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<br />WHEREAS, on June 28, 2004 the Mounds View EDA authorized staff to <br />draft a development agreement to provide $75,000 in Tax Increment Financing to <br />Velmeir to facilitate the redevelopment of the Amoco site at County Highway 10. <br />The Mounds View EDA recommended that the reimbursement be limited to costs <br />associated with demolition and clearing, Rice Creek Watershed District <br />stormwater management requirements, and/or park dedication fees; and that the <br />City provide a grant of $75,000 from Tax Increment Financing (TIF) funds. <br /> <br /> <br /> NOW, THEREFORE BE IT RESOLVED THAT, the Mounds View <br />Economic Development Authority hereby approves the Development Agreement <br />to provide a grant for $75,000 in Tax Increment Financing (TIF) Assistance to <br />Velmeir Co., LLC to facilitate the redevelopment of the commercial property <br />located at 2800 Co. Highway 10 in Mounds View; that the funded improvements <br />be limited to demolition and clearing, RCWD stormwater management <br />requirements, and/or park dedication fees; and further that these funds would <br />come from TIF District No. 2 and would be paid to the developer on a <br />reimbursement basis. <br /> <br /> <br />Adopted this 26th day of July, 2004 by <br />the Mounds View Economic <br />Development Authority <br /> <br /> <br /> <br />________________________________ <br />Jerry Linke, President <br /> <br /> <br /> <br /> <br />________________________________ <br />Kurt Ulrich, Executive Director <br /> <br />