HomeMy WebLinkAboutResolution 94-EDA-11
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RESOLUTION NO. 94-EDA11
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A
REVISED DEVELOPMENT ASSISTANCE AGREEMENT WITH THE EVEREST
GROUP, LTD., REGARDING C.G. HILL PROJECT
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
Statues, Sections 469.124
(collectively, the "Act").
the powers provided in
to 469.134 and 469.090
Minnesota
to 469.108
(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) The Everest Group, Ltd. (the "Developer"), has presented
the Authority with a proposal for the completion of certain
improvements within the Project, consisting generally of the
construction of an approximately 30,000 square foot building in the
City for C.G. Hill & Sons, Inc., and certain Development Assistance
Agreement between the Authority and the Developer (the "Development
Agreement" - dated June 15, 1994 draft) stating the terms and
conditions thereof and the Authority's responsibilities respecting
the assistance thereof has been presented to the Board for its
consideration. .
(g) The Development Agreement is revised from the similar
agreement which was approved by the Board on May 23, 1994, in that
minor revisions were made to the definitions regarding C.G. Hill
and the Development Agreement now specifies that C.G. Hill will own
the property at the time of the Certificate of Completion from the
Authority.
2. The Board hereby determines that the Authority's
execution and performance of the Development Agreement would be in
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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
evidence 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. Approval of the Development Agreement is contingent upon
the successful resolution with the City of the Park Dedication fee
payment and payment amounts.
5. 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.
Adopted by the Board of Commissioners of the Mounds View Economic
Development Authority June 27, 1994
P..ttest:
(SEAL)
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