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RESOLUTION NO. 5260 <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION AUTHORIZING CITY STAFF AND CONSULTANTS TO PROCEED <br /> WITH THE NEGOTIATION OF A FINAL DEVELOPMENT AGREEMENT AND <br /> OTHER ACTIONS CONCERNING THE MERMAID HOTEL AND BANQUET <br /> CENTER <br /> WHEREAS,the City of Mounds View has received a request for tax increment financing <br /> assistance and land acquisition assistance to expand the existing Mermaid Supper Club facility at <br /> 2200 Highway 10 to include a hotel and banquet center; and <br /> WHEREAS, the proposed project would expand the city's tax base, provide jobs, <br /> improve the Highway 10 corridor, and enhance the image of Mounds View; and <br /> WHEREAS, the Mounds View City Council has reviewed a preliminary term sheet <br /> generally outlining the major terms and responsibilities of the City and the Developers necessary <br /> to carry out the project, and <br /> WHEREAS, a schedule and general outline of work tasks has been prepared as a guide to <br /> direct future actions by the City of Mounds View and the Developers, recognizing that the <br /> schedule will be subject to possible changes and revisions as further details become known; and <br /> WHEREAS, it is necessary to complete certain actions to determine the feasibility of the <br /> project including the negotiation of a final development agreement and the execution of an <br /> option/purchase agreement for the RentAll property at 2190 Highway 10; and <br /> WHEREAS,the Minnesota Department of Trade and Economic Development(DTED) <br /> has announced the availability of grant funds through the Redevelopment Grant Program which <br /> could assist the project. <br /> NOW, THEREFORE, BE IT RESOLVED that the Mounds View City Council <br /> authorizes staff and consultants to proceed with the following actions: <br /> 1. Negotiation of a final development agreement for City Council/EDA approval at a <br /> future meeting. <br /> 2. Negotiation of an option/purchase agreement for the RentAll property at 2190 <br /> Highway 10 and the determination of the amount of the required relocation assistance. <br /> This agreement would be presented to the City Council/EDA at a future meeting. <br /> 3. Development of an application to DTED for a redevelopment grant for City Council <br /> consideration at a future meeting. <br /> 4. Continuation of discussions with Metro Transit and/or MnDOT regarding the possible <br /> development of a Park and Ride facility within the project area. <br />