HomeMy WebLinkAboutResolution No. 075-04 • CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 076-09
A RESOLUTION APPROVING AND AUTHORIZING THE
EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT
WITH WESTERN WALLS, INC., AND DEWITZ CONSTRUCTION, INC.
BE IT RESOLVED by the Common Council (the "Council") of the City of Rochester,
Minnesota(the "City"), as follows:
1. Recitals.
(a) The City has the powers provided in Minnesota Statutes, Sections 469.124
through 469.134 (the "Act").
(b) Pursuant to and in furtherance of the objectives of the Act, the City has
undertaken a program to promote redevelopment of certain land within the City, and in
this connection is engaged in carrying out its development project known as its
Development District No. 29 (the "Development District") in an area (the "Project Area")
• located in the City.
(c) There has been approved by the Council, pursuant to the Act, a
Development Program for the Development District, as amended (the "Development
Program")
(d) In order to achieve the objectives of the Development Program and
particularly to make the land in the Project Area available for redevelopment by private
enterprise in conformance with the Development Program, the City has determined.to
provide substantial aid and assistance in connection with the Development Program
through the financing of certain of the public costs of development in the Project Area.
(e) Western Walls, Inc., and DeWitz Construction, Inc. (collectively, the
"Company"), have presented the City,with a proposal for the construction within the
Project Area of certain "first homes" housing improvements, and a certain Development
Assistance Agreement (the "Agreement") between the City and the Company, stating the
terms and conditions of such development and the City's and the Company's
responsibilities respecting the assistance thereof, has been presented to the Council for its
consideration.
2. The Council hereby approves the Agreement substantially in the form presented
to the Council and hereby authorizes the Mayor and City Clerk, in their discretion and at such
• time, if any, as they may deem appropriate, to execute the same on behalf of the City, with such
additions and modifications as those officers may deem desirable or necessary, as evidenced by
their execution thereof.
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3. Upon execution and delivery of the Agreement, the officers and employees of the
City are hereby authorized and directed to take or cause to be taken such actions as may be
necessary on behalf of the City to implement the Agreement.
4. The Council hereby determines that the execution and performance of the
Agreement will help realize the public purposes of the Act and are in furtherance of the
Development Program.
5. The City hereby states its preliminary intention to issue internal and/or external
bonding to finance the costs of the Agreement ($10,000 per eligible home for a maximum of
$150,000, plus estimated capitalized interest and other bonding costs not to exceed an additional
approximately $33,500). The bonding may be issued upon consultation with the City Finance
Director, with proceeds of such bonding to be used for the direct costs of the Agreement and/or
reimbursement of those costs temporarily financed by the City from other sources. This
paragraph is for purposes of compliance with IRS "reimbursement regulations" for tax-exempt
bonding.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS Z(c DAY OF 2004.
SIDENT OF SAID COMMON
COUNCIL
ATTEST:
CIT CL RK
Approved thin day of 2004.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
•
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