CC PACKET 04091996 - Laserfiche WebLink

Home Browse Search

H.R.A. 1996-001 • RESOLUTION L TION APPROVING EXECUTION AND DELIVERY OF REDEVELOPMENT AGREEMENT AND OTHER AGREEMENTS IN CONNECTION WITH REDEVELOPMENT OF APACHE PLAZA SHOPPING CENTER BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA") as follows: Section 1. Recital . The HRA is engaged in carrying out a redevelopment project as defined in Minnesota Statutes, Section 469.002, Subdivision 12, known as Redevelopment Project No. 3 (the "Redevelopment Project") in the area in the City encompassing the Apache Plaza Shopping Center located at 37th Avenue North and Silver Lake Road (the "Project Area"). The HRA has approved a Redevelopment Plan for the Redevelopment Project, dated August 25, 1992 as amended by an amendment to the Redevelopment Plan, dated March 23, 1993 (as amended, the "Redevelopment Plan") and has established the Project Area as a tax increment financing district (the "TIF District"). In carrying out the Redevelopment Project and in order to achieve the objectives of the Redevelopment Plan and provide for the redevelopment of Apache Plaza Shopping • Center, it has been proposed that the HYLA and the City of St. Anthony (the "City") utilize tax.increment financing, as described in Minnesota Statutes, Sections 469.174 through 469.179, to pay portion of the cost of acquisition by SUPERVALU INC., a Delaware corporation ("Redevelop er") of land in the Project Area (the "Facility Site ) on which the Redeveloper will construct a CUB Foods store (the "Facility"). Section 2. Agreements. There has been prepared and presented to this Board a draft of a Redevelopment Agreement (the "Redevelopment Agreement") by and between the HRA, the City and the Redeveloper, an Agreement (the Assistance Agreement"), by and among the HRA, the City and Ste. Marie Company ("Ste. Marie"), and a Shortfall Agreement by and between First Bank National Association ("First Bank") and the HRA. Ste. Marie is the present owner of Apache Plaza Shopping Center and is selling the Facility Site to the Redeveloper. Pursuant to the Assistance Agreement, the City will pay Ste. Marie a portion of the purchase price with respect to the Facility Site from proceeds of general obligation taxable tax increment bonds (the Tax Increment Bonds") to be issued by the City. Pursuant to the Redevelopment Agreement the Redeveloper agrees to construct the Facility. Ste. Marie is a wholly owned subsidiary of First Bark. Pursuant to the Shortfall Agreement, First Bank agrees to make certain payments to the HRA in the event the tax increment revenue derived from the Facility Site is reduced to an amount which is not sufficient to pay the Tax Increment Bonds as a result of the tax capacity of property in the TIF District, other than the Facility Site, being less than the original • tax capacity of such property established for purposes of determining tax increment revenue payable to the HRA from the TIF District.