HomeMy WebLinkAboutResolution No. 643-15 D5 - MarigoldFoods.TIFDistrict#3-1CITY 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. 3-1 and Terminating
The Related Development Contract
BE IT RESOLVED by the City of Rochester Economic Development
Authority (the "EDA") of the City of Rochester, Minnesota (the "City"), as follows:
Recitals
(a) On February 17, 1988, the Council approved the City's Tax
Increment Financing District No. 3-1 (the "TIF District").
(b) The City also entered into a certain Land Sale and
Development Contract dated as of February 23, 1988, (the
"Development Contract"), with Marigold Foods, Inc. (the
"Developer"), pursuant to which the Developer agreed to
expand the existing ice cream product processing facility.
(c) The Company completed the expansion of the existing ice
cream product processing facility as required under the
Development Contract. The City provided $1,000,000 in tax
increment reimbursements to the Developer. The maximum
statutory duration (25 years) of the TIF District has expired,
therefore, the TIF District needs to be decertified.
(d) 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 Aareement.
The EDA hereby directs that the Development Contract be, and the
same hereby is, terminated since both parties' obligations under the
Development Contract 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
am
Its President
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's EDA Tax Increment
Financing District No. 3-1 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