04-12-1999 EDA - Laserfiche WebLink

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4. A change to indicate that Jeffrey L. Neilsen is the General Partner and not President of Michael Investments. It was noted that Jim O'Meara of Briggs and Morgan who drafted the original agreement on behalf of the EDA has reviewed the proposed changes and indicated that there are no legal issues with the proposed changes. Staff recommends approval of a resolution approving and authorizing the execution of an amended development assistance agreement with Michael Investments regarding the Building N project. Commissioner Quick asked if staff is satisfied with the agreement. Community Development Director Jopke stated the agreement is consistent with past EDA approvals and he is satisfied since these issues involve housekeeping issues. MOTION: Quick. To adopt Resolution 99-EDA-108, a resolution approving and authorizing the execution of an amended development assistance agreement with Michael Investments regarding the Building 'N' Project. '. There being no second, President Coughlin declared the motion to have died for lack of a second. MOTION: Coughlin. President Coughlin stated since this amended development agreement has not been acted on in the affirmative, he offered the following resolution: "It is hereby resolved by the Board of Commissioners of the Mounds View Economic Development Authority that any and all prior authorizations of the officers of the Authority to execute any Development Assistance Agreement between the Authority and The Everest Group or Michael Investments, including without limitation Resolution Nos. 97-EDA67 and 98-EDA97 of the Board adopted on August 25, 1997, and September 14, 1998, respectively, be and hereby are withdrawn and rescinded. Accordingly,the officers of the Authority are no longer authorized to execute any such agreements respecting tax increment assistance for the so-called Building 'N' project." President Coughlin explained he was authorized to enter into an agreement if the agreement was found to be good and right and the resolution he is proposing, essentially,rescinds that authority for himself and Mr. Whiting to enter into an agreement by the EDA proper. SECOND: Thomason. Ayes - 4. Nays - 1 (Quick). Motion carried. President Coughlin stated the next issue to address is that the EDA has been holding documents sent by Michael Investments that pertained to the original agreement prior to this present EDA consideration. He asked whether it is the will of the EDA to accept the document as originally 2 U:\CARTS\COUNCIL\MINUTES\MVEDA12.APR