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HomeMy WebLinkAboutResolution No. 526-15 - KutzkyPark,LLC.AmendRestateDevAsstAgree.ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY CITY OF ROCHESTER COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION NO. E 4;� L -I RESOLUTION AMENDING TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 39-1 (CASCADE CREEK PROJECT) WHEREAS, on August 16, 2010 the City of Rochester, Minnesota (the "City") established Municipal Development District No. 39 and adopted a development program therefor (the "Development Program") and created Tax Increment Financing District No. 39-1 as a redevelopment district (the "TIF District"), and adopted a tax increment financing plan therefor (the "TIF Plan") which provides for the use of tax increment financing in connection with a development to be constructed within the TIF District and Development District; and WHEREAS, in connection with the City being reclassified from a city of the second class to a city of the first class, pursuant to resolutions adopted May 17, 2011, the City transferred operation of all active tax increment financing districts to the Rochester Economic Development Authority (the "EDA"), and the EDA established all of the property formerly in the municipal development districts theretofore created by the City pursuant to Minnesota Statutes Section 469.124, as 469.134, as economic development districts of the EDA pursuant to Minnesota Statutes, Sections 469.090 to 469.1082; and WHEREAS, on October 8, 2010, the City entered into a Development Assistance Agreement (the "Development Agreement") with Kutzky Park LLC, a Minnesota limited liability company (the "Developer") in connection with a development to be constructed within the Tax Increment District and Development District; and WHEREAS, the Developer has advised the EDA that, because of current economic conditions, completion of the proposed construction of the townhomes as described in the TIF Plan and the Development Agreement is not economically feasible and the final phase of construction in the TIF District will be the construction of an approximately 11,000 square foot commercial day care facility (the "Commercial Day Care Component'); and WHEREAS, the Developer has requested that the EDA amend the Development Agreement and the TIF Plan to provide for the Commercial Day Care Component not later than December 31, 2017 (the "Amended Agreement"); and WHEREAS, pursuant to Minnesota Statutes, Section 469.090 to 469.1082, as amended (the "Development Act"), the EDA proposes to adopt an amended and restated development plan (the "Development Plan") for Economic Development District No. 39 (the "Development District") and an amended and restated tax increment financing plan therefor (collectively, the "Amended TIF Plan") which provides for the use of tax increment financing in connection with a 469552v1 JSB RC110-22 development to be constructed within the Tax Increment District, including the construction of the Commercial Day Care Center, and also makes technical corrections in connection with the transfer of the TIF Plan from the City to the EDA; WHEREAS, the Amended TIF Plan does not increase the total estimated tax increment expenditures, the amount of bonded indebtedness, capitalized interest, or make any other changes described in Minnesota Statutes, Section 469.175, subd. 4, that would require a new public hearing. BE IT RESOLVED by the Board of Commissioners (the "Board") of the Rochester Economic Development Authority (the "EDA"), as follows: 1. The Amended Agreement and the Amended TIF Plan as presented to the Board are hereby in all respects approved, in substantially the form submitted, together with any related documents necessary in connection therewith (collectively, the "Amendment Documents") and the President and the Secretary are hereby authorized and directed to execute the Amendment Documents on behalf of the Authority. 2. The approval hereby given to the Amendment Documents includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the EDA and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the EDA. The execution of any instrument by the appropriate officers of the EDA herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. In the event of absence or disability of the officers, any of the documents authorized by this Resolution to be executed may be executed without further act or authorization of the Board by any duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the City Attorney, may act in their behalf 3. The staff of the Authority is directed to file a copy of this resolution and the amendment with the Olmsted County Auditor, the Office of the State Auditor and the Department of Revenue. PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 19th DAY OF OCTOBER, 2015. CHAIR ATTEST: SECRETARY 2 469552vI JSB RCI10-22 Commissioner moved the adoption of the foregoing resolution, which motion was duly seconded by Commissioner , and upon vote being taken thereon, the following Commissioners voted in favor thereof; and the following Commissioners voted against the same: whereupon said resolution was declared duly passed on adopted, 469552YI Jsa RC110.22 SECRETARY'S CERTIFICATE I, the undersigned, being the duly qualified and acting Secretary of the Rochester Economic Development Authority, 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 Board of Commissioners of said Authority held on October 19, 2015, 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 amending the tax increment financing plan for the Authority's Tax Increment Financing District No. 39-1 and amending the related development assistance agreement. WITNESS My hand this day of October, 2015. Secretary Rochester Economic Development Authority 4 469552v1 JSB RCI 10-22