Resolution Number 22-16 Development Agreement
RESOLUTION NUMBER 22-16
APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT WITH MOUNTAIN IRON DEVELOPMENT GROUP LLC
WHEREAS, the City of Mountain Iron, Minnesota is a municipal corporation political subdivision under the laws of the State of Minnesota (the “City”), and exercises powers under Sections 469.124 through 469.133 and 469.174 through 469.1794, as amended (the “Act”);
WHEREAS, pursuant to the Act, the City is authorized to assist the development of real property by private enterprise;
WHEREAS, the City Council (the “City Council”) intends to enter into a Contract for Private Development (the “Development Agreement”), with Mountain Iron Development Group LLC (the “Developer”), for the development of certain property located within Tax Increment Financing District No. 1-15 in the City (the “Project”);
WHEREAS, the Project consists generally of the construction of an approximate 11,500 square foot commercial-retail facility (the “Project”);
WHEREAS, the Developer has represented to the City that construction of the Project would not be undertaken by the Company, and in the opinion of the Company would not be economically feasible within the reasonably foreseeable future, without the assistance and benefit to the Company provided in the Development Agreement; and
WHEREAS, the City believes that the development of the Project, and fulfillment generally of the terms of the Development Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable state and local laws and requirements under which the Project will be undertaken.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MOUNTAIN IRON, MINNESOTA that the City Council believes that the development of the Project pursuant to the Development Agreement, and fulfillment generally of the Development Agreement, are in the vital and best interests of the City and the health, safety, morals and welfare of the residents of the City, furthers the City’s plan of economic development for the City, and furthers the aims and purposes of the Act.
BE IT FURTHER RESOLVED, that the City authorizes the Mayor and Administrator, on behalf of the City, to negotiate the final terms of the Development Agreement, subject to the requirements of the Act and the Tax Increment Financing Plan prepared for Tax Increment Financing District No. 1-15 and to execute the Development Agreement and all such other documents and instruments as may be necessary to facilitate the Project, so long as any such documents, and instruments are consistent with the provisions of the Development Agreement.
DULY ADOPTED BY THE CITY COUNCIL THIS 4th DAY OF APRIL, 2016.
Mayor Gary Skalko