06-28-1999 EDA - Laserfiche WebLink

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RESOLUTION NO. 99 -EDA -115 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION APPROVING AMENDMENTS TO THE HOUSING REPLACEMENT PROGRAM It is hereby resolved by the Board of Commissioners (the `Board") of the Mounds View Economic Development Authority (the "Authority") as follows: 1. Recitals. (a) Pursuant to Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108. (collectively, the "Act"), the Authority (i) has undertaken a program to promote the 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; (ii) has approved a Project Plan for the Project; and (iii) has approved and adopted a Housing Replacement Program under and as an aspect of the project plan. (b) The redevelopment of property within the project is a stated objective of the Project Plan and the Housing Replacement Program. (c) The Housing Replacement Program's objectives include replacing lower -value housing on scattered sites throughout the City with larger, new and higher value housing designed for families, the elimination of blighting influences and the increase of available quality housing for families within the City. (d) Including the addition and replacement of language which includes but is not limited to; (i) the provision of a section to include guidelines for drafting a Development Agreement for the sale of the property; (ii) requirement for submittal of a financial guarantee by the developer to the EDA which is 100% of the minimum improvement value; (iii) a requirement that would allow the EDA to take possession of the property and improvements in the event the developer fails to carry out its obligations as agreed. The changes are being presented as amendments to the Housing Replacement Program. 2. The Board hereby determines that including (i) the provision of a section to include guidelines for drafting a Development Agreement for the sale of the property; (ii) require the submittal of a financial guarantee by the developer to the EDA which is 100% of minimum improvement value; (iii) a requirement that would allow the EDA to take possession of the property and improvements in the event the developer fails to carry out its obligations as agreed; is consistent with and would be in furtherance of the Project Plan and hereby approves that Program. 3. The Board hereby determines that the implementation of these amendments will help realize the public purpose of the Act and would be in furtherance of the Project Plan Adopted by the Board of Commissioners of the Mounds View Economic Development Authority on June 28, 1999. Dan Coughlin, President ATTEST: Charles S. Whiting, Executive Director