HomeMy WebLinkAboutResolution 94-EDA-07
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RESOLUTION NO. 94-EDA7
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A
DEVELOPMENT ASSISTANCE AGREEMENT WITH MSP/WESTMINSTER,
REGARDING SILVER LAKE POINTE APARTMENTS, LLC
It is hereby resolved by the Board of Commissioners (the "Board") of the
Mounds View Economic Development Authority (the "Authority") as follows:
1. Recitals.
(a) The Authority has the powers provided in Minnesota Statutes,
Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the "Act").
(b) Pursuant to and in furtherance of the objectives of the Act, the
Authority has undertaken a program to promote development and
redevelopment of certain land within the City of Mounds View and in this
connection is engaged in carrying out the Mounds View Economic
Development Project (the "Project") within the City.
(c) There has been approved pursuant to the Act a Project Plan for
the Project.
(d) The redevelopment and development of property within the
Project by private developers are stated objectives of the Project Plan.
(e) In order to achieve the objectives of the Project Plan, the
Authority has determined to provide substantial aid and assistance through the
financing of certain of the public costs of development.
(f) MSP/Westminster (the "Developer"), has presented the
Authority with a proposal for the completion of an 83-unit apartment
community, 3-story elevatored building, located on a 2.7 acre parcel on County
Road I and Mounds View Drive just south of Highway 10 in the City, and a
certain Development Assistance Agreement between the Authority and the
Developer (the "Development Agreement" - Dated May 23, 1994) stating the
terms and conditions thereof and the Authority's responsibilities respecting the
assistance thereof has been presented to the Board for its consideration.
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RESOLUTION NO. 94-EDA7
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2. The Board hereby determines that the Authority's execution and
performance of the Development Agreement would be in furtherance of the Project
plan and hereby approves the Development Agreement substantially in the form
presented to the Board and hereby authorizes the officers of the Authority in their
discretion and at such time, if any, as they may deem appropriate to execute the
same on behalf of the Authority, with such additions and modifications as those
officers may deem desirable or necessary, as evidenced by their execution thereof.
3. Upon execution and delivery of the Development Agreement, the officers
and employees of the Authority (including members of the City staff, acting in their
capacity as staff to the Authority as well) are hereby authorized and directed to take
or cause to be taken such actions as may be appropriate or necessary on behalf of
the Authority to implement the Development Agreement, including without limitation
issuance of the EDA Note and execution of the Certificate of Completion under the
Development Agreement.
4. The Board hereby determines that the execution and performance of the
Development Agreement will help realize the public purposes of the Act and are in
furtherance of the Project Plan.
5. Approval of the Development Agreement is contingent upon
a satisfactory resolution of the wetland delineation issue with Rice Creek Watershed
District.
Adopted by the Board of Commissioners of the Mounds View Economic
Development Authority on May 23, 1994.
ATTEST:
(SEAL)