HomeMy WebLinkAboutResolution No. 126-07 CITY OF ROCHESTER
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 1Ab-D7
A RESOLUTION APPROVING AN
ASSIGNMENT OF CERTAIN
TAX INCREMENT FINANCING DOCUMENTS
WHEREAS, the City and VOT, LP (the "Company") have heretofore entered into a
Development Agreement dated as of November 6, 2006 (the "Development Agreement") in
connection with the construction by the Company of a low and moderate income housing
development(the "Project")within Tax Increment Financing District No. 34 in the City;
WHEREAS, pursuant to the Development Agreement the City agreed to issue its Tax
Increment Revenue Note to provide tax increment assistance to the Company to reimburse the
Company for certain public redevelopment costs of the Project;
WHEREAS, the Minnesota Housing Finance Agency ("MHFA") is providing financing
to the Company for the construction of the Project and has required, as security for the loan, that
the Company assign its rights under the Development Agreement and the Tax Increment Note
• pursuant to an Assignment of Tax Increment Financing (the "Assignment") a copy of which is on
file with the City Clerk; and.
WHEREAS, the Development Agreement requires that the City consent to any
assignment by the Company of its interest in the Development Agreement and Tax Increment
Revenue Note.
NOW THEREFORE, BE IT RESOLVED by the Common Council (the "Council') of the
City of Rochester, Minnesota (the "City") that the Council hereby approves the Assignment in
substantially the form on file with the City Clerk and hereby authorizes the Finance Director to
execute the consent to the Assignment on behalf of the City in substantially the form on file with
the City Clerk.
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• PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS 2"a DAY OF APRIL, 2007.
'PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
CITY CLE
Approved this J&t-) day of Age& , 2007.
sZ
MAYOR OF SAID CITY
(Seafof'the City of
Rochester,.Minnesota)
•
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