HomeMy WebLinkAboutResolution No. 279-18 D-1: Georgetowne Homes Phase 2. TIF Decertification
EDA RESOLUTION NO.
COUNCIL RESOLUTION NO.
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
Resolution Authorizing Decertification
Of the City Of Rochester Economic Development Authority’s Tax Increment
Financing District No. 31-1 and Terminating
The Related Development Agreement
BE IT RESOLVED by the City of Rochester Economic Development
Authority (the “EDA”) of the City of Rochester, Minnesota (the “City”), as follows:
1. Recitals
(a) On April 17, 2000, the Council approved the City’s Tax
Increment Financing District No. 15-1 (the “TIF District”).
(b) The City also entered into a certain Development Agreement
dated as of November 1, 2004, (the “Development
Agreement”), with Georgetowne Square Limited Partnership
(the “Developer”), pursuant to which the Developer agreed to
substantially complete the construction of approximately 32
rental townhomes by December 31, 2005.
(c) The Company completed the “Improvements” by December
31, 2005, as required under the provisions of Section 3.1 of
the Development Agreement. The City provided $189,000 in
tax increment reimbursements to the Developer as required
under the provisions of Section 3.2 of the Development
Agreement. The obligations of both parties to the
Development Agreement have been fulfilled.
(d) On May 16, 2011 the Rochester Common Council adopted
Resolution #231-11, transferring the operation of all of the
City’s existing Tax Increment Financing Districts to the City
of Rochester EDA.
2. Decertification of TIF District
The EDA hereby approves and directs that the TIF District be
immediately decertified, and EDA staff is directed to request in
writing that the Olmsted County Auditor promptly decertify the TIF
District. In addition, EDA staff shall provide to the County Auditor a
certified copy of this Resolution.
3. Termination of Development Assistance Agreement.
The EDA hereby directs that the Development Agreement be, and
the same hereby is, terminated since both parties’ obligations under
the Development Agreement have been fulfilled. EDA staff is
further directed to provide the Developer with written notification of
this termination.
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS ______ DAY OF
______________, 2018.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
APPROVED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,
MINNESOTA, THIS THIS _______ DAY OF ________________, 2018.
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS DAY OF AUGUST, 2018.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)