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RESOLUTION NO. 2388 <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION APPROVING PAYMENT OF $451,201 TO EVEREST <br />DEVELOPMENT LTD. FOR LAND BUY DOWN OF LOT 1, BLOCK 1 OF <br />MOUNDS VIEW BUSINESS PARK <br />WHEREAS, the City of Mounds View and Everest Develop- <br />ment Ltd. entered into a Contract for Private Redevelopment <br />setting forth the obligations of both parties in considera- <br />tion of. the City providing tax increment financing to aid in <br />the development of Mounds View Business Park; and <br />WHEREAS, Section 3.9 (b), (I-VII) of the Contract <br />provides the conditions and terms for use of tax increment <br />bond proceeds; and <br />WHEREAS, the Developer, Everest Development Ltd., has <br />fulfilled their contractual obligations for the construction <br />of Building A also known as Lot 1, Block 1, Mounds View <br />Business Park; and <br />WHEREAS, the Developer has requested that the City of <br />Mounds View in consideration of the completion of Building <br />A, reimburse the Developer pursuant to the provisions of <br />Section 3.7 of the Contract for Private Redevelopment the <br />"percentage share" of the cost of the land acquisition. <br />NOW, THEREFORE, BE ] <br />of the City of Mounds View <br />to Everest Development Ltd. <br />share" of the acquisition c <br />Business Park pursuant to t <br />Private Redevelopment with <br />increment fund. <br />ATTEST: <br />T RESOLVED that the City Council <br />approves the payment of $451,201 <br />for the City's "percentage <br />f Lot 1, Block 1, Mounds View <br />he provisions of the Contract for <br />said funds to come fram the tax <br />Adopted this 26th day of September, 1988. <br />Mayor <br />( SEAL ) <br />Cler'-Admininstrator <br />W <br />