Laserfiche WebLink
1 <br />DOCSOPEN\MU205\52\763679.v1-11/18/21 <br />EDA RESOLUTION 21-EDA-351 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND <br />ISSUANCE OF TAX INCREMENT NOTE <br /> <br /> <br />WHEREAS, the Mounds View Economic Development Authority (the “Authority”) was <br />created pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and <br />was authorized to transact business and exercise its powers by a resolution of the City Council of <br />the City of Mounds View, Minnesota (the “City”); and <br /> <br /> WHEREAS, the Authority and the City have undertaken a program to promote economic <br />development and job opportunities, promote the development and redevelopment of land which <br />is underutilized within the City, and facilitate the development of affordable housing, and in this <br />connection created a redevelopment district known as the Mounds View Economic Development <br />Project (the “Project”) in the City, pursuant to Minnesota Statutes, Sections 469.001 through <br />469.047, as amended; and <br /> <br /> WHEREAS, following a duly noticed public hearing held on November 22, 2021, by the <br />City Council of the City, and the Board of Commissioners of the Authority (the “Board”) <br />approved the modification of the Redevelopment Plan for the Project (the “Redevelopment <br />Plan”) and approved a new tax increment financing plan (the “TIF Plan”) for Tax Increment <br />Financing District No. 1-7 (a housing district) (the “TIF District”), pursuant to Minnesota <br />Statutes, Sections 469.174 through 469.1794, as amended (the “TIF Act”), all as described in a <br />plan document presented to this Board; and <br /> <br /> WHEREAS, Villas of Mounds View, Limited Partnership, a Minnesota limited <br />partnership (the “Developer), has proposed to acquire certain property within the TIF District <br />and construct and develop a 120 unit rental building, including underground parking and storage <br />(the “Minimum Improvements”); and <br /> <br /> WHEREAS, there has been presented before this Board a Contract for Private <br />Development (the “Agreement”) proposed to be entered into between the Authority and the <br />Developer setting forth the terms of the development of the Minimum Improvements; and <br /> <br /> WHEREAS, pursuant to the Agreement, the Authority has proposed to issue a Tax <br />Increment Revenue Note (the “TIF Note”) in the maximum principal amount of $1,770,000, to <br />reimburse the Developer for certain qualified costs related to the Minimum Improvements (the <br />“Qualified Public Development Costs”); <br /> <br /> NOW THEREFORE, BE IT RESOLVED by the Mounds View Economic Development <br />Authority as follows: