HomeMy WebLinkAboutResolution 97-EDA69RESOLLTIUN NO. 97-EDA ~_
• CITY OF MOEti'D5 VIEW ~~k'
COUNTY OF RAMSEY
STATE OF ~IINNESUTA -
RF.SOLUTIO>! APPROVING A COIvZ'RACT FOR PRIVATE
REDEVELOP~[E\iT BY AND AMONG THE CITY OF
MOL~iDS VIEW, THE EDA. V.B. D[GS. LLC A.\D
AC°TFiOR[L1NG "I'HE PRESIDENT AND EXECLTiVE
DIRECTOR TO EXEGETE TEIE CUh-CRACT AND RELATED
DOCL'MEVTS UN BEHALF OF '1'l1E L•DA.
Section I. Recitals"
1.01" The \~Iounds View Economic Development ~\uthority ("CDi\") consolidated
Development Districts Nos. 1. 2, and 3, pursuant to Nin" ~(~, Sections X69.090 through
#69.108. control of which was transferred to the EDA by the Ciry of btounds View ("City"),
thereby establishing the Mounds View Economic Development Project ("Project"), and adopted
a project plan therefor ("Project Plan").
I.02. The Ciry has modified the Project Plan pursuant to Minn. mt". Sections 4!,9.134
• through169.134 ("Development District Act") and Minn. 5ffit", Sections 469.001 to 469.047
("HRA Act") and to that end has caused to be ptt:pated a document entitled "Moditcation Ivo.
Ito the Mounds View Economic Development ProjecC dated April l4, 1997 ("Project Plan
Modification").
I "03" The Ciry has established Ta~c Increment Financing District No. 4 ('TIF Disa~ict No.
4'~ and adopted a Tax Increment Financing Plan ("TIF Plan's therefor. p~»~~+nt to ~r2. ~..
Stations 169.101 through 369.1081 and Minn. Star., Sections 469.174 through 469.179 ("TIF
Act") and to drat and has caused to be prepared a document entitled "Tax Increment Financing
Platt for Redcvelopmcnt Tax Increment Financing District No" 4," dated April 14, 1997"
1.04. Among the activities proposed to be assisted by the EDA within the Project and
TIF District lvo. 4 is the redevelopmem of the Bel Rae Ballroom Siu: ("Bel Rae Site").
1 AS" Thr EDA desires to provide development assistance for redeveloping the Bel Rae
Site by making available certain excess tar increment from the Consolidated Ih:velopment
Districts Nos. 1. '_' and 3 and newly generated tax itrcremem from TIF District Vo. 4.
1"06. There has been presented before the EDA a form of Contract fur Private
Redevelopment ("Contract") by and among the City. EDA and V.B. Digs, LLC, a Minnesota
limited liability company ("V.B" Digs' setting forth the parties' respective responstbilitiey in the
• proposed redevelopment of the Bel Rae Site.
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1.07. The EDA has reviewed the Contract and has determined that execution of the
• Contract and the EDA's performance of its obligations thereunder are in the best interests of the
City and are consistent with the goals and objectives of the Project Plan and TIF Plan.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Mounds
View Economic Development Authority as follows:
1. The Contract, as presented to the EDA, is hereby in all respects approved, subject
to any modifications approved by the EDA.
2. The EDA President and Executive Director are hereby authorized to execute the
Contract and related documents on behalf of the EDA and to carry out the EDA's obligations
thereunder.
Adopted by the Board of Commissioners of the Mounds View Economic Development
Authority this day of 1997.
Duane Mc arty, President
ATTEST:
•
a enne Bennett, Executive Director
•
RCL124203
MU205-4