HomeMy WebLinkAbout18-EDA-315EDA RESOLUTION 18 -EDA -315
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING AN AMENDMENT TO THAT PRELIMINARY
DEVELOPMENT AGREEMENT ENTERED INTO BY AND BETWEEN THE MOUNDS
VIEW ECONOMIC DEVELOPMENT AUTHORITY AND INH PROPERTY
MANAGEMENT, INC.
WHEREAS, the Mounds View Economic Development Authority (the "EDA") and INH Property
Management, Inc., (the "Developer") entered into that certain Preliminary Development Agreement
dated January 81h, 2018 (the "Preliminary Agreement"); and
WHEREAS, the Preliminary Agreement included an initial term of one year from the date of
execution thereof, and
WHEREAS, the parties have continued to negotiate additional terms related to the development of a
purchase agreement and development agreement related to the proposed development; and
WHEREAS, the Developer has requested, and the EDA is amenable to, an extension of the term of the
Preliminary Agreement until May 1, 2019;
WHEREAS, the EDA has determined that the adoption of an amendment, the First Amendment to`
Preliminary Development Agreement (hereinafter, the "First Amendment") to extend the term of the
Preliminary Agreement is in the public interest.
NOW, THEREFORE, BE IT RESOLVED by the Mounds View Economic Development Authority
of the City of Mounds View, Minnesota, as follows:
1. That the above -referenced recitals are incorporated into this Resolution.
2. That the EDA approves the First Amendment which provides for an extension of the term of
the Preliminary Agreement, with a copy of such First Amendment being attached hereto as
Exhibit A.
3. EDA staff and officials are authorized to take all actions necessary to perform the EDA's
obligations under the Preliminary Agreement and the First Amendment.
4. The EDA and Developer shall continue negotiating the terms of the proposed development in
an effort to develop a purchase and development agreement related to the future development
activity as contemplated herein.
Adopted this 200 day of November, 2018.
AT "EST:
A., I �IIL Z /I
Nyle _akm d, Executive Director
(seal)
�i
5386190 M[J205-06
Carol A. Mueller, P sident
EXHIBIT A
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
AND INH PROPERTY MANAGEMENT, INC.
FIRST AMENDMENT TO PRELIMINARY DEVELOPMENT AGREEMENT
This first amendment (the "First Amendment") to the preliminary development agreement dated
January 8"', 2018, (the "Preliminary Agreement") by and between the Mounds View Economic
Development Authority, a public body corporate and politic under the laws of the state of Minnesota
(the "EDA") and INH Property Management, Inc., a Mimiesota corporation d/b/a INH Properties (the
"Developer") is hereby approved as follows:
1. Amendment to Term of Preliminary Agreement, The Preliminary Agreement
included a term that expires one year after the execution of said Preliminary Agreement. Based upon
the ongoing negotiations between the parties thereto, each party desires and agrees to amend the term
of the Preliminary Agreement to expire on May 1, 2019, subject to a condition that Developer and the
EDA shall finalize negotiation of all terms necessary and related to the development of a purchase
agreement and development agreement for the proposed development by January 8, 2019, with such
condition to be reviewed by the EDA at its meeting to be held on December 10, 2018.
2. No Other Material Changes. Besides the change to the term noted herein, the
Preliminary Agreement shall remain in frill force and effect for the full length of the updated term.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be duly
executed in their names and on behalf of their respective organizations.
Dated: November 26, 2018.
By:
Its:
DEVELOPER:
INH PROPERTY MANAGEMENT, INC.
EDA:
MOUNDS VIEW ECONOMIC
DEVELOPMENT AUTHORITY
By: 4 --
Carol Mueller, Pre 'dent
By: " I
4 h 9- ,�- - �
Nyl frknni , Executive Director
A-1
5386190 MU205A6