HomeMy WebLinkAboutResolution No. 280-18 D-2: WestZumbroEstates.TIF Decertification
EDA RESOLUTION NO.
COUNCIL RESOLUTION NO.
CITY OF 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. 11-1 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 July 19, 1999, the Council approved the City’s Tax
Increment Financing District No. 11-1 (the “TIF District”).
(b) The City also entered into a certain Development Agreement
dated as of July 19, 1999, (the “Development Agreement”),
with Dewitz Construction, Inc. (the “Developer”), pursuant to
which the Developer agreed to the construction of
approximately 14 moderate income owner-occupied single
family homes by October 1, 2000.
(c) The Company completed the “Improvements” by October 1,
2001, as required under the provisions of the Development
Agreement. The City deeded the lots to the Developer as
required under 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 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 ___________, 2018.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)