08-09-1999 EDA - Laserfiche WebLink

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Economic Development Coordinator Carroll stated this was basically why the matter was before the Council at this time. He stated notification of the public hearing was mailed to all residents within 350 feet of the subject property on July 21. He stated that he, City Attorney Riggs, and Housing Inspector Dorgan had been preparing a draft of a purchase redevelopment agreement, which is now in final form, and available to be signed by the developer and the City in the event the EDA approves this agreement. Economic Development Coordinator Carroll stated the resolution under consideration was the same as the resolution drafted for the Marquis proposal, with the different specifics, as was the redevelopment agreement. He stated once the purchase redevelopment agreement is signed, the developer would be required to pay$1,000 earnest money within three days. He stated they would then proceed to set a closing date. He indicated the developer is very interested in setting a closing date as soon as possible. He stated there was a provision in the redevelopment agreement that requires the closing be held by September 15, 1999 at the latest, or whatever earlier date can be achieved. Economic Development Coordinator Carroll stated the purchaser for Vista is not in the process of selling another home, so that contingency does not exist, and they have arranged their financing, and are ready to proceed. He stated, under the agreement, the minimum improvements to the house must be completed by March 1, 2000. He stated the exterior work and landscaping require completion by July 1, 2000. He stated, in addition, the construction must commence within 60 days of the signing of the redevelopment agreement. He stated this was an overview of the project. There was no public input. President Coughlin closed the Public Hearing at 7:40 p.m. Commissioner Marty stated he thought the decision was close between Vista and Marquis, and he did not see any problem with this proposal. Vice President Stigney stated he also had no objections to the proposal, noting that he preferred the house Vista had proposed. MOTION/SECOND: Marty/Stigney. To Approve Resolution No. 99-EDA-116, a Resolution Approving and Authorizing a Purchase and Redevelopment Agreement By and Between the Mounds View Economic Development Authority and Vista Construction, Inc. Ayes— 5 Nays—0 Motion carried. A. Consideration of Resolution 99-EDA-117, a Resolution Decertifying Certain Parcels in TIF District No. 2. 3C:\ADMIN\MINUTES\EDA\8-9-99.EDA