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HomeMy WebLinkAboutResolution No. 394-03 e� 3q. • RESOLUTION BE IT RESOLVED by the Common Council of the City of Rochester that the City execute the development assistance agreement with DeWitz Construction for the Rose Harbor Estates Second and Fourth Subdivisions (#26-1)Tax Increment Financing Project. 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 6 - DAY OF , 2003. tiv P(LREIDENT OF SAID COMMON COUNCIL ATTEST: �� Depwtc�CITY L RK APPROVED THIS Jan DAY OF , 2003. MAYOR OF SAID CITY (Sea[ of the City of Rcchester, Minnesota) Res2000\DevAgr\Rose HarborTI F CITY OF ROCHESTER • COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION NO.��N A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT ASSISTANCE AGREEMENT WITH WESTERN WALLS, INC., AND DEWITZ CONSTRUCTION, INC. 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 its development project known as its Development District No. 26 (the "Development District") in an area (the "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 (the "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) Western Walls, Inc., and DeWitz Construction, Inc. (collectively, the "Company"), have 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 (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. 1541330v2 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 $43,500). 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. PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,MINNESOTA, THISdJ,5)-DAY OF , 20.03. , SIDENT OF SAVCOMMON COUNCIL ATTEST: GUYt CITY CLERK Depu. t� Approved this aanaday of 2003. MAYOR OF SAID CITY (Seal of the City of Rochester, Minnesota) 1541330v2 2