HomeMy WebLinkAboutResolution 04-EDA185
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EDA RESOLUTION NO. 04-EDA-185
CITY OF MOUNDS VIEW
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING THE TERMINATION OF THE DEVELOPMENT
AGREEMENT BETWEEN THE MOUNDS VIEW EDA AND MICHAEL INVESTMENTS
ENTERED INTO APRIL 26,1999 AND CANCELLATION OF THE TAX INCREMENT
REVENUE NOTE FOR THE BUILDING N PROJECT.
WHEREAS, the Board of Commissioners of the Mounds View Economic
Development Authority (the "EDA") and Michael Investments (the "Developer") have
entered into a Development Agreement, dated as of April 26, 1999 (the "Development
Agreement") in connection with the construction of an approximately 69,582 square foot
office/flex/service facility in the City; and
WHEREAS, the Developer and the EDA have determined that it is in the best
interests of both parties to terminate the Development Agreement and cancel the
Taxable Tax Increment Revenue Note of 1999 (Building "N" Project) (the "Note").
NOW, THEREFORE BE IT RESOLVED by the Mounds View Economic
Development Authority as follows:
1. The Board of Commissioners hereby approves the Termination of
Development Agreement in substantially the form submitted, and the President and
Executive Director are hereby authorized and directed to execute the Termination of
Development Agreement on behalf of the EDA.
2. The Note as originally executed, issued on and dated April 26, 1999 is hereby
terminated and cancelled in its entirety.
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Adopted this 10th day of May, 2004 by the
Mounds View Economic Development
Authority
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Kurt Ulrich, Executive Director
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