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04/14/97 11:30 COMMUNITY PARTNERS INC. 4 16127843462 NO.834 P004 <br /> • SECTION I. MODIFICATION NO. 1 TO THE MOUNDS VIEW <br /> ECONOMIC DEVELOPMENT PROJECT <br /> April 14, 1997 <br /> The Mounds View Economic Development Project(the "Project") was duly created on May 9, 1994. No <br /> changes to the 1994 Project Plan are proposed by Modification No. 1. Modification No. 1 to the consolidated <br /> Development Program or "Project Plan" for the Project does include budget considerations to coincide with <br /> the Finance Plan relating to Tax Increment District No. 4. <br /> Proposed development related to Modification No. 1 will be consistent with the goals, objectives and plans <br /> expressed by the Economic Development Project and Development Programs. The current project proposes <br /> the following development: <br /> 1. Renovation of the existing Bel Rae Ballroom currently owned by the City to be operated as <br /> a community center. Portions of the renovated facility may be leased to other social service <br /> providers such as the Children's Home Society of Minnesota and Independent School District <br /> No. 621. <br /> 2. V.B. Digs, LLC, a for-profit Minnesota Corporation intends to construct an addition to the <br /> • existing Bel Rae Ballroom facility which will offer space for a variety of recreational uses. <br /> 3, Various site improvements including construction of parking areas, landscaping and <br /> infrastructure. <br /> Certain costs associated with the proposed project are to be paid in part with tax increment funds. The Project <br /> Plan and the Tax Increment Plans of the Tax Increment Districts currently existing within the Project are <br /> hereby amended to incorporate and reflect the additional goals, activities, costs and expenditures referenced <br /> in Sections I and II hereof. <br />