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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 5260 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION AUTHORIZING CITY STAFF AND CONSULTANTS TO PROCEED <br />WITH THE NEGOTIATION OF A FINAL DEVELOPMENT AGREEMENT AND <br />OTHER ACTIONS CONCERNING THE MERMAID HOTEL AND BANQUET <br />CENTER <br /> <br />WHEREAS, the City of Mounds View has received a request for tax increment financing <br />assistance and land acquisition assistance to expand the existing Mermaid Supper Club facility at <br />2200 Highway 10 to include a hotel and banquet center; and <br /> <br />WHEREAS, the proposed project would expand the city's tax base, provide jobs, <br />improve the Highway 10 corridor, and enhance the image of Mounds View; and <br /> <br />WHEREAS, the Mounds View City Council has reviewed a preliminary term sheet <br />generally outlining the major terms and responsibilities of the City and the Developers necessary <br />to carry out the project, and <br /> <br />WHEREAS, a schedule and general outline of work tasks has been prepared as a guide <br />to direct future actions by the City of Mounds View and the Developers, recognizing that the <br />schedule will be subject to possible changes and revisions as further details become known; and <br /> <br />WHEREAS, it is necessary to complete certain actions to determine the feasibility of the <br />project including the negotiation of a final development agreement and the execution of an <br />option/purchase agreement for the RentAll property at 2190 Highway 10; and <br /> <br />WHEREAS, the Minnesota Department of Trade and Economic Development (DTED) <br />has announced the availability of grant funds through the Redevelopment Grant Program which <br />could assist the project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the Mounds View City Council <br />authorizes staff and consultants to proceed with the following actions: <br /> <br />1. Negotiation of a final development agreement for City Council/EDA approval at a <br />future meeting. <br />2. Negotiation of an option/purchase agreement for the RentAll property at 2190 <br />Highway 10 and the determination of the amount of the required relocation assistance. <br />This agreement would be presented to the City Council/EDA at a future meeting. <br />3. Development of an application to DTED for a redevelopment grant for City Council <br />consideration at a future meeting. <br />4. Continuation of discussions with Metro Transit and/or MnDOT regarding the possible <br />