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RESOLUTION NO. 92-01
A RESOLUTION APPROVING AND AUTHORIZING THE
EXECUTION OF A SECOND AMENDED AND RESTATED
DEVELOPMENT AGREEMENT
It is hereby resolved by the Board of Commissioners (the
"Board") of the Prior Lake Economic Development Authority (the
"EDA") as follows:
1. Recitals.
(a) The EDA has the powers provided in Minnesota
Statutes, Sections 469.090 through 469.108 (the "Act").
(b) Pursuant to and in furtherance of the objectives of
the Act, the EDA has undertaken a program to promote
development and redevelopment of certain land within the City
of Prior Lake, Minnesota, and in this connection is engaged in
carrying out its project known as its Redevelopment Project
No. 2 (the "Redevelopment Project") in an area (the "Project
Area") located in the City.
(c) There has been approved by the Board pursuant to the
Act a Redevelopment Plan for the Redevelopment Project (the
"Redevelopment Plan").
(d) In order to achieve the objectives of the
Redevelopment Plan and particularly to make the land in the
Project Area available for development by private enterprise
in conformance with the Redevelopment Plan, the EDA has
determined to provide substantial aid and assistance in
connection with the Redevelopment Plan through the financing
of certain of the public costs of development in the Project
Area.
(e) Enivid Realty Corporation (the "Company") has
presented the EDA with a proposal for the construction within
the Project Area of "Minimum Improvements" pursuant to and as
described in a certain Development Agreement, as amended and
restated by a certain Amended and Restated Development
Agreement, both such documents dated as of April 2, 1990,
between the EDA and the Company ( collectively, the
"Development Agreement"), stating the terms and conditions of
such development and the EDA' s responsibilities respecting the
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assistance thereof, heretofore executed and delivered by the
EDA and the Company.
(f) There has been presented to the Board for its
consideration a certain Second Amended and Restated
Development Agreement (the "Amended Agreement") which would
amend and restate the Development Agreement.
2. The Board hereby approves the Amended Agreement
substantially in the form presented and hereby authorizes the
President and Vice-President, in their discretion and at such time,
if any, as they may deem appropriate, to execute the same on behalf
of the EDA, with such additions and modifications as those officers
may deem desirable or necessary, as evidenced by their execution
thereof.
3. Upon execution and delivery of the Amended Agreement, the
officers and employees of the EDA are hereby authorized and
directed to take or cause to be taken such actions as may be
necessary on behalf of the EDA to implement said agreement,
including without limitation the execution and delivery of the
amended EDA Note in accordance with the applicable provisions of
said agreement.
4 . The Board hereby determines that the execution and
performance of the Amendment Agreement will help realize the public
purposes of the Act and are in furtherance of the Redevelopment
Plan.
Adopted by the Board of Commissioners of the Prior Lake
Economic Development Authority on January 6 ,1992.
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