HomeMy WebLinkAbout19-EDA-321EDA RESOLUTION 19 -EDA -321
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION APPROVING AMENDED PURCHASE AND
DEVELOPMENT AGREEMENT AND CONVEYANCE OF
PROPERTY LOCATED IN MOUNDS VIEW, MINNESOTA
BE IT RESOLVED by the Board of Commissioners (the `Board") of the Mounds View
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority is authorized pursuant to Minnesota Statutes, Sections 469.090 to
469.1081 (the "EDA Act'), to acquire and convey real property and to undertake certain activities
to facilitate the development of real property by private enterprise.
1.02. The Authority is fee owner of certain real property in the city of Mounds View (the
"City"), legally described in the attached Exhibit A (the "Property").
1.03. To facilitate the development of housing on the Property, the Authority proposes to
enter into a Purchase and Development Agreement (the "Contract") between the Authority and INH
Property Management, Inc. (the "Developer"), under which, among other things, the Authority will
convey the Property to the Developer to construct a 127 -unit apartment complex, subject to certain
terms and conditions.
1.04. The Authority previously approved a version of the Contract on January 7, 2019,
which the Developer is seeking to amend.
1.05. The Authority has previously, on January 7, 2019 and in accordance with Minnesota
Statutes, Section 469.105, conducted a duly noticed public hearing regarding the sale of the Property
to the Developer, at which all interested persons were given an opportunity to be heard.
1.06. The Authority finds and determines that conveyance of the Property to the Buyer is in
the public interest and will further the objectives of its general plan of economic development, because
it will provide an opportunity for increased housing opportunities in the City and serve as an impetus
for further development.
1.07. The Board has reviewed the Contract and finds that the execution thereof by the
Authority and performance of the obligations thereunder are in the best interest of the Authority, the
City and its residents.
Section 2. Authorization.
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2.01. The recitals set forth in this Resolution are incorporated into and made apart of this
Resolution.
2.02. The Board hereby approves the amended Contract in substantially the form presented
to the Board on the date below, including the conveyance of the Property to Buyer under the terms
and conditions of the Contract, and fiuther subject to any modifications that do not alter the substance
of the transaction and that are approved by the Authority's attorney.
2.03. The proper Authority officials, staff and consultants are authorized to execute the
Contract and take any and all other steps necessary or convenient in order to carry out the obligations
under the Contract, as well as to fulfill the intent of this Resolution.
Adopted on the 25a' day of February, 2019.
,Ae�
Carol A. Mueller, President
Attm i n r
�i fi li,
Ny Zilct d, Executive Director
(S1 tjI) j
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