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HomeMy WebLinkAboutResolution No. 639-15 D1 - Bear Creek Apts. TIF District 12-1CITY OF ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION NO. Resolution Authorizing Decertification Of the City Of Rochester Economic Development Authority's Tax Increment Financing District No. 12-1 and Terminating The Related Development Assistance Agreement BE IT RESOLVED by the City of Rochester Economic Development Authority (the "EDA") of the City of Rochester, Minnesota (the "City"), as follows- 1 . Recitals (a) On August 16, 1999, the Council approved the City's Tax Increment Financing District No. 12-1 (the "TIF District"). (b) The City also entered into a certain Development Assistance Agreement dated as of August 16, 1999, (the "Development Assistance Agreement"), with JO-EL Properties (the "Developer"), pursuant to which the Developer agreed to substantially complete the construction of 24 units of rental housing units of which 75% to be rented to persons/families that have aggregate incomes which do not exceed 60% of area median gross income for Olmsted County. (c) On January 19, 2000, the City adopted Resolution No. 053- 00 amending the Development Assistance Agreement approving the amended start and completion for the Project. (d) The Company completed the "Improvements" by September 15, 2000, as required under the provisions of Section 3.1 of the Development Assistance Agreement. The City provided up to a maximum of $200,000 in tax increment reimbursements to the Developer as required under the provisions of Section 3.2 of the Development Assistance Agreement. The obligations of both parties to the Development Assistance Agreement have been fulfilled. (e) On May 16, 2011 the Rochester Common Council adopted Resolution #231-11, transferring the operation of all of the City's existing Tax Increment Financing Districts to the City of Rochester EDA. 2. Decertification of TIF District The EDA hereby approves and directs that the TIF District be immediately decertified, and EDA staff is directed to request in writing that the Olmsted County Auditor promptly decertify the TIF District. In addition, EDA staff shall provide to the County Auditor a certified copy of this Resolution. 3. Termination of Development Assistance Agreement. The EDA hereby directs that the Development Agreement be, and the same hereby is, terminated since both parties' obligations under the Development Agreement have been fulfilled. EDA staff is further directed to provide the Developer with written notification of this termination. PASSED AND ADOPTED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ROCHESTER, MINNESOTA, THIS DAY OF , 2015. Rochester Economic Development Authority By Its President By Its Clerk CITY CLERK'S CERTIFICATE I, the undersigned, being 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 EDA of said City held on the date therein indicated, 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 respecting the decertification of the City EDA's Tax Increment Financing District No. 12-1 and termination of the related Development Assistance Agreement. WITNESS, my hand officially and the official seal of the City this day of , 2015. City Clerk Rochester, Minnesota