HomeMy WebLinkAboutResolution No. 568-14 568-14 D1
•
CITY OF ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 568-14
Resolution Authorizing Decertification
Of the City Of Rochester Economic Development Authority's Tax Increment
Financing District No. 16-1 and Terminating
The Related Development Assistance 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 17, 2000, the Council approved the City's Tax
Increment Financing District No. 16-1 (the "TIF District").
(b) The City also entered into a certain Development Assistance
Agreement dated as of July 17, 2000, (the "Development
Agreement"), with CEL (MN) QRS 14-40, Inc. (the
"Developer"), pursuant to which the Developer agreed to
substantially complete construction of a 200,000 square feet
manufacturing facility to be substantially completed by
December 31, 2001.
(c) The Company completed the "Improvements" by December
31, 2001, as required under the provisions of Section 3.1 of
the Development Assistance Agreement. The City provided
the "Available Tax Increments" tax increment
reimbursements to the Developer as required under the
provisions of Section 3.2 of the Development Assistance
Agreement until such time that the Development Assistance
Agreement was terminated by Resolution # 012-04. The
obligations of both parties to the Development Assistance
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
568-14 D1
• 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 ECONOMIC DEVELOPMENTAUTHONRV OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 15th DAY OF DECEMBER ,2014.
PRESIDENT
ATTEST:
CITY CLERK
APPROVED THIS 16th DAY OF DECEMBER 2014.
MAYOR OF SAID CITY
aQCH f 5T[R•s11,\•Nt
*p�4+Tco:�•i:cuST•5•r
•
568-14 D1
•
CITY CLERK'S CERTIFICATE
I, the undersigned, being duly qualified and acting City Clerk of the City of
Rochester, Minnesota, DO HEREBY CERTIFY that I have carefully compared the
attached and foregoing extract of minutes of a duly called and regularly held meeting of
• the EDA of said City held on the date therein indicated, with the original minutes thereof
on file in my office and I further certify that the same is a full, true, and correct transcript
thereof insofar as said minutes relate to the tax increment and related actions
referenced therein respecting the decertification of the City EDA's Tax Increment
Financing District No. 16-1 and termination of the related Development Assistance
Agreement.
WITNESS, my hand officially and the official seal of the City this 23 day of
December , 2014.
City Clerk
Rochester, Minnesota
•