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HomeMy WebLinkAboutResolution No. 534-06 RESOLUTION BE IT RESOLVED by the Common Council of the City of Rochester that the City execute an Escrow Agreement, a Letter of Understanding, a Joint Powers Agreement and a Joint Use Agreement for the Rochester Community and Technical College Sports Field and Inflatable Dome Project. BE IT FURTHER RESOLVED that the Council's approval of these agreements is subject to the City Attorney's approval of the Agreements' terms and conditions. The Mayor and the City Clerk are authorized and directed to execute these agreements on behalf of the City. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS b DAY OF JqCYU-tmbt,_, 2006. • PRESIDENT OF SAID COMMON COUNCIL ATTEST: OQJYI . p>l_,� CI L It RK APPROVED THIS `��'1 DAY OF [l "D-t,,t LXA 12006. 0-000 MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) ResW5 xwlte.Agr84 a d RESOLUTION • BE IT RESOLVED by the Common Council of the City of Rochester that the City levy the assessments for the following projects: 1. J4609 New construction of sidewalk at various locations 2. J6530 Remediate water infiltration for Southwood Townhomes 3. _ J7237 Alley Reconstruction in 500 block from 9th Avenue to 10th Avenue S.W. 4. J7743 Reconstruct 7th Street N.W., from 7th to 13th Avenue 5. J7749 Construction of First Avenue S.W., from 2"d Street to Center Street 6. J9712 Reconstruct 7th Street N.W., from North Broadway to Cascade Creek 7. J9793 Contribution Agreement for Stonebrook Development 8. J6539 Rossi Ct. Drainage PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF • ROCHESTER, MINNESOTA, THIS Lt Vn DAY OF )Urn Lv , 2006. PRESIDENT OF SAID COMMON COUNCIL ATTEST: IL�,Pt� CITY LER APPROVED THIS �'�'Vt DAY OF C�l� "`"� , 2006. MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) Res05/LevyAssess.1 ^ t' • RESOLUTION BE IT RESOLVED by the Common Council of the City of Rochester that the City execute a City/Owner Contract with Platinum Development Group, Inc., (Owner) and Griffin Construction Co., LLP, (Contractor) for J5250, "Public Improvements to Serve Rochester Towne Club Villas." BE IT FURTHER RESOLVED that the City's approval of this City/Owner Contract is subject to the condition that no work begin until the final Grading Plan has been approved for this subdivision. The Mayor and the City Clerk are authorized and directed to execute this contract on behalf of the City. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS 6 41 DAY OF rd>>A , 2006. PRESIDENT OF SAID COMMON COUNCIL • ATTEST: 00d 01-1 aln WIA-% CI'rY CLE Pd APPROVED THIS 1 DAY OF 2006. MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) Reso5\P=City-Owner Contracts\78 _0�` 1 RESOLUTION BE IT RESOLVED by the Common Council of the City of Rochester that the City execute a City/Owner Contract with Platinum Development Group, Inc., (Owner) and Griffin Construction Co., LLP, (Contractor) for J5251, "Public Improvements to Serve Rochester Towne Club Village." BE IT FURTHER RESOLVED that the City's approval of this City/Owner Contract is subject to the condition that no work begin until the final Grading Plan has been approved for this subdivision. The Mayor and the City Clerk are authorized and directed to execute this contract on behalf of the City. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS & DAY OF )Q0VLYYLb0_ , 2006. PRESIDENT OF SAID COMMON COUNCIL *ATTEST: pu CI LERK APPROVED THIS `[,Wt DAY OF 2006. MAYOR OF SAID CITY (Seal of the City.of . Rochester; Minnesota) ResMP1M City-Owner ContractsV9 i • RESOLUTION NO. RESOLUTION RELATING TO A PROJECT ON BEHALF OF YMCA OF ROCHESTER, INC., AND THE ISSUANCE OF A REVENUE NOTE BY THE CITY OF PLAINVIEW, MINNESOTA TO FINANCE THE COSTS THEREOF UNDER MINNESOTA STATUTES, SECTIONS 469.152-469.165, AS AMENDED; GRANTING APPROVAL THERETO BE IT RESOLVED by the Common Council (the "Common Council") of the City of Rochester, Minnesota(the"City"), as follows: Section 1. Recitals. 1.01. The City is a home rule city duly organized and existing under its Charter and the Constitution and laws of the State of Minnesota. 1.02. Pursuant to Minnesota Statutes, Sections 469.152 - 469.165, as amended (the"Act"), the City is authorized to carry out the public purposes described in the Act by providing for the issuance of revenue obligations to provide funds to finance revenue-producing enterprises located within the City. Pursuant to the Act and Minnesota Statues, Section 471.656, as amended, the City is required to consent to the issuance by another municipality of revenue obligations to finance a facility located in the City. 1.03. YMCA of Rochester, Inc. (the "Company"), a Minnesota nonprofit corporation, has proposed that the City, pursuant to the Act and Minnesota Statutes, Section 471.656, as amended, approve the issuance by the City of Plainview, Minnesota (the "Issuer"), of a revenue note or obligation of the Issuer in the approximate aggregate principal amount not to exceed $3,100,000 (the"Note"),the proceeds of which will be loaned by the Issuer to the Company to be applied by the Company to finance a portion of the costs of(i) the acquisition, construction and improvement of an approximately 9,800 square foot expansion (the "Facility") of the Corporation's existing 77,000 square foot facility and (ii) the financing of certain costs of issuance of the Note (collectively, the "Project"). The Facility will be owned and operated by the Company and located at 709 First Avenue Southwest,Rochester,Minnesota, 55902-3396. 1.04. Under Section 147(f) of the Internal Revenue Code of 1986, as amended (the"Code"), prior to the issuance of the Note by the Issuer, a public hearing, duly noticed, must be held by the Common Council. A public hearing was held on November 6, 2006, after publication of notice on October 14, 2006, in the Rochester Post-Bulletin, the official newspaper and a newspaper.circulating generally in the City, with respect to: (i)the required public hearing under Section 147(f) of the Code; and(ii)the approval of the issuance of the Note. Section 2. Approval. The Common Council hereby consents to the issuance of the Note by the Issuer in the approximate aggregate principal amount not to exceed $3,100,000 to finance all or a portion of the costs of the Project. Section 3. Costs. The Company will pay the administrative fees of the City and pay, or, upon demand, reimburse the City for payment of, any and all costs incurred by the City or bond counsel to the City in connection with the Project and the issuance of the Note by the Issuer, whether or not the • Note is issued. Section 4. Effective Date. This Resolution shall be in full force and effect from and after its adoption. Adopted by the Common Council of the City of Rochester,Minnesota,this 6th day of November, 2006. President of the Common Council Attest: City Clerk Approved the /U day of ,2006. Mayor • 2 RESOLUTION NO. WHEREAS, the Common Council of the City of Rochester by enactment of Resolution 143-80 on March 24, 1980, duly adopted a "LAND USE PLAN" as part of the comprehensive municipal plan for the City of Rochester, Minnesota, and environs; and WHEREAS, Joe Weis Builders initiated an amendment to the Rochester Urban Service Area Land Use Plan to change the designation of land located between Third and Fourth •Avenue S.E., and between Fifth and Sixth Street S.E., from the "Medium Density Residential" to "Commercial;" and, WHEREAS, the Planning and Zoning Commission of the City of Rochester, after published notice and hearing, recommended approval of the proposed amendment to the City's "LAND USE PLAN;" and WHEREAS, the Common Council, after published notice, held a public hearing in the Council/Board Room of the Government Center on November 6, 2006, on the matter of the proposed amendment to said "LAND USE PLAN;" and WHEREAS, the Council determined that the Applicant satisfied all of the criteria applicable to amendments of Land Use Plans. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester that the "LAND USE PLAN" as adopted on March 24, 1980 and as thereafter amended, is hereby further amended by changing the designation on the following-described property from the "Medium Density Residential" designation to the "Commercial": Lots 1, 4, 5, 6, 7, 8, 9 and 10, all in Block 3, EAST ROCHESTER ADDITION, according to the plat thereof on file at the County Recorder's Office, Olmsted County, Minnesota, EXCEPT the East 51.00 feet of said Lot 1, and also EXCEPT the East 51.00 feet of the South Half of said Lot 4. • BE IT FURTHER RESOLVED that a certified copy of this resolution shall be maintained in the office of the Director of the Rochester-Olmsted Department of Planning and Housing; the office of the Director of Public Works of the City of Rochester; and the office of the Director of Building and Safety of the City of Rochester and shall be available for public inspection. • BE IT FURTHER RESOLVED that the City Clerk is hereby instructed to file a certified copy of this resolution in the office of the County Recorder in and for Olmsted County, Minnesota. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS 64-h DAY OF 1Jb-t,�f-rn.L>bt._. , 2006. PRESIDENT OF SAID COMMON COUNCIL ATTEST: V LU Gl,YLG tJ2�� CITY CLEV APPROVED THIS DAY OF P'L , 2006. MAYOR OF SAID CITY (Sea[ of the City of Rochester, Minnesota) Zone05\Landuse.0603 `. • 2 • CITY OF ROCHESTER COUNTY OF OLMSTED STATE OF MINNES,O�T�}A�j RESOLUTION NO. J / / RESOLUTION APPROVING A DEVELOPMENT DISTRICT AND DEVELOPMENT PROGRAM THEREFOR AND APPROVING A TAX INCREMENT FINANCING DISTRICT AND A TAX INCREMENT FINANCING PLAN THEREFOR BE IT RESOLVED by the Common Council (the "Council") of the City of Rochester, Minnesota(the "City"), as follows: Section 1. Recitals. 1.01. It has been proposed that the City establish its Development District No. 34 (the "Development District"); adopt the Development Program for the Development District; and establish Tax Increment Financing District No. 34-1 within the Development District and adopt the related Tax Increment Financing Plan therefor (collectively, the "Plans"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.174 through 469.1799, as amended; all as reflected in that certain document entitled in part "Development District No. 34 of the City of Rochester, Minnesota," • dated November 6, 2006, and presented for the Council's consideration. 1.02. The Council has investigated the facts relating to the Plans. 1.03. The City has performed all actions required by law to be performed prior to the adoption and approval of the Plans, including but not limited notice to the County Commissioner representing the area of the County to be included in the Tax Increment Financing District No. 34, to 30 days prior delivery of the Plans to the County and School Boards, a review of the Plans by the Rochester Planning and Zoning Commission, and the holding of a public hearing by the City thereon following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 1.04. Certain written reports and other documentation (collectively, the "Reports") relating to the Plans, including the tax increment application made and other information supplied by VOT, LP (the "Company") and to the activities contemplated therein, have heretofore been assembled or prepared by staff or others and submitted to the Council and/or made a part of the City files and proceedings on the Plans. The Reports include data, information and/or substantiation constituting or relating to (1) the "studies and analyses" on why the new Tax Increment District meets the so-called "but for" test and (2) the bases for the other findings and determinations made in this resolution. The Council hereby confirms, ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. • 1946549v1 • Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Council hereby finds that Tax Increment Financing District No. 34-1 is in the public interest and is a "housing district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 11,because the proposed project is an approximately 66 unit multi-family rental housing development (the "Development"), of which not less than 40% of the rental units will be available for persons whose incomes do not exceed 60% of area median income, all as represented by the Company. Such tax increment assistance as may hereafter be approved by the City for the Development shall be used solely to finance the Development, as required by Minnesota Statutes, Section 469.176, Subdivision 4d, and the Development shall without limitation be required to meet the applicable income limitations provided in Minnesota Statutes, Section 469.1761. 2.02. The Common Council hereby makes the following additional findings in connection with the Tax Increment District: (a) The Common Council further finds that the proposed development, in the opinion of the Common Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. The specific basis for such finding being: The property on which the housing project will occur would not be developed in the reasonably foreseeable future because it is • designed for low income residents that cannot afford Market Level Rents. The land assembly and redevelopment costs are higher than normal for a project of this size. The developer has represented that it could not proceed with the housing project without tax increment assistance. (b) The Common Council further finds that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The Tax Increment Financing Plan will generally compliment and serve to implement policies adopted in the City's comprehensive plan. The housing development contemplated on the property is in accordance with the existing zoning for the property. (c) The Common Council further finds that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the Tax Increment Financing District by private enterprise. The specific basis for such finding being: The proposed development to occur within the Tax Increment Financing District is high density housing and is in an area targeted for redevelopment by the City. The Development will suffer as a • buffer between the commercial area and existing housing. The development will increase the taxable market valuation of the City, 1946549vl 2 • and the available low income housing in the city will be expanded by approximately 66 units of rental housing. (d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision 3(2), the City Council hereby finds that the increased market value of the property to be developed within the Tax Increment District that could reasonably be expected to occur without the use of tax increment financing is $0, which is less than the increased market value estimated to result from the proposed development (i.e., $4,755,500) after subtracting the present value of the projected tax increments for the maximum duration of the Tax Increment Financing District(i.e., approximately $662,943). In making these findings, the City Council has noted that the property has not been redeveloped for many years and would likely remain so if tax increment financing is not available. Thus, the use of tax increment financing will be a positive net gain to the City, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. 2.03. The provisions of this Section 2.02 are hereby incorporated by reference into and made a part of the Tax Increment Financing Plan. 2.04. The Council further finds that the Program and Plan are intended and in the judgment of the Council their effect will be to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan for the TIF District and the Development Program for the Development District. Section 3. Approval and Adoption of the Program and Plan; Policy on Interfund Loans and Advances. 3.01. The Program and Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Clerk. City staff shall, in writing, request the Olmsted County Auditor to certify the new TIF District. 3.02. The Council hereby approves a policy on interfund loans or advances ("Loans") for this Tax Increment District, as follows: (a) The authorized tax increment eligible costs (including without limitation out-of-pocket administrative expenses) payable from the District, as its TIF Plan is originally adopted or may be amended, may need to be financed on a short-term and/or long-term basis via one or more Loans, as may be determined by the City Finance Director from time to time. (b) The Loans may be advanced if and as needed from available monies in the City's general fund or other City fund designated by the City Finance Director. Loans may be structured as draw-down or "line of credit" obligations of the lending fund(s). (c) Neither the maximum principal amount of any one Loan nor the aggregate • principal amount of all Loans may exceed the adopted and, if applicable, amended TIF Plan budget for the Tax Increment District. 1946549vl 3 f • (d) The maximum term of any Loan shall not exceed the lesser of the statutory duration limit of the Tax Increment District or such earlier date as the City Finance Director may specify in writing. All Loans may be pre-paid, in whole or in part, whether from tax increment revenue, TIF bond proceeds or other eligible sources. (e) The outstanding and unpaid principal amount of each Loan shall bear interest at the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7),which is the greater of the rates specified under Sections 270.75 or 549.09 at the time a Loan, or any part of it, is first made, subject to the right of the City Finance Director to specify a lower rate (but not less than the City's then-current average investment return for similar amount and term). (f) Such Loans within the above guidelines are pre-approved. The Loans need not take any particular form and may be undocumented, except that the City Finance Director shall maintain all necessary or applicable data on the Loans. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,MINNESOTA, THIS 6TH DAY OF VEMBER,2006. PRESIDENT OF SAID COMMON COUNCIL ATTEST: • CITY CLEXIZ— Approved this 7611 day of November, 2006. MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) • 1946549vt 4 Councilmember Marcia Marcoux moved the adoption of the foregoing resolution, which motion was duly seconded by Councilmember Sandra Means , and upon vote being taken thereon, the following Councilmembers voted in favor thereof: President Dennis Hanson, Councilmembers Amy Blenker, Pat-.Carr, Marcia Marcoux, Sandra Means, Bob Nowicki , Bruce Snyder and the following Councilmembers voted against the same: None . whereupon said resolution was declared duly passed on adopted. • • 1946549vl 5 CITY CLERK'S CERTIFICATE I, the undersigned, being the 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 Common Council of said City held on November 6, 2006, 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 with respect to the City's Development District No. 34 and Tax Increment Financing District No. 34-1 therein. WITNESS My hand this `214 day of November, 2006. City Clerk Rochester, Minnesota 1946549v1 6 CITY OF ROCHESTER COUNTY OF OLMSTED STATE OF MINNESOTA �/� RESOLUTION NO. I /y11O W RESOLUTION APPROVING A DEVELOPMENT DISTRICT AND DEVELOPMENT PROGRAM THEREFOR AND APPROVING A TAX INCREMENT FINANCING DISTRICT AND A TAX INCREMENT FINANCING PLAN THEREFOR BE IT RESOLVED by the Common Council (the "Council") of the City of Rochester, Minnesota(the "City"), as follows: Section 1. Recitals. 1.01. It has been proposed that the City establish its Development District No. 35 (the "Development District"); adopt the Development Program for the Development District; and establish Tax Increment Financing District No. 35-1 within the Development District and adopt the related Tax Increment Financing Plan therefor(collectively, the "Plans"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 through 469.134 and Sections 469.174 through 469.1799, as amended; all as reflected in that certain document entitled in part "Development District No. 35 of the City of Rochester,Minnesota," • dated November 6, 2006, and presented for the Council's consideration. 1.02. The Council has investigated the facts relating to the Plans. 1.03. The City has performed all actions required bylaw to be performed prior to the adoption and approval of the Plans, including but not limited to notice to the County Commissioner representing the area of the County to be included in the Tax Increment Financing District No. 35, and 30 days prior delivery of the Plans to the County and School Boards, a review of the Plans by the Rochester Planning and Zoning Commission, and the holding of a public hearing by the City thereon following notice thereof published in the City's official newspaper at least 10 but not more than 30 days prior to the public hearing. 1.04. Certain written reports and other documentation(collectively, the "Reports") relating to the Plans, including the tax increment application made and other information supplied by Castleview Apartments Limited Partnership, a Minnesota limited partnership (the "Company") and to the activities contemplated therein, have heretofore been assembled or prepared by staff or others and submitted to the Council and/or made a part of the City files and proceedings on the Plans. The Reports include data, information and/or substantiation constituting or relating to (1)the "studies and analyses" on why the new Tax Increment District meets the so-called "but for" test and(2) the bases for the other findings and determinations made in this resolution. The Council hereby confirms,ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set • forth in full herein. 1950498v2 • Section 2. Findings for the Adoption and Approval of the Plans. 2.01. The Council hereby finds that Tax Increment Financing District No. 35-1 is in the public interest and is a "housing district" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 11,because the proposed project is an approximately 32 unit multi-family rental housing development(the "Development"), of which not less than 40% of the rental units will be available for persons whose incomes do not exceed 60% of area median income, all as represented by the Company. Such tax increment assistance as may hereafter be approved by the City for the Development shall be used solely to finance the Development, as required by Minnesota Statutes, Section 469.176, Subdivision 4d, and the Development shall without limitation be required to meet the applicable income limitations provided in Minnesota Statutes, Section 469.1761. 2.02. The Common Council hereby makes the following additional findings in connection with the Tax Increment District: (a) The Common Council further finds that the proposed development, in the opinion of the Common Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore,the use of tax increment financing is deemed necessary. The specific basis for such finding being: The property on which the housing project will occur would not be developed in the reasonably foreseeable future because of the • infrastructure costs and environmental expenses. The developer has represented that it could not proceed with the housing project without tax increment assistance. (b) The Common Council further finds that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the City as a whole. The specific basis for such finding being: The Tax Increment Financing Plan will generally compliment and serve to implement policies adopted in the City's comprehensive plan. The housing development contemplated on the property is in accordance with the existing zoning for the property. The existing building located in the Tax Increment District is obsolete and dilapidated. (c) The Common Council further finds that the Tax Increment Financing Plan will afford maximum opportunity consistent with the sound needs of the City as a whole for the development of the Tax Increment Financing District by private enterprise. The specific basis for such finding being: The proposed development to occur within the Tax Increment Financing District will alleviate a shortage of decent, safe and • sanitary housing for low income individuals. The development will increase the taxable market valuation of the City. 1950498v2 2 • (d) For purposes of compliance with Minnesota Statutes, Section 469.175, Subdivision 3(2), the City Council hereby finds that the increased market value of the property to be developed within the Tax Increment District that could reasonably be expected to occur without the use of tax increment financing is $0, which is less than the increased market value estimated to result from the proposed development(i.e., $2,752,100) after subtracting the present value of the projected tax increments for the maximum duration of the Tax Increment Financing District (i.e., approximately $500,000). In making these findings, the City Council has noted that the property has not been redeveloped for many years and would likely remain so if tax increment financing is not available. Thus, the use of tax increment financing will be a positive net gain to the City,the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. 2.03. The provisions of this Section 2.02 are hereby incorporated by reference into and made a part of the Tax Increment Financing Plan. 2.04. The Council further finds that the Program and Plan are intended and in the judgment of the Council their effect will be to promote the public purposes and accomplish the objectives specified in the Tax Increment Financing Plan for the TIF District and the Development Program for the Development District. Section 3. Approval and Adoption of the Program and Plan; Policy on Interfund Loans and Advances. • 3.01. The Program and Plan, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved, ratified, established, and adopted and shall be placed on file in the office of the City Clerk. City staff shall, in writing, request the Olmsted County Auditor to certify the new TIF District. 3.02. The Council hereby approves a policy on interfund loans or advances ("Loans") for this Tax Increment District, as follows: (a) The authorized tax increment eligible costs (including without limitation out-of-pocket administrative expenses)payable from the District, as its TIF Plan is originally adopted or may be amended, may need to be financed on a short-term and/or long-term basis via one or more Loans, as may be determined by the City Finance Director from time to time. (b) The Loans may be advanced if and as needed from available monies in the City's general fund or other City fund designated by the City Finance Director. Loans may be structured as draw-down or"line of credit" obligations of the lending fund(s). (c) Neither the maximum principal amount of any one Loan nor the aggregate principal amount of all Loans may exceed the adopted and, if applicable, amended TIF Plan budget for the Tax Increment District. • (d) The maximum term of any Loan shall not exceed the lesser of the statutory duration limit of the Tax Increment District or such earlier date as the City 1950498v2 3 Finance Director may specify in writing. All Loans may be pre-paid, in whole or in part, whether from tax increment revenue, TIF bond proceeds or other eligible sources. (e) The outstanding and unpaid principal amount of each Loan shall bear interest at the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7),which is the greater of the rates specified under Sections 270.75 or 549.09 at the time a Loan, or any part of it, is first made, subject to the right of the City Finance Director to specify a lower rate (but not less than the City's then-current average investment return for similar amount and term). (f) Such Loans within the above guidelines are pre-approved. The Loans need not take any particular form and may be undocumented, except that the City Finance Director shall maintain all necessary or applicable data on the Loans. PASSED AND ADOPTED BY THE COIVS N COUNCIL OF THE CITY OF ROCHESTER,MINNESOTA, THIS 6TH DAY N VEMBER, 200 . PRESIDENT OF SAID COMMON COUNCIL ATTEST: CITY CLtkk • Approved this 7�h day of November, 2006. MAYOR OF SAID CITY (Seal of the City of Rochester,Minnesota) • 1950498v2 4 Councilmember C))3 N oW i ck 6 moved the adoption of the foregoing resolution, which motion was duly seconded by Councilmember Morn i n g arCoU X and upon vote being taken thereon, the following Councilmembers voted in favor thereof: �resi���.�- I�enn,s �a��on , l-°6unCilm-cmbers ►�rn� 31�n.1c.�,r , t�,�(�rr; Mare;C Marcduy , SRrlclva tiY )Cayes , Sob h)owi-kj, 3QACe S)-) f-f. and the following Councilmembers voted against the same: whereupon said resolution was declared duly passed on adopted. 1950498v2 5 CITY CLERK'S CERTIFICATE I, the undersigned, being the 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 Common Council of said City held on November 6, 2006, 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 with respect to the City's Development District No. 35 and Tax Increment Financing District No. 35-1 therein. WITNESS My hand this day of November, 2006. City Clerk Rochester,Minnesota • 1950498v2 6 «- RESOLUTION WHEREAS, Payne Company, a Minnesota corporation, owners and proprietors, have shown to the satisfaction of the City of Rochester Common Council that it has complied with all conditions of approval imposed upon its Land Subdivision Permit (Preliminary Plat) and all applicable laws and ordinances; NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester, Minnesota, that after a hearing duly noticed and held on November 6, 2006, the following plat of lands in Olmsted County, Minnesota are to be known and designated as follows: That part of the Southwest Quarter of the Southwest Quarter of Section 29, that part of the Southeast Quarter of the Southeast Quarter of Section 30, that part of the Northeast Quarter of the Northeast Quarter of Section 31, and that part of the Northwest Quarter of the Northwest Quarter of Section 32, all in Township 107 North, Range 13 West, Olmsted County, Minnesota, described as follows: Beginning at the southeast corner of Lot 2, Block 4, CENTURY HILLS EIGHTH SUBDIVISION, according to the plat thereof on file at the County Recorder's office, said Olmsted County; thence westerly on a Minnesota State Plane Grid Azimuth from north of 252 degrees 30 minutes 50 seconds along the southerly line of said CENTURY HILLS EIGHTH SUBDIVISION 121.78 feet; thence westerly 269 degrees 39 minutes 26 seconds azimuth along said southerly line 129.14 feet to the easterly right—of—way line • of Century Knoll Lane N.E., (the next 9 courses follow the easterly line of CENTURY HILLS NINTH SUBDIVISION, according to the plat thereof on file at said County Recorder's office); thence southerly 179 degrees 36 minutes 55 seconds azimuth 67.91 feet; thence southwesterly 1.73.52 feet on a tangential curve concave northwesterly, having a radius of 128.00 feet and a central angle of 77 degrees 40 minutes 21 seconds; thence southerly 174 degrees 23 minutes 29 seconds azimuth 358.44 feet; thence southerly 189 degrees 41 minutes 35 seconds azimuth 204.42 feet; thence westerly 283 degrees 22 minutes 47 seconds azimuth 110.63 feet; thence westerly 274 degrees 47 minutes 04 seconds azimuth 169.33 feet; thence southerly 190 degrees 25 minutes 27 seconds azimuth 149.44 feet; thence easterly 26.29 feet on a nontangential curve concave northerly, having a radius of 270.00 feet, a central angle of 05 degrees 34 minutes 43 seconds, and a chord azimuth of 97 degrees 38 minutes 06 seconds; thence southerly 184 degrees 46 minutes 04 seconds azimuth 248.01 feet to the southeast corner of Lot 16, Block 1, said CENTURY HILLS NINTH SUBDIVISION; thence easterly 91 degrees 27 minutes 42 seconds azimuth 138.92 feet; thence southeasterly 124 degrees 06 minutes 37 seconds azimuth 228.94 feet; thence southerly 159 degrees 15 minutes 01 second azimuth 91.46 feet; thence easterly 69 degrees 12 minutes 31 seconds azimuth 180.00 feet; thence southerly. 159 degrees 15 minutes 01 second azimuth 26.32 feet; thence southeasterly 34.55 feet on a tangential curve concave northeasterly, having a radius of 280.00 feet and a central angle of 07 degrees 04 minutes 11 seconds; thence northeasterly 62 degrees 10 minutes 51 seconds azimuth 60.00 feet; thence northeasterly 65 degrees 47 minutes 59 seconds azimuth 189.26 feet; thence easterly 71 degrees 28 minutes 35 seconds azimuth 117.08 feet; thence northeasterly 48 degrees 43 minutes 11 seconds azimuth 76.02 feet; thence northeasterly 61 degrees 07 minutes 30 seconds azimuth 66.98 feet; thence northerly 357 degrees 32 minutes 38 seconds azimuth 295.66 • feet; thence northerly 337 degrees 43 minutes 40 seconds azimuth 731.26 feet; thence northwesterly 335 degrees 18 minutes 31 seconds azimuth 175.43 feet to the point of beginning. Said tract contains 19.07 acres more or less. TO BE KNOWN AS CENTURY HILLS TENTH SUBDIVISION, submitted by Payne Company, a Minnesota corporation, owners and proprietors, is hereby approved and all dedications of land or interests in land for public purposes as shown on said plat are hereby accepted PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA, THIS DAY OF gUVU , 20 oG% PRESIDENT OF SAID COMMON COUNCIL ATTEST: / ITY CLERK APPROVED THIS 7n4 DAY OF 20 MAYOR OF SAID CITY (SEAL OF THE CITY Or ROCHESTER, MINNESOTA) •, CITY OF ROCHESTER COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION NO. A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH VOT, LP 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 a development project known as Development District No. 34 (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) VOT, LP (the "Company") has presented the City with a proposal for the construction within the Development District of certain housing improvements, and there has been prepared a certain Development Agreement (the "Agreement") 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. 1946551v1 M 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 without limitation 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 6Tx DAY OF NOVEMBER, 2006. PRESIDENT OF SAID COMMON COUNCIL ATTEST: CITY CLE • Approved this 7M day of 2006. 7? ce MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) • 1946551vl STATE OF MINNESOTA ) CITY CLERK'S CERTIFICATE • ) ss. COUNTY OF OLMSTED ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Rochester, Minnesota, (the "City"), 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 VOT, LP. 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 this day of , 2006. City Clerk Rochester,Minnesota • 1946551vl CITY OF ROCHESTER COUNTY OF OLMSTED STATE OF MINNESOTAQ RESOLUTION NO. �7v 'W A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT WITH CASTLEVIEW APARTMENTS LIMITED PARTNERSHIP 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 a development project known as Development District No. 35 (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) Castleview Apartments Limited Partnership (the "Company") has presented the City with a proposal for the construction within the Development District of a housing development, and there has been prepared a certain Development Agreement (the "Agreement") 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. 1950277v1 • 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 without limitation 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 6TH DAY OF NOVEMBER, 2006. PRESIDENT OF SAID COMMON COUNCIL ATTEST: CITY LE • Approved this A day of /k)Z&7J55L-- , 2006. MAYOR OF SAID CITY (Seal of the City of, Rochester, Minnesota) • 19so277v1 STATE OF MINNESOTA ) CITY CLERK'S CERTIFICATE ) ss. COUNTY OF OLMSTED ) I, the undersigned, being the duly qualified and acting City Clerk of the City of Rochester, Minnesota, (the "City"), 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 Castleview Apartments Limited Partnership. 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 this day of , 2006. . City Clerk Rochester, Minnesota • 1950277vl