HomeMy WebLinkAboutResolution No. 570-14 570-14 D3
• CITY OF ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY U ORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 570-14
Resolution Authorizing Decertification
Of the City Of Rochester Economic Development Authority's Tax Increment
Financing District No. 27-1 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 21, 2003, the Council approved the City's Tax
Increment Financing District No. 27-1 (the "TIF District").
(b) The City also entered into a certain Development Assistance
Agreement dated as of July 21, 2003, (the "Development
Agreement"), with Joel Bigelow & Sons Enterprises, Inc. (the
• "Developer"), pursuant to which the Developer agreed to
substantially complete construction of 10 single family
homes within the TIF District by August 1, 2006.
(c) The Company completed the "Improvements" by August 1,
2006, as required under the provisions of Section 3.1 of the
Development Assistance Agreement. The City provided
$10,000 per home 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.
(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.
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570-14 D3
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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 THC ECONOMIC DFVELOPMENTAUTHbRITY OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 15th DAY OF DECEMBER ,2014.
PRESIDENT
ATTEST:
CITY CLERK
APPROVED THIS 16th DAY OF DECEMBER ,2014.
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MAYOR OF SAID CITY
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