HomeMy WebLinkAboutResolution 4533
.
.
.
RESOLUTION NO. 4533
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION TRANSFERRING TO THE MOUNDS VIEW EDA THE CONTROL, AUTHORITY,
AND OPERATION OF THE CITY'S DEVELOPMENT DISTRICTS AND PROGRAMS
AND THE TAX INCREMENT FINANCING DISTRICTS THEREIN
IT IS HEREBY RESOLVED by the City Council (the "Council") of the City
of Mounds View, Minnesota (the "City"), as follows:
1. Recitals.
(a) On March 28, 1994, the Council adopted a certain "enabling
resolution" establishing the Mounds View Economic Development Authority
(the "EDA") pursuant to Minnesota Statutes, Sections 469.090 through
469.108
(b) The City has heretofore established its Development District
Nos. 1, 2, and 3, adopted the Development Programs therefor, and
established certain Tax Increment Financing Act, presently codified in
Minnesota Statutes, Sections 469.124 through 469.134 and 469.174
through 469.179, respectively.
(c) Pursuant to Minnesota Statutes, Section 469.094, Subdivision
2, the City may, by resolution of the council, transfer the control,
authority, and operation of the Development Project to the EDA, and
the Council hereby finds that it would be in the best interests of the
development and redevelopment efforts of the City to do so.
2. Proiect Transfer. Subject to the acceptance thereof by the EDA,
pursuant to Minnesota Statutes, Section 469.094, Subdivision 2, the
City hereby transfers the control, authority, and operation of the
Development Project to the EDA from the City. Upon its acceptance of
such transfer, the EDA may exercise all of the powers that the City
could exercise with respect to the Development project. In accepting
such transfer, the EDA shall covenant and pledge to perform the terms,
conditions, and covenants of all bond indentures and other agreements-
executed for the security of any bonds issued and other activities
undertaken with respect to the Development Project.
Duly adopted by the City Council of the City of Mounds
View, Minnesota on Marc 28, 1994.
ATTEST:
( SEAL)