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<br />. ~. <:. <br /> <br />It ,~ <br /> <br />. <br /> <br />RESOLUTION NO. 2552 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING PAYMENT OF $247,279 TO EVEREST <br />DEVELOPMENT LIMITED FOR LAND BUY-DOWN OF LOT 1, BLOCK 4 <br />MOUNDS VIEW BUSINESS PARK <br /> <br />WHEREAS, the City of Mounds View and Everest Develop- <br />ment Ltd. entered into a Contract for Private Redevelopment <br />setting forth the obligations of both parties in considera- <br />tion of the City providing tax increment financing to aid in <br />the development of Mounds View Business Park: and <br /> <br />WHEREAS~ Section 3.9 (b), (I-VII) of the Contract <br />provides the co~ditions and terms for use of tax increment <br />bond proceeds: and <br /> <br />WHEREAS, the Developer, Everest Development Ltd., has <br />fulfilled their contractual obligations for the construction <br />of Building D, also known as Lot 1, Block 4, Mounds View <br />Business Park: and <br /> <br />WHEREAS, the Developer has requested that the City of <br />Mounds View in consideration of the completion of Building <br />D, reimburse the Developer purs~nt to the provisions of <br />Section 3.7 of the Contract for ~ivate Redevelopment the <br />"percentage share" of the cost of the land acquisition. <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the City Council <br />of the City of Mounds View approves the payment of $247,279 <br />to Everest Development Ltd. for the City's "percentage <br />share" of the acquisition of Lot 1, Block 4, Mounds View <br />Business Park pursuant to the provisions of the Contract for <br />Private Redevelopment with said funds to corne from the tax <br />increment fund. <br /> <br />BE IT FURTHER RESOLVED that the Mayor and Clerk- <br />Administrator are authorized to enter into the Certificate <br />of Completion and Release of Forfeiture on behalf of the <br />City. <br /> <br />Adopted this 23rd day of October, 1989. <br /> <br />ATTEST: <br /> <br /> <br />(SEAL) <br /> <br />\ <br />\.... <br />