HomeMy WebLinkAboutResolution 05-EDA203
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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION 05-EDA-203
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION APPROVING PURCHASE AGREEMENT AND
CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN
CITY OF MOUNDS VIEW, MOUNDS VIEW ECONOMIC
DEVELOPMENT AUTHORITY AND MEDTRONIC, INC.
BE IT RESOLVED by the Board of Commissioners ("Commission") of the Mounds View
Economic Development Authority as follows:
Section 1.
Recitals.
1.01. The City of Mounds View (the "eity") has previously established the Mounds View
Economic Development Project (the "Project"), which is currently administered by the Mounds
View Economic Development Authority (the "Authority").
1.02. The Authority and City are considering approval of a tax increment financing plan
("TIF Plan") and a proposed Tax mcrement Financing District No.5 (the "TIF District") within the
Project.
1.03. The City owns certain property within the Project legally described as set fOlih in
Exhibit A (the "Property").
1.04. The City and Authority have received a development proposal from Medtronic, mc.
(the "Developer") for an office facility (the "Development") to be constructed on the Property which
is located within the proposed TIF District.
1.05. The Developer has proposed to acquire the Property from the City and Authority,
and in connection with that proposal the City and Authority have caused to be prepared a Purchase
Agreement and eontract for Private Development between the eity, the Authority and Developer
(the "Contract").
1.06. The eommission has reviewed the Contract providing for the sale of the Property,
the construction of the Development on the Property and certain tax increment payments to the
Developer in connection with the Development, and has concluded that the proposed development
is consistent with and promotes the goals and objectives for which the Project was established.
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1.07. Pursuant to the eontract the eity agrees to convey to the Authority, and the
Authority agrees to subsequently convey to the Developer, the Property described in the Contract,
subject to certain terms and conditions.
1.08. The Authority has on June 20, 2005 held a public hearing pursuant to Minnesota
Statutes, Section 469.105 regarding conveyance of the Property to the Developer at which all
interested persons were given an opportunity to be heard.
1.09. The Authority finds that conveyance by the eity of the Property to the Authority is
in the public interest because it will further the objectives of the Project.
1.10. The Authority finds that conveyance of the Property to the Developer is in the public
interest because it will further the objectives ofthe Project.
1.11. The Contract provides for certain financial assistance that constitutes a "business
subsidy" within the meaning of Minnesota Statutes, Section l16J.993 to l16J.995 (the "Business
Subsidy Act'}
1.12. The "business subsidy agreement" as required under the Business Subsidy Act is
included as Article V of the eontract, and the City and the Authority have on June 20, 2005,
conducted a duly-noticed public hearing regarding the business subsidy agreement at which all
interested persons were provided an opportunity to be heard.
1.13. The eommission has reviewed the eontract, including the business subsidy
agreement, and finds that the execution thereof by the City and the Authority and performance of
the City's and the Authority's obligations thereunder are in the best interest of the Authority, the
eityand its residents.
Section 2.
Authorization.
2.01. The Authority approves the City's conveyance of the Property to the Authority,
subject to satisfaction of all terms and conditions of the eontract, and authorizes and directs the
President and Executive Director to execute the Contract and related documents necessary to carry
out such real estate transaction.
2.02. The Authority approves the conveyance of the Property to the Developer, subject to
satisfaction of all terms and conditions of the Contract, and authorizes and directs the President and
Executive Director to execute the eontract, deed and related documents necessary to carry out such
real estate transaction.
2.03. The eommission hereby approves the eontract, including all necessary
accompanying agreements included therein, the business subsidy agreement within the Contract,
and any tax increment payment obligations contained therein, in substantially the foml presented to
the Commission on this date, subject to modifications that do not materially alter the City's or the
Authority's rights and obligations under the Contract and that are approved by the Mayor and elerk-
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Administrator and the Authority's President and Executive Director, which approvals shall be
conclusively evidenced by execution of the Contract.
2.04. The proper Authority officials are authorized to execute the Contract and take any
and all other steps necessary or convenient in order to carry out the Authority's obligations under the
Contract.
Approved by the Board of eommissioncrs of the Mounds View Economic Development
Authority this 2ih day of June, 2005.
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Presi'dent "'-l
ATTEST:
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Executive Director
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EXHIBIT A
Legal Description
Outlot A and Lot 4, Block 1, North Star Industrial Park 2nd Addition, according to
the recorded plat thereof, and situate in Ramsey County, Minnesota.
Lot 16, Block 2, North Star Industrial Park, except the Easterly 40 feet thereof,
according to the recorded plat thereof, and situate in Ramsey County, Minnesota.
That part of Tract A described below:
Tract A.
The South Half of the Northeast Quarter of Section 5, Township 30 North, Range
23 West, Ramsey County, Minnesota;
Which lies northerly and westerly of the following described line: Commencing
at the center of said Section 5; thence north on an azimuth of 359 degrees 23
minutes 10 seconds (azimuth oriented to Minnesota State Plane Coordinate
System) along the north and south quarter line of said Section 5 for 781.42 feet to
the point of beginning of the line to be described; thence on an azimuth of 108
degrees 12 minutes 41 seconds, 231.14 feet; thence on an azimuth of 98 degrees
27 minutes 03 seconds, 1486.78 feet; thence run northeasterly for 447.16 feet on a
non-tangential curve, concave to the northwest, having a radius of 720 feet, a
delta angle of 35 degrees 35 minutes 02 seconds and a chord azimuth of 76
degrees 55 minutes 11 seconds; thence on an azimuth of 59 degrees 07 minutes 40
seconds, 192.89 feet; thence run northerly 398.14 feet on a non-tangential curve,
concave to the northwest, having a radius of 850 feet; a delta angle of 26 degrees
50 minutes 15 seconds and a chord azimuth of 29 degrees 26 minutes 05 seconds;
thence on an azimuth of 16 degrees 00 minutes 57 seconds, 303.65 feet to the
north line of said Tract A and there terminating;
Lots 1,2,3,4, 13, 14 and 15, Block 1 and Lots 1,2,3; Lot 4 except the South 60
feet and Lot 5 except the South 222.2 feet, Block 2, LaPort Meadows, according
to the recorded plat thereof, and situate in Ramsey eounty, Minnesota except
those portions which lie southwesterly of a line nm parallel with and distant 100
feet northeasterly of the following described line:
Beginning at a point on the west line of Section 5, Township 30 North; Range 23 west distant
688.09 feet south of the northwest comer thereof; thence run southeasterly at an angle of 142
degrees 35 minutes 45 seconds with said west section line for 1278.48 feet; thence deflect to the
left on a 3 degrees 00 minutes curve (delta angle 33 degrees 39 minutes 25 seconds) for 1121.90
feet; thence on tangent to said curve for 1100 feet and there terminating.
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