HomeMy WebLinkAboutResolution No. 081-06 • CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 08I1-0(0
A RESOLUTION APPROVING AND AUTHORIZING THE
EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT
WITH RESIDENCES OF OLD TOWN HALL, LLC
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 fiirtherance 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 a development project known as Development
District No. 33 (the "Development District") in an 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 Development District 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
Development District.
(e) Residences of Old Town Hall, LLC (the "Company")has presented the
City with a proposal for the construction within the Development District of certain
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, including the issuance of the TIF
Note thereunder.
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.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER,MINNESOTA, THIS b7H DAY OF , 2006.
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
CITfCLtMk-
Approved this7W day of 2006.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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