HomeMy WebLinkAboutResolution 97-EDA86
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RESOLUTION NO. 98-EDA86
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING TAX INCREMENT ASSISTANCE AND AUTHORIZING THE
NEGOTIATION OF A DEVELOPMENT ASSISTANCE AGREEMENT WITH THE
SILVERVIEW ESTATES, INC.
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) Pursuant to Minnesota Statues, Sections 469.124 to 469.134 and 469.090
to 469.1 08 (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 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 arc 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 devclopment
(f) Silverview Estates, Inc. (the "Developer"), has presented the Authority
with a proposal for the completion of certain improvements within the Project, consisting
of the construction of a mixed use project including a gasoline convcnience store/car
wash, a 25,000 square foot two story office building, a 5000 square foot one story office
building, and an 82 unit senior apartment building.
(g) The Developer has requested pay-as-you-go tax increment financing
assistance for the project.
(h) The Mounds View Economic Development Commission has reviewed the
Developer's request and approved Resolution No. 98-EDC21 recommending that the
Authority approve pay-as-you-go tax increment assistance for the proposed project.
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2. The Board hereby determines that pay-as-you-go tax increment assistance is
necessary and appropriate for the proposed mixed use project as follows:
Office Portion: 90% of the increment generated by the office uses not to exceed a
present value of $240,000. The two office buildings must be
completed within two years and a maximum of 5 years of
increment will be provided for TIF eligible activities limited to
site preparation, soil correction, site utilities, public improvements,
professional fees. contingencies, and pond grading.
Senior Housing: 90% of the increment generated by the senior housing use for the
life of the district not to exceed a present value of $830,000 for
TIF eligible activities limited to land acquisition of $287,000 or
actual market value whichever is less, site preparation,
soil correction, site utilities, public improvements. professional
fees, contingencies, and pond grading.
3. The Board authorizes city staff to prepare a Development Assistance Agreement
between the Authority and the Developer stating the terms and conditions thereof and the
Authority's responsibilities respecting the assistance for consideration and execution by the
Authority.
Adopted by the Board of Commissioners of the Mounds View Economic Development
Authority on March 9, 1998.
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BY:. ~-"1t:: . .
Duane McCarty, Presiden - .
ATTEST:
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