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.�� .. .. ,-- . . :- z�---. f, . . ° - �. G_: .. . . _ . � : _ _ �_.=_„'�_—_"� . t.= � <br />_ _ .�__ _�, V��— ----"`s5u`' ° ...- '-' . -.r------ ' —� -.'- . <br />t`�i SOLUTIOlv l�TOo 9�-ie.Dt�il(Z <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION A.PPROVING AND AUTHORIZING THE EXECUTION OF A <br />REVISED DEVELOPMENT ASSISTANCE AGREEMENT WITH THE EVEREST <br />GROUP, LTDe, REGARDING MULTI-TECH �XPANSION <br />It i.s hereby resolved by the Board of Commissioners (the <br />"Board") of the Mounds View Economic Development Authority (the <br />"Authority") as follows: <br />la Recitals. <br />(a) The Authority has the powers provided in Minnesota <br />Statues, Sections 469.124 to 469a134 and 469.090 to 469.108 <br />(collectively, the "Act"). <br />(b) Pursuant to and in furtherance of the objectives of the <br />Act, the Authority has undertaken a program to promote development <br />and redevelopment of certain land within the City of Mounds View <br />and in this connection is engaged in carrying out the Mounds View <br />Economic Development Project (the "Project") within the City. <br />(c) There has been approved pursuant to the Act a Project <br />Plan for the Project. <br />(d) The redevelopment and development of property within the <br />Project by private developers are stated objectives of the Project <br />Plan. <br />(e) In order <br />the Authority has <br />assistance through <br />development. <br />to achieve the objectives ot the Project Plan, <br />determined to provide substantial aid and <br />the financing of certain of the public costs of <br />(f) The Everest Group, Ltd. (the "Developer"), has presented <br />the Authority with a proposal for the completion of certain <br />improvements within the Project, consisting generally of the <br />construction of an approximately 60,000 square foot expansion of <br />the Multi-Tech facilities in the City and certain Development <br />Assistance Agreement between the Authority and the Developer (the <br />"Development Agreement" - dated June 15, 1994 draft) stating the <br />terms and conditions thereof and the Authority's responsibilities <br />respecting the assistance thereof has been presented to the Board <br />for its consideration. <br />(g) The Development Agreement is revised from the similar <br />agreement which was approved by the Board on May 23, 1994, in that <br />the Development Agreement now provides for the sale to Multi-Tech <br />of approxi.mately 507,316 square feet of real property (as opposed <br />to the 279,409 square feet under the prior version of this <br />agreement)e <br />2o The Board hereby determines that the Authority's <br />execution and performance of the Development Agreement would be in <br />