05-23-1994 EDA - Laserfiche WebLink

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_ ,__ � �:�_� ___ ____ _______ x _ .�� . � . _ RESOLUTION NO. 94-EDA5 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT WITH THE EVEREST GROUP, LTD., REGARDING MULTI-TECH EXPANSION It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View Economic Development Authority (the "Authority") as follows: 1. Recitais. (a) The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act"). (b) Pursuant to and in furtherance of the objectives of the Act, the Autharity has undertaken a program to promote development and redevelopment of certain land within the City of Mounds View and in this connection is engaged in carrying 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) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. (e) In order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain of the pubiic costs of development. (� The Everest Group, Ltd. (the "Developer"), has presented the Authority with a proposal for the completion of certain improvements within the Project, consisting generaily of the construction of an approximately 60,000 square foot expansion of the Multi-Tech facilities in the City, and a certain Development Assistance Agreement between the Authority and the Developer (the "Development Agreement" - attached herein as Attachment A) stating the terms and conditions thereof and the Authority's responsibilities respecting the assistance thereof has been presented to the Board for its consideration.