HomeMy WebLinkAboutResolution 99-EDA111
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RESOLUTION NO. 99-EDA-ll1
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX
INCREMENT FUNDS FOR THE ACQUISITION OF 2091 HILL VIEW ROAD FOR THE
PURPOSE OF RESELLING THE PROPERTY FOR REDEVELOPMENT/REHABILIT A TION
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.
1.10 The Authority has the powers provided in Minnesota Statutes, Sections
469.124 to 469.134 and 469.090 to 469.108 (collectively, the "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
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.
1.03 There has been approve pursuant to the Act a Project Plan for the Project.
1.04 The redevelopment of property within the Project is a stated objective 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 public
costs of development.
1.06 It has been proposed that the Authority acquire the property located in the
City at 2091 Hillview Road (the "Property") and that the Authority enter into a purchase
agreement and/or similar agreement(s) (collectively, the "Agreement") for the acquisition
and resale of the Property for the purposes of redevelopment.
Section 2. Resolved.
2.01 The Board hereby determines that the Authority's execution of the
Agreement and the subsequent acquisition and redevelopment of the Property would be in
furtherance of the Project Plan and hereby approves and authorizes said actions, including
the execution of the Agreement by the officers of the Authority in their discretion and at
such time, if any, as they may deem appropriate.
2.02 Upon execution and delivery of the Agreement, the officers and employees of
the Authority (including members of the City Staff, acting in their capacity as staff to the
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RESOLUTION NO. 99-EDA-lI1
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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 Agreement,
including the acquisition of the Property, which is being accomplished for redevelopment
purposes.
2.03 That the Board of the Authority hereby determines that the execution and
performance of the Agreement and acquisition of the Property will help realize the public
purposes of the Act and are in furtherance of the Project Plan and authorizes the President and
Executive Director to appropriate a maximum of $85,000 in tax increment funds to purchase
the property located at 2091 Hillview Road for redevelopment purposes.
Adopted by the Board of Commissioners of the Mounds View Economic Development
Authority this 26th day of April, 1999.
ATTEST:
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Charles S. Whiting, Ex cutive Director
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