HomeMy WebLinkAboutResolution 2552
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RESOLUTION NO. 2552
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING PAYMENT OF $247,279 TO EVEREST
DEVELOPMENT LIMITED FOR LAND BUY-DOWN OF LOT 1, BLOCK 4
MOUNDS VIEW BUSINESS PARK
WHEREAS, the City of Mounds View and Everest Develop-
ment Ltd. entered into a Contract for Private Redevelopment
setting forth the obligations of both parties in considera-
tion of the City providing tax increment financing to aid in
the development of Mounds View Business Park: and
WHEREAS~ Section 3.9 (b), (I-VII) of the Contract
provides the co~ditions and terms for use of tax increment
bond proceeds: and
WHEREAS, the Developer, Everest Development Ltd., has
fulfilled their contractual obligations for the construction
of Building D, also known as Lot 1, Block 4, Mounds View
Business Park: and
WHEREAS, the Developer has requested that the City of
Mounds View in consideration of the completion of Building
D, reimburse the Developer purs~nt to the provisions of
Section 3.7 of the Contract for ~ivate Redevelopment the
"percentage share" of the cost of the land acquisition.
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Mounds View approves the payment of $247,279
to Everest Development Ltd. for the City's "percentage
share" of the acquisition of Lot 1, Block 4, Mounds View
Business Park pursuant to the provisions of the Contract for
Private Redevelopment with said funds to corne from the tax
increment fund.
BE IT FURTHER RESOLVED that the Mayor and Clerk-
Administrator are authorized to enter into the Certificate
of Completion and Release of Forfeiture on behalf of the
City.
Adopted this 23rd day of October, 1989.
ATTEST:
(SEAL)
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