Agenda Packets - 1992/04/27 - Laserfiche WebLink

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Agenda Section: 9 . 9 Il aliD REQUEST FOR COUNCIL CONSIDERATION Report Number: 92-248 C STAFF REPORT Report Date: 4/22/92 �� Council Action: ❑ Special Order of Business CITY COUNCIL MEETING DATE APRIL 27, 1992 D Public Hearings ❑ Consent Agenda I Council Business Item Description: Consideration of Certificate of Completion and Release of Forfeiture for Mounds View Business Park South and Approve Payment of $576,000 to Everest Dev. in Land Buvdown Costs to be Charged to Tax Increment Fund Administrator's Review/Recommendation: - No comments to supplement this report - Comments attached. Explanation/Summary (attach supplement sheets as necessary.) SUMMARY: The Everest Group has requested that the City approve and enter into a Certificate of Substantial Completion and Release of Forfeiture for Mounds View Business Park South. The completion encompasses the completion of the two remaining buildings - Building H and J. Building I was completed in 1990 and the Certificate and Release of Forfeiture was approved by the Council on February 12, 1990. The Everest Group is also requesting that the City reimburse the company in the amount of $576, 000 for land buy-down costs related to the completion of Mounds View Business Park South as provided for in the Contract for Private Redevelopment. The requests are in compliance with the Contract for Private Redevelopment as all the Business Park buildings have been substantially completed. Samanthaun City dministrator RECOMMENDATION: Motion to authorize the Mayor and City Administrator to enter into a Certificate of Completion and Release of Forfeiture related to the M.V. Business Park South and to further authorize payment of $576,000 in land buy—down costs to the Everest Group to be charged to the M. V. Business Park South Tax Increment Fund.