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, __ _ <br />: , . __ � v :- -- - - - - _ _ .�� <br />_ _ _ � __ <br />:<.—_ �.: ` --- . .�.�.�. ..,..,_ • --- ---- _ ,. <br />��S�LUTION i�i0 0 94-EDAI l <br />CITY OF MOUNDS VIEW <br />COURTTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTIOI�I APPROVING AND AUTHORIZIPTG THE EXECUTION OF A <br />REVISED DEVELOPMENT ASSISTANCE AGREEMENT WITH THE E'VEREST <br />GROUP, LTD., REGARDING C.G. HILL PROJECT <br />It is hereby resolved by the Board of Commissioners (the <br />"Board") of the Mounds View Economic Development Authority (the <br />"Authority") as follows: <br />1. Recitals. <br />(a) The Authority has the powers provided in Minnesota <br />Statues, Sections 469.124 to 469.134 and 469.090 to 464e108 <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 of 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 30,000 square foot building in the <br />City for C. Ga Hill & Sons, Inc ., and certain Development Assistance <br />Agreement between the Authority and the Developer (the "Development <br />Agreement" - dated June 15, 1994 draft) stating the terms and <br />conditions thereof and the Authority's responsibilities respecting <br />the assistance thereof has been presented to the Board for its <br />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 />minor revisions were made to the definitions regarding C.G. Hill <br />and the Development Agreement now specifies that C.G. Hill will own <br />the property at the time of the Certificate of Completion from the <br />Authority. <br />2. The Board hereby determines that the Authority's <br />execution and performance of the Development Agreement would be in <br />� <br />