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HomeMy WebLinkAboutResolution 94-EDA-13 . . . RESOLUTION NO. 94-EDA13 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A REVISED DEVELOPMENT AGREEMENT WITH 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 Statues, 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) The Silver Lake Pointe Apartments, LLC (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. (g) The Development Agreement is revised from the similar agreement which was approved by the Board on May 23, 1994, in that a revision has been made in reference to the Undertakings of the Developer. which changes the date of completion of improvements from December 31, 1995 to June 30, 1996 and Undertakings of the Authority. which sets back the taxes payable by one year. . . . RESOLUTION NO. 94-EDA13 PAGE TWO OF TWO 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. Adoption by the Board of Commissioners of the Mounds View Economic Development Authority on August 8, 1994. ATTEST: (SEAL) ~9-~ Acting -E{ecutive Director ,.. .,J ;t:!'1..