHORIZING A 90-DAY OPTION AGRE�MENT WITH TONY AND DOLOR�S JAMBOR FOR THE BEL-RAE LAND AND BUILDING WHEREAS, Mounds View Economic Development Authority (EDA) and City Staff have been exploring options for the use and financing of the Bel-Rae Ballroom per the direction of Resolution No. 96-EDA43 passed by the EDA Board (Board) on February 12, 1996; and WHEREAS, opportunities for partnerships with a private sports venture, Mounds View School District and social service providers are bein� reviewed; and WHEREAS, to ensure that the Bel-Rae property will not be sold for at least 90-days it has been recommended that the EDA enter into an Option A;reement with Tony and Dolores Jambor, current owners of the Bel-Rae land and building; and WHEREAS, the structure and financing arrangements for the redevelopment of the Bel-Rae property is scheduled to be completed prior to the July 31, 1996 e:cpiration of the Option Agreement with Tony and Dolores Jambor; and WHEREAS, the agreement includes option money in the amount of $10,000 which will be held in a trust account until the option is either eYercised or eYpired. It is hereby resolved by the Board of Commissioners (the Board) of the Mounds View Economic Development Authority (the Authority) as follows: 1. RECITALS: (a) the Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.124 and �69.090 to 469.108 (collectively the Act). (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a probram to promote development and redevelopment of certain land within the City of Mounds View and in this connection is engaged in canrying out the Mounds View Economic Development Project (the Project) within the City. (c) There has been approved pursuant to the Act a Project Plan for the Project. (d) Tl�e redevelopment and development of property are stated objectives of the Project Plan.