The URL can be used to link to this page

Home My WebLink About08-11-1997 EDA ff tltl gw$Iggrig,TIllrowyloy,:t. 8 $r„. 41,silr-fr€ff,. j N-orgg4 1-1.<$t&6-7-,yr rrikr...fij;...Awmir,h-c,,,.4.4.,...59,M113., v,Ussf.'11,1,4 klAfi,ret3 ;V,,,,,;$1r.VAkIvro.P.Vrg:4,;Al k,r,qpt, 1. CALL TQ ORDER 2. ROLL.CALL- President McCarty . . Vice President Roopmeiners ,....., .., Secretary Trude _:.,..._ _ Commissioner Quick Commissioner Stigney 3. A1P OF AGENDA EDA ACTION: tT'D Comments*° 4. APPROVAL,OF T $- EDA ACTION: Ate? Comments; 5. CON$Eistr AOENDA None . 6. l?U$LIC IlEARr1 TG None. 7. EPA1)U$INE$s, Consideration of Approving an Exclusive Negotiation Agreement by and between the Mounds View Economic Development Authority, Cid of Mounds View and Anthony Properties. (Presented by Chuck Whiting City Administrator and Bob Long, City Attorney) EDA ACTION: ATP Comments: 8. RE,PORTS: Report pf D&$o it l Mempers 1. Report of President McCarty 2. Report,of Vice President Kooprmeiners 3, Report of Secretary Trude 4: Report of Commion : . . . Commissioner Quick: b. Comnussioner S.tigney: 5." Report of Cleric»Adt itt strator;Whiting; 6, Report fE i - p � xe�tive'i�sre�to�`.$ennatt. 7. Report.of Treasurer Kessel: ILD EXCLUSIVE NEGOTIATIONS AGREEMENT • THIS AGREEMENT dated this day of , 1997 by and between THE CITY OF MOUNDS VIEW, MINNESOTA, a municipal corporation under the laws of Minnesota (the "City") and THE MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body corporate and politic under the laws of Minnesota ("EDA") and ANTHONY PROPERTIES, a Texas corporation (the "Developer"): WITNESSETH: WHEREAS, the City and EDA desire to promote rehabilitation and development of the existing building surrounding site currently owned by the City and commonly referred to as the Bel Rae Ballroom site (the "Bel Rae Property"); and WHEREAS, the Developer has proposed to redevelop the City-owned land immediately adjacent to the Bel Rae Building and two additional parcels with all necessary parking improvements (the "Project") and undertake other work on the Project property legally described at Exhibit A; and WHEREAS, the Project is within the boundaries of Tax Increment Financing (TIF) District No. 4 which the City and EDA have established; and WHEREAS,the City and EDA have reviewed the Project and concur that the Developer • has been designated to prepare a more detailed proposal for the Project pursuant to such terms and conditions as may be established by further negotiations during the term of this Agreement between the parties; and WHEREAS, the City, EDA and the Developer are willing and desirous to undertake the Project, provided that: • (a) a satisfactory agreement can be reached between the parties to establish the level of public assistance through tax increment financing to be provided by the City and EDA to the Developer to help finance certain costs associated with the Project; (b) the Developer can secure satisfactory private financing sufficient for the completion of the Project; (c) a satisfactory agreement can be reached between the parties to establish the eligible or qualified uses for the public assistance to be provided by the City and EDA. to the Developer; and (d) the City and EDA are satisfied that the Project is economically feasible and in the best interests of the public. • NOW, THEREFORE, in consideration of the mutual covenants of the parties hereto, IT IS AGREED between the parties as follows: D.ici7s14 1 mu2o5-6 _ 'Z 3Mvd OLES4C=9=QI Nr7^b1.1 phases of development, and shall show and be compatible with any public improvements to be constructed adjacent to or as part of the Project; • (b) undertake and obtain such other preliminary economic feasibility studies, income and expense projections, or such other economic information as may be reasonably required by the City and EDA to confirm the economic feasibility and soundness of the Project; (c) within one hundred twenty(120) days of execution, submit to the City and EDA for a review a Proposed Project financing plan which proposes the Developer's ability to finance the Project based on the level of TIF assistance to be provided under the terms of the proposed Redevelopment Contract; and (d) furnish to the City and EDA such information or documentation as may be required by the City and EDA to identify the intended legal entity constituting the Developer, the identity of the Developer's principal owners, and the legal relationship of such principal owners. 6. During the period of this Agreement, the City and EDA shall, concurrently with the Developer's performance described in paragraph 5 herein: (a) obtain an estimate of the City's and EDA's cost of constructing any associated public improvements necessary to complete the Project; 1111 (b) develop a financial plan for the City's and EDA's participation in the Project and construction of associated public improvements, which plan shall document all public costs, projected public revenues, and bond or note financing, if any, including debt service costs; (c) reasonably cooperate with the Developer in meeting the Developer's obligations hereunder, and (d) evaluate whether tax increment financing assistance should be provided to Developer for TIF eligible costs of the Project and if so, at what level. 7. It is expressly understood that the subsequent execution and implementation of the Redevelopment Contract between the parties shall be subject to: (a) the City's and EDA's informed judonent that its undertakings thereunder are feasible based upon estimated tax increment revenues and are consistent with the purposes and objectives of the tax increment financing plan developed for the tax increment financing district that includes the area in which the Project is proposed to be located,the terms of such tax increment financing plan to be within the City's and EDA's • sole discretion; 1'X7,27914 =05-d ./b 30Vd OLC645:ZZI9'Q? . . __. , IN WITNESS WHEREOF,the parties have caused this Agreement to be executed in their names on the date first above written. • CITY OF MOUNDS VIEW By Its Mayor By Its City Clerk-Administrator MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY By Its President • By Its Executive Director This is a signature page to the Exclusive Negotiations Agreement by and among the City • of Mounds View, the Mounds View Economic Development Authority, and Anthony Properties DJK:279,4 Maros-e 5 '/9 30Vd 0[£64££ZIS'QI N3l1K2o s AC NN3`.d' G4ON r,c = Ar ic_ rr _ ,nti 07/18/97 FRI 10:24 FAX (312 490 2150 SEH 2002 --7:_•., _ ; -. tn. /:• Ti - r'":•""' V ,........,.:,i, _ w it a 2 _ c ,i t' J ti.a•. ., ii,;:.i•• i PRELIMINARY EDGEWOOD AVENUE AND FRONTAGE ROAD ALIGNMENTS • 1 NNN.... • aG • • 1 -: '\; - flfiARIG6o • co• t • • -S.. '.• • . LtJ L .. . .____.. ._._.___ 1 ,.. -\\ \N ., f' •__ ..,. ..• _. _________•.r \ \\\:\'.. / ;I‘„ 'fi• Wilde i ! • ',. N/ , /I -.......•...-:-....- 9 CP /i4 1.1 11=111211 N • 4", Ar • • • . .. , ! .L.,-.._•_. :,_1 1 • 56 I, • - • • • - i 49•4U4ri 4: , #10, 1, „...s. ,r . .. .. ... . ., . .. , : .„ • I f .1:1 I•, :fit. ti -x' SCALE: 1" = 200 d1.I - is } 4� ' >• r . 1 -•/Th.-... N. 1 I I:. '.' - ''- '• :.,• I a ...,,,,.;:._: _, • . ..: .7' • ' • RI6ffI' IN ---... .... --..---/. ......—.--,,..,_....,N, 'AG.,Ii�I - tiI ' '.. - - -'-. ' _ ` _werx__.7.:_____...r.„, . f , , • .. ,.., (i • , , is •.�C7pepy. TCS ~----' 4404 ii.,) ,__. iii . .,.......,........ ., ,. :P.,--,-.....,, ,,,„:-.„........,0 . ...,,,,i,„ , ..! 46.15Argsfoli i.4.11101011 :—.t 0411. .4•11‘••••'. s `�litli ik° �'I� :6. �orril . •1. 800••• - : _ COUNTY ROAD H-2 asg __. ._.--