HomeMy WebLinkAboutResolution 96-EDA45
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RESOLUTION NO. 96-EDA45
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING AN OPTION AGU-EEMENT WITH
TONY AND DOLORES JAMBOR FOR THE BEL-RAE LAND AND BUILDING
WHEREAS, Mounds View Economic Development Authority (BDA) and City
Staff have been exploring options for the use and financing of the Bel-Rae Ballroom per the
direction of Resolution No. 96-EDA43 passed by the EDA Board (Board) on February 12, 1996;
and
WHEREAS, opportunities for pminerships with a private sports venture, Mounds
View School District and social service providers are being reviewed; and
WHEREAS, it has been recommended that the EDA enter into an Exclusive Option
Agreement with Tony and Dolores Jambor, current owners of the Bel-Rae land and building to
allow adequate time to negotiate a redevelopment plan; and
WHEREAS, the structure and financing arrangements for the redevelopment of
the Bel-Rae property is scheduled to be completed prior to the July 9, 1996 expiration of the
Option Agreement with Tony and Dolores Jambor;. and
WHEREAS, the agreement includes option money in the amount of $10,000
which will be held in a trust account until the option is either exercised or expired.
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 469.124 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 are stated objectives of the
Project Plan.
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(c) The Authority desires to enter into a purchase option with Tony and Dolores
Jambor for land and building located at 5394 Edgewood Drive for an amount not to
exceed $10.000.
2. The Board hereby dctermines that the Authority's execution of the Option would be in
furtherance of the Project Plan and hereby approves and authorizes said actions, including the
execution of the Option Agreement by the ofticers of the Authority in their discretion and at such
time, if any, as they may deem appropriate.
3. The Board hereby determines that the execution of the Option Agreement will help realize
the public purposes of the Act and i~ in furtherance of the Project Plan.
Adopted this 22nd day of April, 1996.
ATTEST
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President __
(SEAL)
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