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07-26-2004
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07-26-2004
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8/6/2018 1:45:18 PM
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MV EDA
EDA Document Type
Council Packets
Date
7/26/2004
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<br /> <br /> <br />EDA RESOLUTION NO. 04-EDA-191 <br /> <br />CITY OF MOUNDS VIEW <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING THE DEVELOPMENT AGREEMENT TO <br />PROVIDE $75,000 IN TAX INCREMENT FINANCING (TIF) ASSISTANCE TO <br />VELMEIR CO., LLC TO FACILITATE THE REDEVELOPMENT OF THE <br />AMOCO PROPERTY AT 2800 COUNTY HIGHWAY 10 IN MOUNDS VIEW <br /> <br /> <br /> WHEREAS, the parcel located at 2800 County Highway 10, at the <br />intersection of Silver Lake Road and Highway 10, has had a vacant gas station <br />for over three years; and, <br /> <br /> WHEREAS, the Velmeir Co., LLC, a Michigan development group, has <br />been working for over a year and a half to redevelop the site for a 13,000 sq. ft. <br />CVS Pharmacy facility; and, <br /> <br /> WHEREAS, the proposed use of the 3.38 acre subject property would be <br />to facilitate the commercial redevelopment of this visible corner lot along the <br />City’s main business corridor; and, <br /> <br /> WHEREAS, Velmeir has signed purchase agreements with BP Amoco <br />and other adjacent landowners necessary for the redevelopment; and, <br /> <br />WHEREAS, on May 5 and 19, 2004, the Mounds View Planning <br />Commission voted unanimously to recommend approval of the preliminary plat, <br />rezoning and development review for the Velmeir CVS Addition, and the City <br />Council approved the preliminary plat on May 24, 2004; and, <br /> <br /> WHEREAS, unexpected additional costs during the past several months <br />have been added to the site development costs, in particular, Rice Creek <br />Watershed District has added over $106,000 in stormwater management costs; <br />and that these added costs put the project at risk; and <br /> <br />WHEREAS, on June 22, 2004 Velmeir has requested financial assistance <br />from the City to ameliorate costs associated with Demolition and Clearing, Rice <br />Creek Watershed Requirements, and/or Park Dedication Fees; and that the City <br />provide a grant of $75,000 from Tax Increment Financing (TIF) funds. <br /> <br />
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