HomeMy WebLinkAboutResolution No. 250-04 77
4
RESOLUTION NO. '8
ENABLING RESOLUTION APPROVING AND AUTHORIZING THE
EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT WITH
LUMBER ONE, AVON, INC.
BE IT RESOLVED by the Common Council ("Council") of the City of Rochester,
Minnesota ("City"), as follows:
1. Recitals.
(a) The City has the powers provided in Minnesota Statutes,
Sections 469.124 through 469.134 ("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. 30
("Development District") in an area ("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 ("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) Lumber One, Avon, Inc., ("Company") has 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 ("Agreement")
between the City and the Company, stating the terms and
• conditions of such development and the City's and the
1334505v1
• 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.
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 $200,000, plus
estimated capitalized interest and other bonding costs not to
exceed an additional approximately $60,000). 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.
• 1334505v1
2
• PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS DAY OF M , 2004.
,, p SIDENT OF AID COMMON COUNCIL
ATTEST: "
4Qu CITY CLERK
APPROVED THIS DAY OF 'M , 2004.
cj
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Res2000\DevAg r\DevAss istAg ree.Lumber
STATE OF MINNESOTA )
• COUNTY OFOLMSTED )
CITY CLERK'S CERTIFICATE
I, Judy K. Scherr, being the duly qualified and acting City Clerk for the City of
Rochester, Minnesota hereby certify that I have carefully compared the attached and
foregoing resolution with the original on file in my office and further certify that the same
is a full, true and complete copy thereof, relating to the authorization by the Common
Council of the City of the execution of a certain Development Assistance Agreement
between the City and Lumber One, Avon, Inc.
I 'further certify that said resolution was duly adopted by said Council at a duly
called and regularly held regular or special meeting thereof.
Witness my hand officially as such City Clerk and the official seal of the City this
day of May, 2004.
�—ity Clerk
(SEAL)
1334505v1 3