Agenda Packets - 2005/08/22 - Laserfiche WebLink

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1.08. The Authority has on June 20, 2005 held a public hearing pursuant to Minnesota Statutes, Section 469.105 regarding conveyance of the Property to the Developer at which all interested persons were given an opportunity to be heard. 1.09. The City finds that conveyance of the Property to the Authority is in the public interest because it will further the objectives of the Project. 1.10. The City finds that conveyance by the Authority of the Property to the Developer is in the public interest because it will further the objectives of the Project. 1.11. The Contract provides for certain financial assistance that constitutes a “business subsidy” within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995 (the “Business Subsidy Act”). 1.12. The “business subsidy agreement” as required under the Business Subsidy Act is included as Article V of the Contract, and the City and the Authority have on June 20, 2005, conducted a duly-noticed public hearing regarding the business subsidy agreement at which all interested persons were provided an opportunity to be heard. 1.13. The Council has reviewed the Contract, including the business subsidy agreement, and finds that the execution thereof by the City and the Authority and performance of the City's and the Authority’s obligations thereunder are in the best interest of the Authority, the City and its residents. Section 2. Authorization. 2.01. The City approves the conveyance of the Property to the Authority, subject to satisfaction of all terms and conditions of the Contract, and authorizes and directs the Mayor and Clerk-Administrator to execute the Contract, deed and related documents necessary to carry out such real estate transaction. 2.02. The City approves the Authority’s conveyance of the Property to the Developer, subject to satisfaction of all terms and conditions of the Contract, and authorizes and directs the Mayor and Clerk-Administrator to execute the Contract and related documents necessary to carry out such real estate transaction. 2.03. The Council hereby approves the Contract, including all necessary accompanying agreements included therein, the business subsidy agreement within the Contract, and any tax increment payment obligations contained therein, in substantially the form presented to the Council on this date, subject to modifications that do not materially alter the City’s or the Authority's rights and obligations under the Contract and that are approved by the Mayor and Clerk-Administrator and the Authority's President and Executive Director, which approvals shall be conclusively evidenced by execution of the Contract. 2.04. The proper City officials are authorized to execute the Contract and take any and all other steps necessary or convenient in order to carry out the City’s obligations under the Contract.