Laserfiche WebLink
<br />I~. <br /> <br />'> <br /> <br />RESOLUTION NO. <br /> <br />8 8 - 86 <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF A CONTRACT FOR PRIVATE DEVELOPMENT <br />WITH MIDWEST BOLT & SUPPLY <br /> <br />It is hereby resolved by the City of New Brighton, <br />Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) The City has the powers provided in Minnesota <br />Statutes, Sections 469.124 to 469.134 (the "Act"). <br /> <br />(b) Pursuant to and in furtherance of the objec- <br />ti ves of the Act , the City has undertaken a program to <br />promote development and redevelopment of certain land <br />within the City of New Brighton and in this connection is <br />engaged in carrying out its Development District No.1. <br /> <br />(c) There has been approved by this City, pursuant <br />to the Act, a Development Plan for the Development <br />District. <br /> <br />(d) The acquisition and the subsequent sale or lease <br />of the potential development property to private <br />developers for developmen-t and redevelopment are stated <br />objectives of the Development Plan. <br /> <br />(e) In order to achieve the objectives of the <br />Development Plan, the City has determined to provide <br />substantial aid and assistance through the financing of <br />certain of the public costs of development. <br /> <br />( f) Midwest Bolt & Supply (the "Developer") has <br />presented the City with a proposal for the construction <br />within the Development District of an approximately <br />10,000 to 12,000 square foot facility, and a certain <br />Contract for Private Development between the City and the <br />Developer (the "Development Agreement") stating the terms <br />and conditions of such development and the City's <br />responsibilities respecting the assistance thereof has <br />been presented to the City for its consideration. <br /> <br />2. The City hereby determines that the City's execution <br />i and performance of the Development Agreement would be in <br />furtherance of the Development Plan and hereby approves the <br />