Laserfiche WebLink
SJR-265265v1 <br />MU205-30 <br />RESOLUTION NO. 6581 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />CITY OF MOUNDS VIEW RESOLUTION AUTHORIZING <br />SALE OF CITY OF MOUNDS VIEW PROPERTY TO THE <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> <br /> <br /> BE IT RESOLVED by the City Council ("Council") of the City of Mounds View as <br />follows: <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. The City of Mounds View (the "City") has previously established the Mounds View <br />Economic Development Project (the "Project"), which is currently administered by the Mounds <br />View Economic Development Authority (the "Authority"). <br /> <br /> 1.02. The Authority and City are considering approval of a tax increment financing plan <br />("TIF Plan") and a proposed Tax Increment Financing District No. 5 (the "TIF District") within the <br />Project. <br /> <br />1.03. The City owns certain property within the Project legally described as set forth in <br />Exhibit A (the “Property”). <br /> <br /> 1.04. The City and Authority have previously approved (by City Resolution No. 6564 and <br />Authority Resolution 05-EDA-203) a development proposal from Medtronic, Inc. (the "Developer") <br />for an office facility (the "Development") to be constructed on the Property which is located within <br />the proposed TIF District, and in connection with that proposal, the City and Authority have caused <br />to be prepared a Purchase Agreement and Contract for Private Development between the City, the <br />Authority and Developer (the “Contract”). <br /> <br /> 1.05. The Council previously reviewed and approved the Contract providing for the sale <br />of the Property, the construction of the Development on the Property and certain tax increment <br />payments to the Developer in connection with the Development, and concluded that the proposed <br />development was consistent with and promoted the goals and objectives for which the Project was <br />established. <br /> <br />1.06. Pursuant to the Contract, the City agrees to convey to the Authority, and the <br />Authority agrees to subsequently convey to the Developer, the Property described in the Contract, <br />subject to certain terms and conditions. <br /> <br /> 1.07. The City is authorized to convey real property pursuant to City Charter Section <br />12.05 to any party (as previously approved by the City in Resolution No. 6564), or pursuant to