HomeMy WebLinkAboutResolution 5260
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RESOLUTION NO. 5260
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION AUTHORIZING CITY STAFF AND CONSULTANTS TO PROCEED
WITH THE NEGOTIATION OF A FINAL DEVELOPMENT AGREEMENT AND
OTHER ACTIONS CONCERNING THE MERMAID HOTEL AND BANQUET
CENTER
WHEREAS, the City of Mounds View has received a request for tax increment financing
assistance and land acquisition assistance to expand the existing Mermaid Supper Club facility at
2200 Highway 10 to include a hotel and banquet center; and
WHEREAS, the proposed project would expand the city's tax base, provide jobs,
improve the Highway 10 corridor, and enhance the image of Mounds View; and
WHEREAS, the Mounds View City Council has reviewed a preliminary term sheet
generally outlining the major terms and responsibilities of the City and the Developers necessary
to carry out the project, and
WHEREAS, a schedule and general outline of work tasks has been prepared as a guide
to direct future actions by the City of Mounds View and the Developers, recognizing that the
schedule will be subject to possible changes and revisions as further details become known; and
WHEREAS, it is necessary to complete certain actions to determine the feasibility of the
project including the negotiation of a final development agreement and the execution of an
option/purchase agreement for the RentAll property at 2190 Highway 10; and
WHEREAS, the Minnesota Department of Trade and Economic Development (DTED)
has announced the availability of grant funds through the Redevelopment Grant Program which
could assist the project.
NOW, THEREFORE, BE IT RESOLVED that the Mounds View City Council
authorizes staff and consultants to proceed with the following actions:
1. Negotiation of a final development agreement for City Council/EDA approval at a
future meeting.
2. Negotiation of an option/purchase agreement for the RentAll property at 2190
Highway 10 and the determination of the amount of the required relocation assistance.
This agreement would be presented to the City Council/EDA at a future meeting.
3. Development of an application to DTED for a redevelopment grant for City Council
consideration at a future meeting.
4. Continuation of discussions with Metro Transit and/or MnDOT regarding the possible
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development of a Park and Ride facility within the project area.
Adopted this 21 day Of~, 1998. ,
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Duane McCarty. Mayor
ATTEST:
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Mike Ulrich, Acting City Clerk! Administrator
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