HomeMy WebLinkAbout90-04 RESOLUTION 90-04 (EDA)
A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY
APPROVING AND AUTHORIZING THE EXECUTION OF A
DEVELOPMENT AGREEMENT
MOTIONED BY
SCOTT SECONDED BY WHITE
WHEREAS, The EDA has the powers provided in Minnesota Statutes,
Sections 469.090 through 469.108 (the "Act"); and
WHEREAS, 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 ~edevelopment Project No. 2 (the
"Redevelopment Project"~ in an area (the "Project Area")
located in the City; ana
WHEREAS, There has been approved by the Board pursuant to the Act a
Redevelopment Plan for the Redevelopment Project (the
"Redevelopment Plan"); and
WHEREAS, 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 aid and assistance in connection with
the Redevelopment Plan through the financing of certain of
the public costs of development in the Project Area; and
WHEREAS, ENIVID Corporation (the "Company") has presented the EDA with
a proposal for the construction within the project Area of an
approximately 30,000 square foot supermarket, and a certain
Development Agreement between the EDA and the Company (the
"Development Agreement"), stating the terms and conditions of
such development and the EDA's responsibilities respecting
the assistance thereof, has been presented to the Board for
its consideration.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE PRIOR
LAKE ECONOMIC DEVELOPMENT AUTHORITY, that:
SECTION 1:
The Board hereby approves the Development 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 modificaitons as those officers
may deem desirable or necessary, as evidenced by their
execution thereof.
SECTION 2:
Upon execution and delivery of the Development
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 issuance of the EDA Note in accordance
with the applicable provisions of said Agreement.
SECTION 3'.
The Board hereby determines that the execution and
performance of the Development Agreement will help
realize the public purposes of the Act and are in
furtherance of the Redevelopment Plan.
Passed and adopted this 2nd day of April, 1990.
NO
YES
Andren X Andren
Fitzgerald ~ Fitzgerald
Larson X Larson
Scott Scott
White X
~ White
Barsness X Barsness
Arnold Arnold
X
(Seal)
President