HomeMy WebLinkAboutResolution No. 473-16 D2ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION NO. 16-
RESOLUTION APPROVING AN ADMINISTRATIVE
AMENDMENT TO TAX INCREMENT FINANCING PLAN
FOR REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 49-1
(THE BUCKEYE PROJECT)
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Rochester
Economic Development Authority (the "EDA"), as follows:
A. WHEREAS, the EDA has previously established Economic Development District
No. 49 (the "Development District") and adopted an Economic Development Plan (the
"Development Plan") therefor. The EDA has also established Redevelopment Tax Increment
Financing District No. 49-1 (The Buckeye Project) (a redevelopment district) (the "TIF District")
within the Development District, and adopted a Tax Increment Financing Plan therefor (the "TIF
Plan");
B. WHEREAS, the EDA desires to amend the TIF Plan as set forth in Exhibit A to
provide for an administrative change to the budget (the "TIF Plan Amendment"); and
C. WHEREAS, the TIF Plan Amendment 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.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board")
of the EDA as follows:
Section 1. Findings for the Adoption of the TIF Plan Amendment. The Board finds the
TIF Plan Amendment to be necessary in connection with correcting the budget for the TIF
District and is intended and, in the judgment of the Board, the effect will be, to encourage
development and redevelopment within the Project Area and the TIF District, enhance the tax
base of the City of Rochester, Minnesota, and to otherwise promote certain public purposes and
accomplish certain objectives as specified in the Development Plan and in the TIF Plan.
The Board hereby ratifies and confirms the findings made in connection with the
establishment of the TIF District.
Section 2. Approval of the TIF Plan Amendment. The TIF Plan Amendment as set forth
in Exhibit A is hereby approved. The staff of the EDA and the EDA's advisors and legal counsel
are authorized and directed to proceed with the implementation of the TIF Plan Amendment. The
staff of the EDA is hereby directed to file a copy of the TIF Plan Amendment with the County
Auditor of Olmsted County, the Office of the State Auditor and the Commissioner of Revenue.
484467v1 RC110-61
PASSED AND ADOPTED BY THE ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF ROCHESTER, MINNESOTA, THIS DAY OF
, 2016.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS DAY OF .2016.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
484467v1 RC110-61 2
Board Member
moved the adoption of the foregoing
resolution, which motion was duly seconded by Board Member
and upon vote being taken thereon, the following Board Members voted in favor thereof:
and the following Board Members voted against the same:
whereupon said resolution was declared duly passed on adopted.
484467v1 RC110-61
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 held on , 2016, 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 actions referenced therein with respect to the EDA's amendment to the
Tax Increment Financing Plan for Redevelopment Tax Increment Financing District No. 49-1
therein.
WITNESS My hand this day of , 2016.
Secretary
Rochester Economic Development Authority
484467v1 RC110-61 4
Exhibit A
Amendment to TIF Plan for Redevelopment Tax Increment Financing District No. 49-1
(The Buckeye Project)
Section 2.7. Estimated Development Costs. The original budget set forth in Section 2.7
of the TIF Plan is hereby replaced with the new budget as follows:
Original Budget
New Budget
Land Acquisition
$1,500,000
Land Acquisition
Site Preparation and Utilities
$225,000
Site Preparation and Utilities
Other Redevelopment Costs
$1,567,201
Other Redevelopment Costs
(including public utilities)
(including public utilities)
Interest on Indebtedness
$1,951,000
Interest on Indebtedness
Administrative Expenses
$476,654
Administrative Expenses
Total
$4,766,547
Total
$1,500,000
$225,000
$613,893
$1,951,000
$476,654
$4,766,547
484467v1 RC110-61 A -I