HomeMy WebLinkAboutResolution 99-EDA112
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RESOLUTION NO. 99-EDA-112
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A
DEVELOPMENT ASSISTANCE AGREEMENT WITH MICHAEL INVESTMENTS
REGARDING THE BUILDING "Nil 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.
(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 (The 'Developer'), has presented the Authority with
proposals for the completion of certain improvements within the Project, consisting
generally of an approximately 69,582 square foot building, and a certain 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 on the date hereof been
presented to the Board for its consideration.
2. The Board hereby determines that the Authority's execution and performance
of the Development Agreement would be in furtherance of the Project Plan and hereby
approves the Development Agreement substantially in the form presented to the Board
and hereby authorizes the officers of the Authority to execute the same on behalf of the
Authority, with such additions and modifications as those officers may deem desirable
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or necessary, as evidenced by their execution thereof; provided that the Authority's
execution and delivery of the Development Agreement shall be conditioned on the
Developer's payment of the Park Dedication Fee of $56,771.00.
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.
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.
5. Upon its execution, and by agreement of the parties thereto, the Development
Assistance Agreement [4/26/99 draft] referred to herein shall supersede and nullify any
Development Assistance Agreement(s) regarding Building "N" that may have been
previously executed by said parties.
6. The final execution of the aforesaid Development Assistance Agreement shall
be contingent upon the Developer's execution of a Mutual Release of All Claims that
has been prepared the EDA's legal counsel.
Adopted by the Board of Commissioners of the Mounds View Economic Development
Authority on April 26, 1999.
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Dan Coughlin, President}
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ATTEST:
(SEAL)
Charles S. Whitin ..' Executive Director
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