HomeMy WebLinkAboutResolution No. 244-25 (EDA008-25) - EDA - Resolution - TIF District No. 50-1 Decertification - Lofts at Mayo Park
JOINT RESOLUTION
EDA RESOLUTION NO.
COUNCIL RESOLUTION NO. ______
Rochester Economic Development Authority
Rochester City Council
County of Olmsted, State of Minnesota
Approving the Decertification of Redevelopment Tax Increment Financing District
No. 50-1
WHEREAS, the Rochester Economic Development Authority (the “EDA”) has
heretofore established Economic Development District No. 50 (the “Development
District”) in the City of Rochester, Minnesota (the “City”); and
WHEREAS, the Council and the Board established the Redevelopment Tax
Increment Financing District No. 50-1 (Lofts at Mayo Park Project), a redevelopment
district (the “TIF District”) within the Development District; and.
WHEREAS, as of the date hereof obligations to which tax increment from the District
have been pledged have been paid in full or defeased; and
WHEREAS, the EDA and the City desire by this resolution to cause the
decertification of the District, after which all property taxes generated by property within
the District will be distributed in the same manner as all other property taxes.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester, Olmsted County, Minnesota, and the Board of Commissioners of the
Rochester Economic Development Authority that the EDA’s and City’s staff shall take
such action as is necessary to cause the County Auditor of Olmsted County to decertify
the District as a tax increment district and to no longer remit tax increment from the District
to the EDA.
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 20TH DAY OF
OCTOBER, 2025.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
4932-0041-3297.1
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
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ROCHESTER, MINNESOTA, THIS 20 DAY OF OCTOBER, 2025
____________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
_________________________
CITY CLERK
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APPROVED THIS 20 DAY OF OCTOBER, 2025.
__________________________________
MAYOR OF SAID CITY
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4932-0041-3297.1