HomeMy WebLinkAbout09-25-2000M:\MasterFiles\1999 thru 2010\2000\EDA\EDA Packets\09-25-00\Agenda -- EDA.doc
CITY OF MOUNDS VIEW
ECONOMIC DEVELOPMENT AUTHORITY
MONDAY, SEPTEMBER 25, 2000
AGENDA
ROLL CALL: President Coughlin, Vice President Stigney, Commissioner Marty,
Commissioner Quick, Commissioner Thomason
1. AGENDA ADDITIONS:
2. APPROVAL OF MINUTES
A. September 11, 2000 EDA Minutes
3. SPECIAL ORDER OF BUSINESS:
4. CONSENT AGENDA
5. EDA BUSINESS
A. Consider Approval of Resolution 00-EDA-134 a resolution approving and
authorizing the expenditure of tax increment funds for the acquisition of 7861
Groveland Road for the purpose of future redevelopment
B. EDA Direction to EDC
I. Use of Pre-1997 interest earnings
II. Economic Development Plan update including review of business loan
program
6. REPORTS
7. ADJOURMENT
PROCEEDINGS OF THE MOUNDS VIEW EDA
CITY OF MOUNDS VIEW
RAMSEY COUNTY, MINNESOTA
Regular Meeting
September 11, 2000
Mounds View City Hall
2401 Highway 10, Mounds View, MN 55112
8:40 P.M.
CALL MEETING TO ORDER
ROLL CALL: Coughlin, Stigney, Marty, and Thomason.
NOT PRESENT: Quick.
1. APPROVAL OF EDA MINUTES
A. Approve Minutes of August 14, 2000.
MOTION/SECOND: Thomason/Marty. To approve the minutes of the EDA for August 14,
2000, as presented.
Ayes – 4 Nays – 0 Motion carried.
Commission Member Quick was not present for the vote.
2. SPECIAL ORDER OF BUSINESS
None.
3. CONSENT AGENDA
A. Adopt Resolution 00-EDA-133 Requesting the City Council of the City of
Mounds View Call for a Public Hearing by the City Council on the Proposed
Modifications to the Tax Increment Financing Plans for Tax Increment
Financing Districts Nos. 1, 2, 3 within the Mounds View Economic
Development Project Area.
MOTION/SECOND: Thomason/Marty. To approve the Consent Agenda for Item A as
presented.
Ayes – 4 Nays – 0 Motion carried.
Mounds View EDA September 11, 2000
Regular Meeting Page 2
Commission Member Quick was not present for the vote.
5. EDA BUSINESS
None.
6. REPORTS
No reports were considered.
7. ADJOURNMENT
President Coughlin adjourned the meeting at 8:45 p.m.
Respectfully submitted,
Recorded and transcribed by:
Joan Lenzmeier
TimeSaver Off Site Secretarial, Inc.
Item No. 5A
Meeting Date: September 25th, 2000
Type of Business: EDA
WK: Work Session; PH: Public Hearing;
CA: Consent Agenda; EDA: EDA Business
City of Mounds View Staff Report
To: Mounds View Mayor and City Council
From: Aaron Parrish, Economic Development Coordinator
Item Title/Subject: Consider Approval of Resolution 00-EDA-134 a resolution approving and
authorizing the expenditure of tax increment funds for the acquisition of
7861 Groveland Road for the purpose of future redevelopment
Date of Report: September 20, 2000
Background:
At the September 5th Work Session, Council directed staff to investigate the possibility of acquiring
residential property currently for sale located at 7861 Groveland Road. This property is located
adjacent to Simon’s Sport Shop, ABC Liquors, and the Pak building. The map below is illustrative:
September 25, 2000 EDA Meeting
EDA Item #5A
Page 2
The possibility exists that the subject property could become part of a larger redevelopment of the
area. Mounds View’s Comprehensive Plan, submitted to the Metropolitan Council for review,
envisions a mixed-use planned unit development for the area. The property, and a majority of the
adjacent parcels, are located within TIF District #2.
Currently, the house has three bedrooms and 1453 finished square feet. All appliances would be
included in the sale. The lot is approximately .4 acres. The exterior of the home is featured below:
Housing Inspector Jeremiah Anderson noted several improvements that could be made including
the removal of a fuel oil tank in the basement, the addition of smoke detectors, and several other
miscellaneous maintenance issues. Should the EDA purchase the property, it could be rented out
until adjacent parcels become available.
After an initial inquiry, the broker for the property indicated that they had received an offer, and were
considering a purchase agreement with another party. However, the buyer and seller could not
come to mutually beneficial terms, and the sale fell through. As a result, the seller offered the City
the opportunity to purchase the home. After examining the home, an offer of $125,000, contingent
upon EDA approval, was made on September 18, 2000. Subsequently, the seller has accepted the
offer and a purchase agreement was entered into. Of course, the purchase agreement is contingent
upon approval of the Economic Development Authority.
Fiscal Implications:
As previously stated, acquiring the house would cost approximately $125,000. A contingency of
$5,000 has been incorporated to address any issues that may arise prior to closing should the EDA
decide to purchase the property. Additionally, it might be suggested that pre-1997 TIF interest
earnings be allocated for this particular project. By doing so, any rental income associated with the
property would not be considered tax increment, and not subject to TIF specific requirements and
reporting. Alternatively, funds could be taken from the 2000 EDA Special Revenue Fund budget
allocation. More specifically, Account 7050: Capital, Real Estate.
A resolution authorizing the purchase agreement and allocating TIF funds has been included for
September 25, 2000 EDA Meeting
EDA Item #5A
Page 3
your reference as Attachment 1.
Necessary Actions:
Consider approval of Resolution 00-EDA-134 a resolution approving and authorizing the
expenditure of tax increment funds for the acquisition of 7861 Groveland Road for the purpose of
future redevelopment.
______________________________________
Aaron Parrish, Economic Development Coordinator
(763) 717-4029
Attachment #1: Resolution No. 00-EDA-134 approving and authorizing the expenditure of tax
increment funds for the acquisition of 7861 Groveland Road for the purpose
of future redevelopment. (Purchase Agreement included as Appendix A)
RESOLUTION NO. 00-EDA-134
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING THE EXPENDITURE OF TAX
INCREMENT FUNDS FOR THE ACQUISITION OF 7861 GROVELAND ROAD FOR
THE PURPOSE OF FUTURE REDEVELOPMENT
It is hereby resolved by the Board of Commissioners (the ‘Board’) of the Mounds View
Economic Development Authority (the ‘Authority’) as follows:
Section 1. Recitals.
1.10 The Authority has the powers provided in Minnesota Statutes, Sections 469.124 to 469.134 and 469.090 to 469.108 (collectively, the “Act”).
1.02 Pursuant to and in furtherance of the objectives of the Act, the Authority
has undertaken a program to promote development and redevelopment of certain land within the City of Mounds View and in this connection is engaged in carrying out the
Mounds View Economic Development Project (the “Project”) within the City.
1.03 There has been approved pursuant to the Act a Project Plan for the Project.
1.04 The redevelopment of property within the Project is a stated objective of
the Project Plan.
1.05 In order to achieve the objectives of the Project Plan, the Authority has determined
to provide substantial aid and assistance through the financing of certain public costs of
development.
1.06 It has been proposed that the Authority acquire the property located in the
City at 7861 Groveland Road (the “Property”) and that the Authority approve the purchase agreement and/or similar agreement(s) (collectively, the “Agreement”) attached
as “Appendix A” for the acquisition of the Property for the purposes of redevelopment.
Section 2. Resolved.
2.01 The Board hereby determines that the Authority’s execution of the Agreement and the subsequent acquisition and redevelopment of the Property would be
in furtherance of the Project Plan and hereby approves and authorizes said actions, including the execution of the Agreement by the officers of the Authority in their discretion
and at such time, if any, as they may deem appropriate.
2.02 Upon execution and delivery of the Agreement, the officers and employees of the Authority (including members of the City Staff, acting in their capacity as staff to the
Authority as well) are hereby authorized and directed to take or cause to be taken such actions as may be appropriate or necessary on behalf of the Authority to implement the
Agreement, including the acquisition of the Property, which is being accomplished for redevelopment purposes.
2.03 That the Board of the Authority hereby determines that the execution and
performance of the Agreement and acquisition of the Property will help realize the public purposes of the Act and are in furtherance of the Project Plan and authorizes the President
and Executive Director to appropriate a maximum of $130,000 in tax increment funds to
purchase and rehabilitate the property located at 7861 Groveland Road for redevelopment
purposes.
Adopted by the Board of Commissioners of the Mounds View Economic Development
Authority this 25th day of September 2000.
___________________________ Dan Coughlin, President
ATTEST:
____________________________ Kathleen Miller, Executive Director
Appendix A: Purchase Agreement
Page 1
PURCHASE AGREEMENT
1. PARTIES. This Purchase Agreement is made this 18th day of September, 1999, by and
between Richard and Cynthia Chamberlain, a married couple, owner (the "Seller") and the
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and
politic, 2401 Highway 10, Mounds View, MN 55112-1499 ("Buyer").
2. SUBJECT PROPERTY. Seller is the owner of that certain real estate (the "Property")
located at 7861 Groveland Road, Mounds View, and legally described as follows:
LOT 57 BLOCK 0, Auditor’s Subdivision, Mounds View, Minnesota according to the
plat filed for record with the Ramsey County Recorder
3. OFFER/ACCEPTANCE. In consideration of the mutual agreements herein
contained, Buyer offers and agrees to purchase and Seller agrees to sell and hereby grants to
Buyer the exclusive right to purchase the Property and all improvements thereon, together with
all appurtenances, including, but not limited to, garden bulbs, plants, shrubs, trees, and grass.
4. CONTINGENCY/ACCEPTANCE DEADLINE. This Purchase Agreement shall be
presented to the Board of the Buyer within 10 days of the date it is submitted to Buyer, fully
executed by Seller herein. If the Buyer does not approve this Purchase Agreement, all Earnest
Money shall be refunded to the Buyer.
5. PERSONAL PROPERTY INCLUDED IN SALE. The following items of personal
property and fixtures owned by Seller and currently located on the Property are included in this
sale: storm windows and inserts, storm doors, screens, awnings, window shades, blinds,
curtain-traverse-drapery rods, attached lighting fixtures with bulbs, plumbing fixtures, sump
pumps, water heaters, heating systems, built-in appliances, water softeners, garbage disposals,
installed carpeting, work benches, television antennas, refrigerator, washer, dryer, diswasher,
range/oven, and hood-fans.
6. PURCHASE PRICE AND TERMS.
A. Purchase Price. The total Purchase Price for the real and personal property
and fixtures included in this sale is one hundred twenty-five thousand and
No/100ths Dollars ($125,000.00).
B. Terms.
(1) PAYMENT OF PURCHASE PRICE TO SELLER. Buyer agrees to
pay by check the amount of One Thousand Two Hundred Fifty and
No/100ths Dollars ($1250.00) as earnest money (the "Earnest
Money") to be deposited by Remax Results within ten (10) days after
the date of this Agreement and held and disbursed under the terms of
Page 2
this Agreement on the Date of Closing. Buyer agrees to pay the
Balance Due of One Hundred Twenty-three Thousand Seven Hundred
Fifty and No/100ths Dollars ($123,750) in cash or by check on the
Date of Closing according to the terms of this Purchase Agreement.
(2) DEED/MARKETABLE TITLE. Subject to performance by Buyer,
Seller agrees to execute and deliver a Warranty Deed conveying
marketable title to the Property to Buyer, subject only to the following
exceptions:
a. Building and zoning laws, ordinances, state and federal
regulations.
b. Reservation of minerals or mineral rights to the State of
Minnesota.
c. Utility and drainage easements.
(3) DOCUMENTS TO BE DELIVERED AT CLOSING. In addition to
the Warranty Deed required in paragraph 6.B.(3) above, Seller shall
deliver to Buyer:
a. Affidavit of Seller.
b. Such other documents as may be required by Buyer's title
examiner or title insurance company.
c. Waiver of relocation benefits.
7. REAL ESTATE TAXES AND SPECIAL ASSESSMENTS; COSTS AND
PRORATIONS. Seller and Buyer agree to the following prorations and allocations of costs
regarding this Purchase Agreement:
A. Deed Tax. Seller shall pay all state deed tax regarding a Warranty Deed and
any other documents necessary to place record title in the condition warranted and to be
delivered by Seller under this Agreement.
B. Taxes and Assessments. The real estate taxes due and payable in the year of
closing will be homestead classification. Seller shall pay at or prior to closing all real
estate taxes due and payable in 1999 and prior years. The Seller and Buyer agree to
prorate as of the date of actual closing all real estate taxes due and payable in the year
of closing. Seller agrees to pay at closing any and all real estate taxes prorated to Seller.
Buyer shall pay the real estate taxes due and payable in the year following the year of
closing and thereafter. The Seller makes no warranties as to the real estate homestead
Page 3
tax classification status of property in the year following the year of closing. Seller
shall pay at or prior to closing the balance of all special assessments due and payable
and levied as of the date of closing. Seller shall also pay all special assessments
pending as of the date of this Purchase Agreement, if any. If the amount of the special
assessments is not finally determined by the Closing Date, Seller agrees to escrow an
amount equal to one and one-half times the estimated amount, which shall be used to
pay the special assessments when levied. Buyer shall assume special assessments that
become pending after the date of this Purchase Agreement, except that Seller shall at all
times be responsible to pay special assessments, if any, for delinquent sewer or water
bills, removal of diseased trees, snow removal, or other current services provided to the
Property by the assessing authority while the Seller is in possession of the Property.
C. Recording Costs. Seller shall pay the costs of recording all documents
necessary to place record title in the condition warranted, and the Buyer shall pay the
cost of recording all other documents.
8. MARKETABILITY OF TITLE; COSTS TO CLEAR TITLE. Seller shall, within
a reasonable time after signing this Agreement and at the expense of Seller, furnish an abstract
of title or registered property abstract certified to date to include proper searches covering
bankruptcies, all judgments, taxes, special assessments and liens. Buyer shall be allowed
fourteen (14) days after receipt thereof for examination of said title and the making of any
objections thereto, said objections to be made in writing or deemed to be waived. If any
objections are so made, Seller shall be allowed sixty (60) days to make such title marketable.
Seller shall permit no additional encumbrances to be made upon the Property between the date
of this Purchase Agreement and the Closing Date.
If said title is not marketable and is not made so within sixty (60) days from the date of
written objections thereto as above provided, this Agreement shall be null and void, at option of
Buyer, and neither party shall be liable for damages hereunder to the other party. All money
theretofore paid by Buyer shall be refunded.
Alternatively, if Buyer elects to proceed with this transaction, Seller shall bear any and
all costs to clear title to the Property, including the cost of satisfying any mortgages or liens of
record, if any. In the event Seller fails to clear title to the extent herein required, Buyer may
clear title to the extent required and charge the cost of clearing title to the Seller, including
attorney's fees, court costs, condemnation awards, amounts paid for releases, waivers or quit
claims and all other costs actually incurred by Buyer, unless waived by Buyer.
In the event that title to the Property cannot be made marketable by the Seller by the
Closing Date, then, at the option of the Buyer, this Purchase Agreement shall be null and void
and all money theretofore paid by Buyer shall be refunded to the Buyer.
9. DEFAULT. If the title to the Premises be found marketable or be so made within
said time, and Buyer shall default in any of the covenants contained in this Agreement and
continue into default for a period of ten (10) days, then and in that case, Seller may terminate
Page 4
this Agreement and on such termination all the payments made under this Agreement shall be
retained by Seller as liquidated damages, time being of the essence hereof. This provision shall
not deprive either party of the right of enforcing the specific performance of this Agreement
provided this Agreement shall not be terminated as aforesaid, and provided action to enforce
such specific performance shall be commenced within six months after such right of action
shall arise.
10. CLOSING DATE. The closing of the sale of the Property shall take place on or
before, October 31, 2000, or at such earlier or later date as may be mutually agreed upon by the
Seller and Buyer.
11. POSSESSION. The Seller shall deliver possession of the Property to Buyer at 11:59
a.m. on the date of closing, in substantially the same condition as the Property exists on the date
of this Purchase Agreement, reasonable wear and tear excepted.
12. DAMAGES TO REAL PROPERTY. As Seller is presently in possession of the
Property, if there is any loss or damage to the Property between the date hereof and the date of
closing, for any reason including fire, vandalism, flood, earthquake or act of God, the risk of
loss shall be on Seller. Seller warrants that Seller presently has the Property properly insured
against any risk of loss. If the Property is destroyed or substantially damaged prior to closing,
or if the Property is damaged materially but less than substantially prior to closing, Buyer may
rescind this Purchase Agreement by notice to Seller within twenty-one (21) days after Seller
notifies Buyer of such damage, during which 21-day period Buyer may inspect the real
property, and in the event of such rescission, the Earnest Money shall be refunded to Buyer. If
such an event occurs, Buyer and Seller agree to sign a Cancellation of Purchase Agreement
within a reasonable time after such event takes place.
13. CONDITION OF PROPERTY. Seller warrants that all appliances, fixtures, heating
and air conditioning equipment, wiring, and plumbing used and located on the property are in
working order on the date of closing. Seller HAS had a wet basement or water in the basement.
Seller discloses that the roof HAS leaked. Seller shall remove all debris and all personal
property not included in this sale from the Property before possession date. Seller has not
received any notice from any governmental authority as to the existence of any dutch elm
disease, oak wilt, or other disease of any trees on the Property.
Seller's warranties and representations contained in this paragraph 13 shall survive the
closing of this transaction.
Buyer shall have the right to have inspections of the Property conducted prior to
Closing. Unless required by local ordinance or lending regulations, Seller does not plan to have
the Property inspected. Other than the representations made in this Purchase Agreement, the
property is being sold "AS IS" with no express or implied representations or warranties by
Seller as to physical conditions, quality of construction, workmanship, or fitness for any
particular purpose. (This paragraph is not intended to waive or modify any provisions of Minn.
Stat., Chapter 327A.)
Page 5
14. DISCLOSURE; INDIVIDUAL SEWAGE TREATMENT SYSTEM. Seller
discloses that there IS NOT an individual sewage treatment system on or serving the Property.
If the Property has a septic system, Seller agrees to provide water quality test results and/or
septic system certification as required state law or local ordinance.
15. CONDITION OF SUBSOIL AND GROUND WATER; ENVIRONMENTAL
WARRANTY. To the best of the Seller's knowledge there are no hazardous substances or
underground storage tanks, except herein noted: ________________________________
_________________________________________________________________________
_________________________________________________________________________.
Seller hereby warrants to Buyer that during the time the Seller has owned the Property
there have been no acts or occurrences upon the Property that have caused or could cause
impurities in the subsoil or ground water of the Property or other adjacent properties. This
warranty shall survive the closing of this transaction.
Seller agrees to indemnify and hold harmless Buyer from any and all claims, causes of
action, damages, losses, or costs (including reasonable attorney's fees) relating to impurities in
the subsoil or groundwater of the Property or other adjacent properties which arise from or are
caused by acts or occurrences upon the Property prior to Buyer taking possession of the same.
This indemnity shall survive the closing of this transaction.
Seller warrants that to the best of the Seller's knowledge no toxic or hazardous
substances, including, without limitation, asbestos, urea formaldehyde, the group of organic
compounds known as polychlorinated biphenyl, and any substance as defined or listed as
"hazardous materials" or "toxic substances" or similarly identified in or pursuant to the
Comprehensive Environmental Response, Compensation and Liability Act of 1980
("CERCLA"), 42 U.S.C. Section 9601-9657, as now or later amended, "hazardous materials"
identified in or pursuant to the Hazardous Materials Transportation Act, 49 U.S.C. Section
1802, et seq., as now or later amended, "Hazardous Wastes" identified in or pursuant to The
Resource Conservation and Recovery Act of 1976 ("RCRA"), 42 U.S.C. Section 6901 et seq.,
as now or later amended, any chemical substances or mixture regulated under the Toxic
Substances Control Act of 1976, 15 U.S.C. Section 2601, et seq., as now or later amended, any
"toxic pollutant" under the Clear Water Act, 33 U.S.C. Section 1251 et seq., as now or later
amended, any hazardous air pollutant under the Clean Air Act, 42 U.S.C. Section 7901 et seq.,
as now or later amended, and any hazardous or toxic substance or pollutant now or later
regulated under any other applicable federal, state or local Environmental Laws, have been
generated, treated, stored, released or disposed of, or otherwise deposited in or located on the
Property, including without limitation, the surface and sub-surface waters of the Property, nor
has any activity been undertaken on the Property which would cause the Property to become a
hazardous waste treatment, storage or disposal facility within the meaning of, or otherwise,
bring the Property within the ambit of, any of the aforementioned acts or any similar state law
or local ordinance or any other Environmental Law. Seller also warrants that to the best of
Seller's knowledge there are no substances or conditions in or on the Property which may
Page 6
support a claim or cause of action under any of the aforementioned acts or any other federal,
state or local environmental regulatory requirement and that no underground deposits which
cause hazardous wastes or underground storage tanks of any type are located on the Property.
This warranty shall survive the closing of this transaction.
16. WELL DISCLOSURE. The Seller has certified in a “Well Disclosure Statement” that
a well is present on the described real Property. The cost of sealing any wells contained within
the “Well Disclosure Statement” required to be capped or sealed under Minnesota law will be
borne by the BUYER.
17. SELLER'S WARRANTIES. Seller warrants that buildings, if any, are entirely within
the boundary lines of the property. Seller warrants that there is a right of access to the real
property from a public right-of-way. Seller warrants that there has been no labor or material
furnished to the property for which payment has not been made. Seller warrants that there are
no present violations of any restrictions relating to the use or improvement of the Property. The
attached “Seller’s Property Disclosure Statement” is true to the best of the Seller’s knowledge.
These warranties shall survive the closing of this transaction.
18. BROKERS
A. The Buyer represents and warrants that there is no broker involved in this
transaction with whom they have negotiated with or to whom they have agreed
to pay a broker commission. Buyer agrees to indemnify Seller for any and all
claims for brokerage commissions or finders' fees in connection with
negotiations for purchase of the Property arising out of any alleged agreement
or commitment or negotiation by Buyer, and Seller agrees to indemnify Buyer
for any and all claims for brokerage commissions or finders' fees in
connection with negotiations for purchase of the Property arising out of any
alleged agreement or commitment or negotiation by Seller.
B. The Seller represents and warrants that Steve Ennen of Remax Results is the
Seller’s Agent.
19. RELOCATION BENEFITS. Seller expressly agrees to waive any and all relocation
benefits, assistance and services, related to the Seller’s ownership and activities on the Property
to which Seller may be entitled by law, as a result of the transaction contemplated by this
Purchase Agreement. Seller agrees to provide to Buyer at Closing an executed waiver of
relocation benefits as to these activities.
20. MERGER OF REPRESENTATIONS, WARRANTIES. All representations,
warranties and agreements contained in this Purchase Agreement shall not be merged into any
instruments or conveyance delivered at closing, and the parties shall be bound accordingly.
21. ENTIRE AGREEMENT; AMENDMENTS. This Purchase Agreement constitutes
the entire agreement between the parties, and no other agreement prior to this Purchase
Page 7
Agreement or contemporaneous herewith shall be effective except as expressly set forth or
incorporated herein. Any purported amendment shall not be effective unless it shall be set forth
in writing and executed by both parties or their respective successors or assigns.
22. BINDING EFFECT; ASSIGNMENT. This Purchase Agreement shall be binding
upon and inure to the benefit of the parties and their respective heirs, executors, administrators,
successors and assigns. Buyer shall not assign its rights and interest hereunder without notice
to Seller, and Seller shall give notice to Buyer of assignment of its interests in the manner
prescribed in paragraph 23.
23. NOTICE. Any notice, demand, request or other communication which may or shall be
given or served by the parties shall be deemed to have been given or served on the date the
same is deposited in the United States Mail, registered or certified, postage prepaid and
addressed as follows:
a. If to Seller: Steve Ennen
Remax Results
2605 Campus Drive
Plymouth, MN 55441
b. If to Buyer: Mounds View Economic Development Authority
Attn: EDA Executive Director
2401 Highway 10
Mounds View, MN 55112
With copy to: Scott J. Riggs
Kennedy & Graven, Chartered
470 Pillsbury Center
200 South Sixth Street
Minneapolis, MN 55402
24. SPECIFIC PERFORMANCE. This Purchase Agreement may be specifically
enforced by the parties.
25. ADDITIONAL DOCUMENTS. Buyer and Seller agree to cooperate with the other
and their representatives regarding any reasonable requests made subsequent to the execution of
this Purchase Agreement to correct any clerical errors in this Purchase Agreement and to
provide any and all additional documentation deemed necessary by either party to effectuate the
transaction contemplated by this Purchase Agreement.
26. EXECUTION IN COUNTERPARTS. This Purchase Agreement may be executed in
counterparts by the parties hereto.
Page 8
NOTICE: THIS IS A LEGALLY BINDING CONTRACT
BETWEEN BUYER AND SELLER. IF YOU DESIRE LEGAL OR TAX
ADVICE, CONSULT AN APPROPRIATE PROFESSIONAL.
IN WITNESS WHEREOF, the parties have executed this agreement as of the
date written above.
SELLER
______________________________
Richard Chamberlain
______________________________
Cynthia Chamberlain
BUYER
MOUNDS VIEW ECONOMIC
DEVELOPMENT AUTHORITY
By____________________________
Dan Coughlin, President
By____________________________
Kathleen Miller,
Executive Director
Item No. 5B
Meeting Date: September 25th, 2000
Type of Business: EDA
WK: Work Session; PH: Public Hearing;
CA: Consent Agenda; EDA: EDA Business
City of Mounds View Staff Report
To: Mounds View Mayor and City Council
From: Aaron Parrish, Economic Development Coordinator
Item Title/Subject: EDA Direction to the EDC
Date of Report: August 7, 2018
Background:
For the last two years, the EDC has devoted a considerable amount effort updating the Economic
Development Component of the Comprehensive Plan and examining several TIF related items.
However, the Commission’s agendas are relatively open in the upcoming months. Accordingly,
direction is being requested from the EDA for specific items for the EDC to address. The following
two items might be suggested.
I. Evaluate Potential Uses of Pre-1997 Interest Earnings
The Office of the State Auditor has determined that interest earnings on TIF funds prior to July 1,
1997 are not subject to TIF restrictions. Mr. Jim O’ Meara, the EDA’s TIF attorney, has reaffirmed
this position. Currently, there is approximately $1.7 million in interest earnings (This figure is an
estimate that needs to be confirmed with the Finance Director). Minimally, the pre-1997 interest
earnings should be transferred into a specific fund to distinguish it from existing TIF funds. If the
EDA desires, the EDC could evaluate potential options. Some preliminary options include:
• Establishing a Highway 10 Special Revenue Fund to provide revenue for any future
safety improvements, infrastructure, and/or redevelopment associated with Highway 10
• Establishing an Economic Development Special Revenue Fund to fund a variety of
economic development and housing projects / improvements throughout the City
• Transferring revenue to existing funds
• Other suggestions
• A combination of any of the aforementioned options
II. Economic Development Plan Update Including Review of Business Loan Program
In 1986, Mounds View adopted an “Economic Development Plan” to plan future development. This
plan included property inventories, fiscal analysis, the use of economic development incentives, a
community inventory, and an economic development program. More recently, an Economic
Development element was included in the Comprehensive Plan currently being reviewed by the
Metropolitan Council.
September 25, 2000 EDA Meeting
EDA Item 5B
Page 2
M:\MasterFiles\1999 thru 2010\2000\EDA\EDA Packets\09-25-00\Item 05B--EDA Direction to the EDC--Aaron
Parrish.doc
If the EDA desires, the EDC could develop an Economic Development Plan similar to the one
adopted in 1986, but based on the principles contained within the Comprehensive Plan. Through
previous staff and community planning initiatives, a substantial portion of the work has already been
completed. At this point, it just needs to be integrated into one specific policy document.
Additional areas that could be incorporated into an updated plan include site-specific redevelopment
opportunities; business retention and expansion; marketing / image and identity; and economic
development / redevelopment issues associated with Highway 10. An evaluation of the Business
Improvement Partnership Loan Program could also be done based on Mounds View’s overall
economic development strategy.
Finally, evaluating the use of pre-1997 interest earnings and contemplating an Economic
Development Plan are just two areas that the EDC could direct its efforts. A myriad of other
possibilities exist.
Necessary Actions:
Provide Direction to the EDC
______________________________________
Aaron Parrish, Economic Development Coordinator
(763) 717-4029