Resolution 30-99 Development Agreement
AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT IN CONNECTION WITH A PROJECT IN REDEVELOPMENT PROJECT NO. 1
BE IT RESOLVED by the City Council (the “Council”) of the City of Mountain Iron, Minnesota (the “City”), as follows:
Section 1. Recitals.
1.01 Pursuant to Minnesota Statutes, Sections 469.001 through 469.047 (the “Act”), the City has established the Housing and Redevelopment Authority in and for the City of Mountain Iron (the “Authority”) which is authorized to exercise housing and redevelopment powers, among others.
1.02 In furtherance of the objectives of the City, the City has approved the Authority’s Modified and Restated Redevelopment Plan (the “Plan”) for Redevelopment Project No. 1 (the “Project Area”).
1.03 The City has approved creation of Tax Increment Financing District No. 11 by the Authority within the Project Area (the “TIF” District”).
1.04 The Council, the Authority and the Executive Director of the Authority (the “Executive Director”) have completed negotiations with representatives of WKK, Inc. (the “Developer”), regarding the development and construction of a building of at least 13,000 square feet to be leased for warehousing, retail, or office purposes or any combination of those purposes (the “Project”) within the TIF District.
1.05 A form of Contract for Private Development among the Developer, the HRA and the City setting forth, among other things, the assistance the City is providing for the Project and the obligations of the Developer with respect thereto has been submitted to this Council and is now on file in the office of the Administrator (the “Development Agreement”).
Section 2. Findings.
2.01 The Development Property would not, in the foreseeable future, be made available for redevelopment in the manner proposed without the assistance of the City.
2.02 The Project will meet a specific need identified by the Authority in the Plan and will afford maximum opportunity for redevelopment of the Development Property by private enterprise.
2.03 The Project conforms to the Plan as a whole.
Section 3. Approval; Execution.
3.01 The Development Agreement is hereby approved.
3.02 The Mayor and Administrator are hereby authorized and directed to execute and carry out the provisions of the Development Agreement with such changes as may be approved by the Administrator and legal counsel to the City. The execution of the Agreement by the Mayor and Administrator will be conclusive evidence of approval of the Agreement in accordance with the terms of this Resolution.
DULY ADOPTED THIS 6TH DAY OF JULY, 1999