CC RES 96-029 RESOLUTION APPROVING EXECUTION AND DELIVERY OF REDEVELOPMENT AGREEMENT AND OTHER AGREEMENTS IN CONNECTION WITH REDEVELOPMENT OF APACHE PLAZA SHOPPING CENTER

Home Browse Search

1 , CITY OF ST. ANTHONY RESOLUTION 96-029 • RESOLUTION APPROVING EXECUTION AND DELIVERY OF REDEVELOPMENT AGREEMENT AND OTHER AGREEMENTS IN CONNECTION WITH REDEVELOPMENT OF APACHE PLAZA SHOPPING CENTER BE IT RESOLVED by the City Council of the City of St. Anthony, Minnesota (the "City") as follows: Section 1. Recitals. The Housing and Redevelopment Authority of St. Anthony, Minnesota (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 • HRA and the City utilize tax increment financing, as described in Minnesota Statutes, Sections 469.174 through 469.179, to pay a portion of the cost of acquisition by SUPERVALU INC., a Delaware corporation ("Redeveloper") 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 Council a draft of a Redevelopment Agreement (the "Redevelopment Agreement") by and between the HRA, the City and the Redeveloper, and an Agreement (the "Assistance Agreement"), by and among the HRA, the City and Ste. Marie Company ("Ste. Marie"). 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 HRA will pay Ste. Marie a portion of the purchase price with respect to the Facility Site from (i) proceeds of general obligation taxable tax increment bonds (the "Tax Increment Bonds") to be issued by the City and (ii) other funds provided by the HRA. Pursuant to the Redevelopment Agreement the Redeveloper agrees to construct the Facility. Section 3. Findings. This Council believes that the redevelopment of a portion of the Project Area by the construction of the Facility is in the best interests of the City and of benefit to the residents of the City and will help achieve the objectives of the HRA with respect to the Project Area as set forth in the • Redevelopment Plan.