HomeMy WebLinkAboutResolution No. 393-07 +•- -.. �t s.lxvuo-K ...+.+ nar..:.0 sr ra+ays+ti.nuu.L.w.s+urn w.w u
• RESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester that the City execute
a Development Assistance Agreement with GH Holdings, LLC, for the Tax Increment Financing
Project (#37-1).
The Mayor and the City Clerk are authorized and directed to execute the Agreement on
behalf of the City.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS &771 DAY OF / ST" , 2007.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: r-wx"IVYAJ
'MY CLERK
APPROVED THIS DAY OF �ST , 2007.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
Res05\PWDevAgrr\55
•
CITY OF ROCHESTER
• COUNTY OF OI,MSTED
STATE OF MINNESOTA
RESOLUTION NO. ,-5 -d 7
A RESOLUTION APPROVING AND AUTHORIZING THE
EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT
WITH GH HOLDINGS, 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 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. 37 (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) GH Holdings, LLC (the "Company") has presented the City with a
proposal for the construction within the Development District of certain housing,
commercial and rental 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 &H DAY OF 7— , 2007.
PRESIDENT OF SAID COMMON
COUNCIL
ATTEST:
r
64:�TY CL RK
• Approved this -lzV4 day of r ) 2007.
MAYOR OF SAID CITY
(Seal of the City of
Rochester,Minnesota)
2049412vl
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 GH Holdings, LLC
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 ,
2007.
City Clerk
Rochester,Minnesota
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