HomeMy WebLinkAboutResolution 95-EDA30
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RESOLUTION NO.
gS-F.J)A-10
A RESOLUTION APPROVING AND AUTHORIZING
THE EXECUTION OF A DEVELOPMENT ASSISTANCE
AGREEMENT WITH BRIDGES LEASING COMPANY
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) Bridges Leasing Company, LLC, a Minnesota limited
liability company (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 office/
warehouse/manufacturing facility, in the City, and a certain
Development Assistance Agreement between the Authority and the
Developer (the "Development Agreement") stating the terms and
conditions thereof and the Authority's responsibilities
respecting the assistance thereof has been presented to the
Board for its consideration.
2. The Board hereby determines that the Authority I 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
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.
Adopted by the Board of Commissioners of the Mounds View
Economic Development Authority on August 28, 1995 , 1995.
ATTEST-:'
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Executive Director1s Certificate
I, the undersigned, being the duly qualified and acting
Executive Director of the Mounds View Economic Development
Authority, do hereby certify that I have carefully compared the
attached and foregoing resolution adopted at a special or regular
meeting of the Board of Commissioners of said Authority duly called
and regularly held on the date therein indicated with the original
thereof on file in my office and I further certify the same is a
full, true, and correct copy thereof, insofar as the same relates
to the approval of a certain Development Assistance Agreement
between the Authority and Bridges Leasing Company, LLC, respecting
a certain office/warehousing/manufacturing project.
I further certify that Boardmember
Quick
moved the
adoption of said resolution, that Boardmember
Trude
seconded said motion, and that upon a vote being taken thereon, the
following Boardmembers voted in favor thereof:
and the following Boardmembers voted against the same:
whereupon said resolution was declared duly passed and adopted.
WITNESS my hand as such Executive Director of said Authority
this 28 day of August , 1995.
Executive Director
Mounds View Economic
Development Authority
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