HomeMy WebLinkAboutResolution No. 514-16 - City Center I Tif Project.InterfundLoanAdvanceRESOLUTION
WHEREAS, the City of Rochester has a tax increment Financing Project related to
redevelopment that require "upfront" expenditures that later become eligible for reimbursement
through tax increment revenues.
BE IT RESOLVED, that the City Council of Rochester, MN approve the Interfund Loan and
Advance authority for the following TIF project for the terms stated below:
City of Rochester
Interfund Loans and Advances Authority Needed
Approved Project Currently Underway
Advances to come from Tax Abatement J2611
TIF TIF TIF Maximum Maximum Interest
District # Fund Proi. # Project Name Purpose Advance Term Rate
City Center 1
41 554 2754 (H3 Plaza) Redevelopment 428,400 25 years 4.00%
The Mayor and City Clerk are authorized to execute any and all documents necessary to
complete this transaction.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS DAY OF , 2016.
ATTEST:
PRESIDENT OF SAID COMMON COUNCIL
CITY CLERK
APPROVED THIS DAY OF . 2016.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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CERTIFICATION
I, Aaron S. Reeves, City Clerk of the City of Rochester, Minnesota, the custodian of its
records, do hereby certify that the foregoing Resolution is a true and correct copy of the
Resolution presented to and adopted by the City of Rochester at a duly authorized meeting
thereof held on November 21, 2016, as shown by the minutes of said meeting in my
possession.
Dated at Rochester, Minnesota, this day of
is
STATE OF MINNESOTA 1
City Clerk
. 2016.
) ss
COUNTY OF OLMSTED )
The foregoing instrument was acknowledged before me this day of
, 20167 by Ardell F. Brede and Aaron S. Reeves, the Mayor and City Clerk,
respectively, of the City of Rochester, a Minnesota municipal corporation, on behalf of the
corporation.
Notary Public
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