HomeMy WebLinkAboutResolution No. 047-13• CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 64i - 1,3
Resolution Authorizing Decertification
Of the City's Tax Increment
Financing District No. 14-1 and Terminating
The Related Development Assistance Agreement
BE IT RESOLVED by the Common Council (the "Council") of the City of
Rochester, Minnesota (the "City"), as follows:
1. Recitals
(a) On November 1,1999 the Council approved the City's Tax
Increment Financing District No. 14-1 (the "TIF District").
(b) The City also entered into a certain Development. Assistance
Agreement dated as of April 17, 2000, (the "Development
• Agreement"), with Georgetowne Limited Partnership (the
"Developer"), pursuant to which the Developer agreed, to
substantially complete the construction of 100 rental
apartment units by July 1, 2001.
(c) The Company completed the "Improvements" by July 1,
2001, as required under the provisions of Section 3.1 of the
Development Assistance Agreement. The City provided
$650,000 in tax increment reimbursements to the Developer
as required under the provisions of Section 3.2 of the
Development Assistance Agreement. The obligations of
both parties to the Development Assistance Agreement have
been fulfilled.
2. Decertification of TIF District
The Council hereby approves and directs that the TIF District be
immediately decertified, and City staff is directed to request in
writing that the Olmsted County Auditor promptly decertify the TIF
District. In addition, City staff shall provide to the County Auditor a
certified copy of this Resolution.
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3. Termination of Development Assistance Agreement.
The Council hereby directs that the Development Agreement be,
and the same hereby is, terminated since both parties' obligations
under the Development Agreement have been fulfilled. City staff is
further directed to provide the Developer with written notification of
this termination.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHES�- -~
ATTEST:
2013.
)UNCIL
CITY CLERK
APPROVED THIS z157- DAY OF Feb , 2013.
9 MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Councilmember Snyder moved the adoption of the foregoing
resolution, which motion was duly seconded by Councilmember
Ri 1(iPrbnr-k , and upon vote being taken thereon, the following
Councilmembers voted in favor thereof:
Acting President Randy Staver, Councilmembers Mark Bilderback, Ed Hruska,
Sandra Means, Bruce Snyder and Michael Wojcik
And the following Councilmembers voted against the same:
None
Whereupon said resolution was declared duly passed and adopted.