HomeMy WebLinkAboutResolution 97-EDA68
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RESOLUTION NO. 97-EDA68
MOlJNDS VIEW ECONOMIC DEVELOPMENT AUTHORlTY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION GRANTING FINAL APPROV AL FOR
EXPENDITURE OF TAX INCREMENT FUNDS TO FINANCE
TIIE CITY'S COSTS IN CON"NECTION Willi THE BEL RAE
COM:MlThllTY CENTER PROJECT AND AUTHORIZING TIiE
EDA TO ENTER INTO A TIF LOAN AGREEMENT WITH THE
CITY TO PROVIDE TIF FINANCING ASSISTANCE IN
CONNECTION WITH THE PROJECT
It is hereby resolved by the Board of Commissioners (the "Board") of the Mounds View
Economic Development Authority (the" Authority) as follows:
Section 1. Recitals.
1.01. The Authority has the powers provided in Minnesota Statues, Sections 469.124 to
469.134 and 469.090 to 469.108 (collectively, the n Act").
1.02. 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 vvithin the City
of Mounds View and in this connection is engaged in carrying out the Mounds View Economic
Development Project (the "Project") Vwithin the City.
1.03. There has been approved pursuant to the Act a Project Plan for the Project_
1.04. The redevelopment and development of property vvitbin the Project by private
developers and the creation of community and other public service centers are stated objectives
of the Project Plan.
1.05. 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.
1.06. On May 9, 1994, the Authority amended and consolidated the development
programs for Development Districts Nos. 1,2 and 3 and amended the Tax Increment Financing
Plans therefor establishing an additional $20,000,000 in budget authority for the three
consolidated Development Districts.
1.07. The City Council ("Council") of the City of Mounds View ("City") has already
given preliminary approval of the Bel Rae Community Center project and proposed
redevelopment plans for the remainder of the Bel Rae site as proposed by V.B. Digs to build a
privately owned volleyball complex adjacent to the Bel Rae Community Center (collectively
referred to hereafter as "the Bel Rae Project").
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1.08. The City established Tax Increment Finance District No.4 (Redevelopment District)
("TIF District No.4") on April 28, 1997 in connection with the Bel Rae Project.
1.09. The City and the Authority have entered into an Exclusive Negotiations Agreement
\\ith V.B. Digs in which tax increment finance assistance would be provided to be V.R Digs for
certain qualified reimbursable costs relating to land acquisition and public improvements for the
Bel Rae Project, induding parking.
1.10. The COlmciI previously authorized the City to enter into a contract with W AI
Continuum ("W AI) for architectural and design services related to the Bel Rae Project and the
architect has commenced work on the architectural design for the Bel Rae Project pursuant to the
contract.
1.11. The Council has authorized the City to enter into a construction manager agreement
with Flannery Construction~ Inc. to serve as construction manager for the Bel Rae Project.
1.12. The City has requested the Authority to provide the City with tax increment funds
in an amount not to exceed 4.5 million doll~ in the form of a loan to finance the City's costs
in connection with the Bel Rae Project.
1.13. The City is currently in the process of negotiating leases with the Childrens Home
Society of :tYtinnesota and Independent School District No. 621 as tenants of certain leased
premises of the City's owned portion of the Bel Rae Project.
Section 2. Resolved.
2.01. That the Board of the Authority authorizes the President and Executive Director to
enter into a loan agreement beN/een the Authority and the City for a loan to the City of up to
4.5 million in tax increment funds to finance the City's costs in connection with the Bel Rae
Project
2.02. That the Board of the Authority hereby grants final approval for the expenditure
of up to 4.5 million in tax increment funds loaned to the City by the Authority to finance the
City's costs in connection with the Bel Rae Project
Adopted by the Board of Commissioners of the Mounds View Economic Development
Authority this 12th day of May, 1997.
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Duane McCarty, President
A1TEST:
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ca y e xecutIve Drrector
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