21-EDA-351 - Laserfiche WebLink

Home Browse Search

EDA RESOLUTION 21-EDA-351 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA A RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND ISSUANCE OF TAX INCREMENT NOTE WHEREAS, the Mounds View Economic Development Authority (the "Authority") was created pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and was authorized to transact business and exercise its powers by a resolution of the City Council of the City of Mounds View, Minnesota (the "City"); and WHEREAS, the Authority and the City have undertaken a program to promote economic development and job opportunities, promote the development and redevelopment of land which is underutilized within the City, and facilitate the development of affordable housing, and in this connection created a redevelopment district known as the Mounds View Economic Development Project (the "Project") in the City, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended; and WHEREAS, following a duly noticed public hearing held on November 22, 2021, by the City Council of the City, and the Board of Commissioners of the Authority (the "Board") approved the modification of the Redevelopment Plan for the Project (the "Redevelopment Plan") and approved a new tax increment financing plan (the "TIF Plan") for Tax Increment Financing District No. 1-7 (a housing district) (the "TIF District'), pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act'), all as described in a plan document presented to this Board; and WHEREAS, Villas of Mounds View, Limited Partnership, a Minnesota limited partnership (the "Developer), has proposed to acquire certain property within the TIF District and construct and develop a 120 unit rental building, including underground parking and storage (the "Minimum Improvements"); and WHEREAS, there has been presented before this Board a Contract for Private Development (the "Agreement") proposed to be entered into between the Authority and the Developer setting forth the terms of the development of the Minimum Improvements; and WHEREAS, pursuant to the Agreement, the Authority has proposed to issue a Tax Increment Revenue Note (the "TIF Note") in the maximum principal amount of $1,770,000, to reimburse the Developer for certain qualified costs related to the Minimum Improvements (the "Qualified Public Development Costs"); NOW THEREFORE, BE IT RESOLVED by the Mounds View Economic Development Authority as follows: 1. The Agreement. The Board approves the Agreement in substantially the form on file in City Hall. The President and Executive Director are hereby authorized and directed to execute and deliver the Agreement. All of the provisions of Agreement, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Agreement is hereby in all respects authorized, approved and confirmed by the Authority and DOCSOPEN\MU205\52\763647.v3-11/19/21