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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />Section 1. Recitals. <br />RESOLUTION 06 -EDA -216 <br />MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION APPROVING AMENDED AND RESTATED <br />PURCHASE AGREEMENT AND CONTRACT FOR <br />PRIVATE DEVELOPMENT BETWEEN CITY OF <br />MOUNDS VIEW, MOUNDS VIEW ECONOMIC <br />DEVELOPMENT AUTHORITY AND MEDTRONIC, INC. <br />BE IT RESOLVED by the Board of Commissioners "Commission of the Mounds View <br />Economic Development Authority as follows: <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 />1.02. The Authority and City have approved a tax increment financing plan "TIF Plan") <br />and Tax Increment Financing District No. 5 (the "TIF District within the Project. <br />1.03. The City and Authority previously conveyed certain property within the Project <br />legally described as set forth in Exhibit A (the "Property") to Medtronic, Inc. (the "Developer <br />1.04. The City and Authority previously approved a development proposal from the <br />Developer for an office facility to be constructed on the Property which is located within the <br />proposed TIF District. <br />1.05. The City and Authority have received an amended development proposal from the <br />Developer for an office facility (the "Development to be constructed on the Property which is <br />located within the proposed TIF District. <br />1.06. The Developer has proposed to accelerate development of the Property and in <br />connection with that proposal, the City and Authority have caused to be prepared an Amended and <br />Restated Purchase Agreement and Contract for Private Development between the City, the <br />Authority and Developer (the "Contract <br />1.07. The Commission has reviewed the Contract providing for the sale of the Property <br />(which has already occurred), the construction of the Development on the Property and certain tax <br />increment payments to the Developer in connection with the Development, and has concluded that <br />SJR- 278610v1 <br />MU205 -30 <br />1 <br />