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<br />. <br /> <br />. <br /> <br />. <br /> <br /> <br />'Y OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />ST ATE OF MINNESOTA <br /> <br />RE LUTION APPROVING A CONTRACT FOR PRIVATE <br />RED VELOPMENT BY AND AMONG THE CITY OF <br />MOUNDS VIEW. THE EDA, V.B. DIGS. LLC AND <br />'. UTHORIZING TIlE MAYOR AND CITY ADMINISTRATOR <br />TO EXECUTE THE CONTRACT AND RELATED <br />DOCUMENTS ON BEHALF OF THE CIl'Y. <br /> <br />Section I. <br /> <br />Recitals. <br /> <br />1.01. The Mounds Vicw Economic Development Authority ("EDA") consolidated <br />Devek)pment Districts Nos. L :2. and 3. pursuant to Minn. Stat.. Scctions 469.090 through <br />469.108. control or which was transferrcd to the EDA by the City of Mounds View ("City"). <br />thcreby establishing thc Mounds Vic\\' Economic Dcvelopmcnt Projcct ("Project"), and adopted <br />a projcct plan therefor ("Project Plan"). <br /> <br />1.02. The City has modilicd the Projcct Plan pursuant to Minn. Stat.. Sections 469.1:24 <br />through 469.134 ("Development District Act") and Minn. Stat.. Sections 469.001 to 469.047 <br />("HRA Act") and to that end has causcd to be prepared a document entitled "Modification No. <br />1 to the Mounds Vie\\! Economic Devclopment Project" dated April 14. 1997 ("Project Plan <br />Modification"). <br /> <br />1.03. The City has established Tax Increment Financing District No.4 ("TIF District No. <br />4") and adopted a Tax Increment Financing Plan ("TIF Plan") therefor, pursuant to Minn. Stat., <br />Sections 469.101 through 469.1081 and Minn. Stat., Sections 469.174 through 469.179 ("TlF <br />Act") and to that end has caused to be prepared a document entitled "Tax Increment Financing <br />Plan for Redevelopment Tax Increment Financing District No.4," dated April 14. 1997. <br /> <br />1.04. Among the activities proposed to be assisted by the City Council within the Project <br />and TIF District No. 4 is the redevelopment of the Bel Rae Ballroom Site ("Bel Rae Site"). <br /> <br />1.05. The City Council desires to provide development assistance for redeveloping the <br />Bel Rae Site by making available certain excess tax increment from the Consolidated <br />Development Districts Nos. I, 2 and 3 and newly generated tax increment from TIF District No. <br />4. <br /> <br />1.06. There has been presented before the City Council a form of Contract for Private <br />Redevelopment ("Contract") by and among the City. City Council and V.B. Digs, LLC, a <br />Minnesota limited liability company ("V.B. Digs") setting forth the parties' respective <br />rcsponsibilities in the proposed redevelopment of the Bel Rae Site. <br /> <br />RCL124226 <br />MU205-4 <br />