EDA Resolution 08-EDA-248 - Laserfiche WebLink

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EDA RESOLUTION NO. 08-EDA-248 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION AUTHORIZING A MODIFICATION TO THE OCTOBER 2001 DEVELOPMENT ASSISTANCE AGREEMENT WITH MOUNDSVISTA, INC. WHEREAS, in October 2001, the Mounds View Economic Development Authority (EDA) entered into a Development Assistance Agreement with MoundsVista, Inc. (d.b.a. The Mermaid) to assist with the construction of a hotel and banquet center; and, WHEREAS, the assistance was in the form of pay-as-you-go Tax Increment Financing (TIF) Revenue Bonds that the EDA issued at a principle amount not to exceed $850,000 plus interest at a rate not to exceed 7.75, which equates to a total assistance amount of $1,278,006; and, WHEREAS, the October 2001 Development Assistance Agreement includes a Minimum Assessment Agreement requiring that the project area reach a minimum assessed market of $8,500,000 by 2013; and, WHEREAS, on September22, 2008, the Mounds View City Council approved a 4-acre subdivision of the project area; and, WHEREAS, on October 20, 2008, MoundsVista, Inc. requested that the 1.4-acre subdivision be removed from the project area; and, WHEREAS, the TIF Revenue Bondholders must approve MoundsVista, Inc.'s request; and, WHEREAS, Ramsey County will require a new appraisal of the property located within the project area (less the 1.4 acres) in order to re-certify the minimum assessed value of the property per the Minimum Assessment Agreement; and, NOW, THEREFORE BE IT RESOLVED THAT the Mounds View Economic Development Authority does hereby authorize a modification of the October 2001 Development Assistance Agreement for the removal of the future 1.4-acre subdivision from the project area and that all costs associated with this modification be the responsibility of MoundsVista, Inc. subject to the following: 1. Compliance with all terms and conditions of this resolution;