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a' <br /> RESOLUTION NO. 97-EDA <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION APPROVING A CONTRACT FOR PRIVATE <br /> REDEVELOPMENT BY AND AMONG THE CITY OF <br /> MOUNDS VIEW, THE EDA, V.B. DIGS, LLC AND <br /> AUTHORIZING THE PRESIDENT AND EXECUTIVE <br /> DIRECTOR TO EXECUTE THE CONTRACT AND RELATED <br /> DOCUMENTS ON BEHALF OF THE EDA. <br /> Section 1. Recitals. <br /> 1.01. The Mounds View Economic Development Authority ("EDA") consolidated <br /> Development Districts Nos. 1, 2, and 3, pursuant to Minn. Stat., Sections 469.090 through <br /> 469.108, control of which was transferred to the EDA by the City of Mounds View ("City"), <br /> thereby establishing the Mounds View Economic Development Project ("Project"), and adopted <br /> a project plan therefor ("Project Plan"). <br /> • 1.02. The City has modified the Project Plan pursuant to Minn. Stat., Sections 469.124 <br /> through 469.134 ("Development District Act") and Minn. Stat., Sections 469.001 to 469.047 <br /> ("HRA Act") and to that end has caused to be prepared a document entitled "Modification No. <br /> 1 to the Mounds View Economic Development Project" dated April 14, 1997 ("Project Plan <br /> Modification"). <br /> 1.03. The City has established Tax Increment Financing District No.4("TIF District No. <br /> 4") and adopted a Tax Increment Financing Plan ("TIF Plan") therefor, pursuant to Minn. Stat., <br /> Sections 469.101 through 469.1081 and Minn. Stat., Sections 469.174 through 469.179 ("TIF <br /> Act") and to that end has caused to be prepared a document entitled "Tax Increment Financing <br /> Plan for Redevelopment Tax Increment Financing District No. 4," dated April 14, 1997. <br /> 1.04. Among the activities proposed to be assisted by the EDA within the Project and <br /> TIF District No. 4 is the redevelopment of the Bel Rae Ballroom Site ("Bel Rae Site"). <br /> 1.05. The EDA desires to provide development assistance for redeveloping the Bel Rae <br /> Site by making available certain excess tax increment from the Consolidated Development <br /> Districts Nos. 1, 2 and 3 and newly generated tax increment from TIF District No. 4. <br /> 1.06. There has been presented before the EDA a form of Contract for Private <br /> Redevelopment ("Contract") by and among the City, EDA and V.B. Digs, LLC, a Minnesota <br /> limited liability company ("V.B. Digs") setting forth the parties' respective responsibilities in the <br /> • proposed redevelopment of the Bel Rae Site. <br /> RCL124203 <br /> MU205-4 <br />