HomeMy WebLinkAboutResolution 5133
.
.
.
'Y OF MOUNDS VIEW
COUNTY OF RAMSEY
ST ATE OF MINNESOTA
RE LUTION APPROVING A CONTRACT FOR PRIVATE
RED VELOPMENT BY AND AMONG THE CITY OF
MOUNDS VIEW. THE EDA, V.B. DIGS. LLC AND
'. UTHORIZING TIlE MAYOR AND CITY ADMINISTRATOR
TO EXECUTE THE CONTRACT AND RELATED
DOCUMENTS ON BEHALF OF THE CIl'Y.
Section I.
Recitals.
1.01. The Mounds Vicw Economic Development Authority ("EDA") consolidated
Devek)pment Districts Nos. L :2. and 3. pursuant to Minn. Stat.. Scctions 469.090 through
469.108. control or which was transferrcd to the EDA by the City of Mounds View ("City").
thcreby establishing thc Mounds Vic\\' Economic Dcvelopmcnt Projcct ("Project"), and adopted
a projcct plan therefor ("Project Plan").
1.02. The City has modilicd the Projcct Plan pursuant to Minn. Stat.. Sections 469.1:24
through 469.134 ("Development District Act") and Minn. Stat.. Sections 469.001 to 469.047
("HRA Act") and to that end has causcd to be prepared a document entitled "Modification No.
1 to the Mounds Vie\\! Economic Devclopment Project" dated April 14. 1997 ("Project Plan
Modification").
1.03. The City has established Tax Increment Financing District No.4 ("TIF District No.
4") and adopted a Tax Increment Financing Plan ("TIF Plan") therefor, pursuant to Minn. Stat.,
Sections 469.101 through 469.1081 and Minn. Stat., Sections 469.174 through 469.179 ("TlF
Act") and to that end has caused to be prepared a document entitled "Tax Increment Financing
Plan for Redevelopment Tax Increment Financing District No.4," dated April 14. 1997.
1.04. Among the activities proposed to be assisted by the City Council within the Project
and TIF District No. 4 is the redevelopment of the Bel Rae Ballroom Site ("Bel Rae Site").
1.05. The City Council desires to provide development assistance for redeveloping the
Bel Rae Site by making available certain excess tax increment from the Consolidated
Development Districts Nos. I, 2 and 3 and newly generated tax increment from TIF District No.
4.
1.06. There has been presented before the City Council a form of Contract for Private
Redevelopment ("Contract") by and among the City. City Council and V.B. Digs, LLC, a
Minnesota limited liability company ("V.B. Digs") setting forth the parties' respective
rcsponsibilities in the proposed redevelopment of the Bel Rae Site.
RCL124226
MU205-4
.
.
.
1.07. The City Council has reviewed the Contract and has determined that execution of
the Contract and the City Council's performance of its obligations thereunder are in the best
interests of the City and are consistent with the goals and objectives of the Project Plan and TIF
Plan.
NOW. THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds
View as follows:
1. The Contract as presented to the City Council. is hereby in all respects approved.
subject to any moditications approved by the City Council.
2. Thc Mayor and City Administrator arc hereby authorized to cxecute the Contract
and relatcd documents on behalf of thc City Council and to carry out thc City Council's
obligations thereunder.
Adopted by the City Council of the City of Mounds View. Minnesota this _ day of
. 1997.
Duane McCarty, Mayor
ATTEST:
Chuck Whiting, City Administrator
RCL124226
MU205-4