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Item Number: 7A <br />Meeting Date: April 13, 2009 <br />Type of Business: EDA <br />Administrator Review: _____ <br /> <br /> City of Mounds View Staff Report <br />To: Economic Development Authority (EDA) <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 09-EDA-252, Approving First Amendment to <br />Development Assistance Agreement Between Mounds View <br />Economic Development Authority and MoundsVista, Inc. <br /> <br /> <br />Background <br /> <br />In October 2001, the EDA entered into a Development Assistance Agreement with <br />MoundsVista, Inc. (d.b.a. The Mermaid). Per the agreement, the EDA agreed to issue <br />Tax Increment Financing (TIF) Revenue Bonds. The EDA took out bonds on behalf of <br />MoundsVista and then authorized selling the bonds to First Bank and Western Bank. <br /> <br />MoundsVista received $631,897 in assistance and the bondholders received the interest <br />earnings. As shown in the below image, the assistance paid for redevelopment activities <br />(land acquisition, building demolition, site clearance, etc.) that allowed for the construction <br />of the hotel and banquet center. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Hotel Addition <br />Acquisition & <br />Demolition <br />Of “Rent All” <br />building Banquet <br />Center <br />Addition <br />The Mermaid’s <br />Original Building