HomeMy WebLinkAboutResolution 98-EDA97
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 98-EDA97
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A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF AN AMENDED
DEVELOPMENT ASSISTANCE AGREEMENT WITH MICHAEL INVESTMENTS, LTD.
REGARDING THE BUILDING N PROJECT
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.
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(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) Michael Investments, LTD. (The "Developer"), has presented the Authority with
proposals for the completion of certain improvements within the Project, consisting
generally of an approximately 97,000 square foot building and a certain amended
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's execution and performance of the
amended Development Agreement would be in furtherance of the Project Plan and
hereby approves the amended 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.
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3. Upon execution and delivery of the amended 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 amended Development Agreement, including without
limitation issuance of the EDA Note and execution of the Certificate of Completion under
the amended Development Agreement.
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4. The Board hereby determines that the execution and performance of the amended
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 September 14, 1998.
ATTEST:
President
(SEAL)
Executive Director