HomeMy WebLinkAboutEDA Resolution 06-EDA-216MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
Section 1. Recitals.
RESOLUTION 06 -EDA -216
MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION APPROVING AMENDED AND RESTATED
PURCHASE AGREEMENT AND CONTRACT FOR
PRIVATE DEVELOPMENT BETWEEN CITY OF
MOUNDS VIEW, MOUNDS VIEW ECONOMIC
DEVELOPMENT AUTHORITY AND MEDTRONIC, INC.
BE IT RESOLVED by the Board of Commissioners "Commission of the Mounds View
Economic Development Authority as follows:
1.01. The City of Mounds View (the "City has previously established the Mounds View
Economic Development Project (the "Project which is currently administered by the Mounds
View Economic Development Authority (the "Authority
1.02. The Authority and City have approved a tax increment financing plan "TIF Plan")
and Tax Increment Financing District No. 5 (the "TIF District within the Project.
1.03. The City and Authority previously conveyed certain property within the Project
legally described as set forth in Exhibit A (the "Property") to Medtronic, Inc. (the "Developer
1.04. The City and Authority previously approved a development proposal from the
Developer for an office facility to be constructed on the Property which is located within the
proposed TIF District.
1.05. The City and Authority have received an amended development proposal from the
Developer for an office facility (the "Development to be constructed on the Property which is
located within the proposed TIF District.
1.06. The Developer has proposed to accelerate development of the Property and in
connection with that proposal, the City and Authority have caused to be prepared an Amended and
Restated Purchase Agreement and Contract for Private Development between the City, the
Authority and Developer (the "Contract
1.07. The Commission has reviewed the Contract providing for the sale of the Property
(which has already occurred), the construction of the Development on the Property and certain tax
increment payments to the Developer in connection with the Development, and has concluded that
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the proposed development is consistent with and promotes the goals and objectives for which the
Project was established.
1.08. The Contract provides for certain financial assistance that constitutes a "business
subsidy" within the meaning of Minnesota Statutes, Section 1161993 to 1161995 (the "Business
Subsidy Act
1.09. The "business subsidy agreement" as required under the Business Subsidy Act is
included as Article V of the Contract, and the Authority has on February 27, 2006, conducted a
duly- noticed public hearing regarding the business subsidy agreement at which all interested
persons were provided an opportunity to be heard.
1.10. The Commission has reviewed the Contract, including the business subsidy
agreement, and finds that the execution thereof by the City and the Authority and performance of
the City's and the Authority's obligations thereunder are in the best interest of the Authority, the
City and its residents.
2.01. The Commission hereby approves the Contract, including all necessary
accompanying agreements included therein, the business subsidy agreement within the Contract,
and any tax increment payment obligations contained therein, in substantially the form presented to
the Commission on this date, subject to modifications that do not materially alter the City's or the
Authority's rights and obligations under the Contract and that are approved by the Mayor and Clerk
Administrator and the Authority's President and Executive Director, which approvals shall be
conclusively evidenced by execution of the Contract.
2.02. The proper Authority officials are authorized to execute the Contract and take any
and all other steps necessary or convenient in order to carry out the Authority's obligations under the
Contract.
Approved by the Board of Commissioners of the Mounds View Economic Development
Authority this 27 day of February, 2006.
ATTEST:
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Section 2. Authorization.
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Executive Director
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EXIFIIBIT A
Legal Description
Outlot A and Lot 4, Block 1, North Star Industrial Park 2 Addition, according to
the recorded plat thereof, and situate in Ramsey County, Minnesota.
Lot 16, Block 2, North Star Industrial Park, except the Easterly 40 feet thereof,
according to the recorded plat thereof, and situate in Ramsey County, Minnesota.
That part of Tract A described below:
Tract A.
The South Half of the Northeast Quarter of Section 5, Township 30 North, Range
23 West, Ramsey County, Minnesota;
Which lies northerly and westerly of the following described line: Commencing
at the center of said Section 5; thence north on an azimuth of 359 degrees 23
minutes 10 seconds (azimuth oriented to Minnesota State Plane Coordinate
System) along the north and south quarter line of said Section 5 for 781.42 feet to
the point of beginning of the line to be described; thence on an azimuth of 108
degrees 12 minutes 41 seconds, 231.14 feet; thence on an azimuth of 98 degrees
27 minutes 03 seconds, 1486.78 feet; thence run northeasterly for 447.16 feet on a
non tangential curve, concave to the northwest, having a radius of 720 feet, a
delta angle of 35 degrees 35 minutes 02 seconds and a chord azimuth of 76
degrees 55 minutes 11 seconds; thence on an azimuth of 59 degrees 07 minutes 40
seconds, 192.89 feet; thence run northerly 398.14 feet on a non tangential curve,
concave to the northwest, having a radius of 850 feet; a delta angle of 26 degrees
50 minutes 15 seconds and a chord azimuth of 29 degrees 26 minutes 05 seconds;
thence on an azimuth of 16 degrees 00 minutes 57 seconds, 303.65 feet to the
north line of said Tract A and there terminating;
Lots 1, 2, 3, 4, 13, 14 and 15, Block 1 and Lots 1, 2, 3; Lot 4 except the South 60
feet and Lot 5 except the South 222.2 feet, Block 2, LaPort Meadows, according
to the recorded plat thereof, and situate in Ramsey County, Minnesota except
those portions which lie southwesterly of a line run parallel with and distant 100
feet northeasterly of the following described line:
Beginning at a point on the west line of Section 5, Township 30 North; Range 23 west distant
688.09 feet south of the northwest corner thereof; thence run southeasterly at an angle of 142
degrees 35 minutes 45 seconds with said west section line for 1278.48 feet; thence deflect to the
left on a 3 degrees 00 minutes curve (delta angle 33 degrees 39 minutes 25 seconds) for 1121.90
feet; thence on tangent to said curve for 1100 feet and there terminating.
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