HomeMy WebLinkAboutResolution 04-EDA191
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EDA RESOLUTION NO. 04-EDA-191
CITY OF MOUNDS VIEW
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING THE DEVELOPMENT AGREEMENT TO
PROVIDE $75,000 IN TAX INCREMENT FINANCING (TIF) ASSISTANCE TO
VELMEIR CO., LLC TO FACILITATE THE REDEVELOPMENT OF THE
AMOCO PROPERTY AT 2800 COUNTY HIGHWAY 10 IN MOUNDS VIEW
WHEREAS, the parcel located at 2800 County Highway 10, at the
intersection of Silver Lake Road and Highway 10, has had a vacant gas station
for over three years; and,
WHEREAS, the Velmeir Co., LLC, a Michigan development group, has
been working for over a year and a half to redevelop the site for a 13,000 sq. ft.
CVS Pharmacy facility; and,
WHEREAS, the proposed use of the 3.38 acre subject property would be
to facilitate the commercial redevelopment of this visible corner lot along the
City's main business corridor; and,
WHEREAS, Velmeir has signed purchase agreements with BP Amoco
and other adjacent landowners necessary for the redevelopment; and,
WHEREAS, on May 5 and 19, 2004, the Mounds View Planning
Commission voted unanimously to recommend approval of the preliminary plat,
rezoning and development review for the Velmeir CVS Addition, and the City
Council approved the preliminary plat on May 24, 2004; and,
WHEREAS, unexpected additional costs during the past several months
have been added to the site development costs, in particular, Rice Creek
Watershed District has added over $106,000 in stormwater management costs;
and that these added costs put the project at risk; and
WHEREAS, on June 22, 2004 Velmeir has requested financial assistance
from the City to ameliorate costs associated with Demolition and Clearing, and/or
Rice Creek Watershed Requirements; and that the City provide a grant of
$75,000 from Tax Increment Financing (TIF) funds.
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WHEREAS, on June 28, 2004 the Mounds View EDA authorized staff to
draft a development agreement to provide $75,000 in Tax Increment Financing to
Velmeir to facilitate the redevelopment of the Amoco site at County Highway 10.
The Mounds View EDA recommended that the reimbursement be limited to costs
associated with demolition and clearing, and/or Rice Creek Watershed District
stormwater management requirements; and that the City provide a grant of
$75,000 from Tax Increment Financing (TIF) funds.
NOW, THEREFORE BE IT RESOLVED THAT, the Mounds View
Economic Development Authority hereby approves the Development Agreement
to provide a grant for $75,000 in Tax Increment Financing (TIF) Assistance to
Velmeir Co., LLC to facilitate the redevelopment of the commercial property
located at 2800 Co. Highway 10 in Mounds View; that the funded improvements
be limited to demolition and clearing, and/or RCWD stormwater management
requirements; and further that these funds would come from TIF District NO.2
and would be paid to the developer on a reimbursement basis.
Adopted this 26th day of July, 2004 by
the Mounds View Economic
Development Authority
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Ulrich, Executive Director