03-08-1999 CC - Laserfiche WebLink

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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 99-EDA108 A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF AN AMENDED DEVELOPMENT ASSISTANCE AGREEMENT WITH MICHAEL INVESTMENTS REGARDING THE BUILDING N PROJECT 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) The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act"). (b) Pursuant to and in furtherance of the objectives of the Act, the Authority has undertaken a program to promote 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. (c) There has been approved pursuant to the Act a Project Plan for the Project. (d) The redevelopment and development of property within the Project by private developers are stated objectives of the Project Plan. (e) In order to achieve the objectives of the Project Plan, the Authority has determined to provide substantial aid and assistance through the financing of certain of the public costs of development. (f) Michael Investments (The "Developer"), has presented the Authority with proposals for the completion of certain improvements within the Project, consisting generally of an approximately 97,000 square foot building, or an approximately 69,000 square foot building and a certain amended Development Assistance Agreement between the Authority and the Developer (the "Development Agreement") stating the terms and conditions thereof and the Authority's responsibilities respecting the assistance thereof has been presented to the Board for its consideration. 2. The Board hereby determines that the Authority's execution and performance of the amended Development Agreement would be in furtherance of the Project Plan and hereby approves the amended Development Agreement substantially in the form presented to the Board and hereby authorizes the officers of the Authority in their discretion and at such time, if any, as they may deem appropriate to execute the same on behalf of the Authority, with such additions and modifications as those officers may deem desirable or necessary, as evidenced by their execution thereof. 3. Upon execution and delivery of the amended Development Agreement, the officers and employees of the Authority (including members of the City staff, acting in their capacity as staff to the Authority as well) are hereby authorized and directed to take or cause to be taken such actions as may be appropriate or necessary on behalf of the Authority to implement the amended Development Agreement, including without limitation issuance of the EDA Note and execution of the Certificate of Completion under the amended Development Agreement.