HomeMy WebLinkAboutResolution 09-EDA-252EDA RESOLUTION NO. 09-EDA-252
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION APPROVING FIRST AMENDMENT TO
DEVELOPMENT ASSISTANCE AGREEMENT BETWEEN
MOUNDS VIEW ECONOMIC DEVELOPMENT
AUTHORITY AND MOUNDSVISTA, INC.
WHEREAS, in October 2001, the Mounds View Economic Development
Authority (EDA) entered into a Development Assistance Agreement (the "Agreement")
with MoundsVista, Inc. (d.b.a. The Mermaid) that set forth the intentions and
responsibilities of the parties for the development of certain property located within the
City of Mounds View, Minnesota, as identified on Exhibit A of the Agreement (the
"Development Property"); and,
WHEREAS, the Agreement was to assist with redevelopment costs such as land
acquisition, building demolition and site clearance that allowed for the construction of
the hotel and banquet center; and,
WHEREAS, MoundsVista, Inc. received $631,897 in assistance as a result of the
issuance of Tax Increment Financing (TIF) Revenue Bonds; and,
WHEREAS, on March 20, 2009, MoundsVista, Inc. requested that the EDA
modify the Agreement to allow for the sale of the hotel and the continuation of semi-
annual payments to the bondholders; and,
WHEREAS, The Authority and the Developer have indicated a willingness to
amend the terms of the Agreement pursuant to a First Amendment to Development
Assistance Agreement (the "Amendment"); and
WHEREAS, the City Council discussed MoundsVista, Inc.'s request at the
March 23, 2009 Regular City Council meeting and at the April 6, 2009 City Council
Work Session.
NOW, THEREFORE BE IT RESOLVED THAT the Mounds View Economic
Development Authority (EDA) does hereby authorize a modification of the Agreement
pursuant to the Amendment to allow for the sale of the hotel and the continuation of
semi-annual payments to the bondholders and that all costs associated with this
modification be the responsibility of MoundsVista, Inc. subject to the following:
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Compliance with all terms and conditions of this Resolution.
2. Any required approvals and conditions of any other governmental entity
necessary for the modification contemplated by this Resolution.
3. That such modification contemplated by this Resolution and the Amendment
shall not result in any liability to the City and the EDA and that MoundsVista, Inc. agrees
to indemnify, defend and hold harmless the City and EDA and all officers, employees
and consultants of the City and EDA from all liability associated with the modification
contemplated by this Resolution and the Amendment.
4. The approval contemplated herein is subject to the condition that the Developer must
pay for all costs incurred by the EDA or the City for review and approval, including
preparation and review of all documents and costs incurred by the city attorney and
consultants, as well as other costs of a similar nature.
NOW, THEREFORE BE IT FINALLY RESOLVED THAT the proper Authority
officials are authorized to execute the Amendment and take any and all other steps
necessary or convenient in order to carry out the Authority's obligations under the
Agreement and the Amendment.
Adopted this 13t" day of April, 2009 by the
Mounds View Economic Development
Authority
....-~_.w...._
J F herty, Pres'
(ATTEST)
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James Ericson, Executive Director
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