HomeMy WebLinkAboutCC RES 96-029 RESOLUTION APPROVING EXECUTION AND DELIVERY OF REDEVELOPMENT AGREEMENT AND OTHER AGREEMENTS IN CONNECTION WITH REDEVELOPMENT OF APACHE PLAZA SHOPPING CENTER Meeting Sheet
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103293
Box: 26
Folder: RES 1996
Document: CC RES 96-029 RESOLUTION APPROVING EXECUTION AND
DELIVERY OF REDEVELOPMENT AGREEMENT AND OTHER
AGREEMENTS IN CONNECTION WITH REDEVELOPMENT OF APACHE
PLAZA SHOPPING CENTER
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.
i
• Section 4. Approvals. The form and terms of the Redevelopment
Agreement and Assistance Agreement are hereby approved and the Mayor and City
Manager are hereby authorized and directed to execute, acknowledge and deliver the
Redevelopment Agreement and Assistance Agreement on behalf of the City in the
form submitted to this meeting with such changes, insertions and omissions
therein as do not change the substance of the Redevelopment Agreement and the
Assistance Agreement and as may be approved by the Mayor and City Manager, such
approval to be evidenced conclusively by their execution of the Redevelopment
Agreement and Assistance Agreement.
Section 5. Other Actions. The Mayor, the City Manager and all other
officers of the HRA are hereby authorized and directed to execute and deliver all
other documents which may be required under the terms of the Redevelopment
Agreement and Assistance Agreement, and to take such other action as may be
required or appropriate for the performance of the duties imposed thereby or to
carry out the purposes thereof.
Dated: April 23, 1996.
• ayo
Attest:
City Clerk
Reviewed for Administration: _
ity Manager
•
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