HomeMy WebLinkAboutResolution No. 130-17 - Pemstar.TIFDistrict#7--1.Decertification
CITY 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. 7-1 and Terminating
The Related Development Assistance Agreements
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 January 22, 1997, the Council approved the City’s Tax
Increment Financing District No. 7-1 (the “TIF District”).
(b) The City also entered into a certain Development Assistance
Agreement dated as of March 3, 1997, (the “Development
Agreement”), with PEMSTAR, Inc. (the “Developer”),
pursuant to which the Developer agreed to substantially
complete a 67,500 square feet manufacturing facility
development within the TIF District by December 31, 1997.
(c) The Company completed the “Improvements” by December
31, 1997, as required under the provisions of Section 3.4 of
the Development Assistance Agreement. The City provided
$836,000 in tax increments 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.
(d) The City also entered into a certain Development Assistance
Agreement dated as of April 16, 2001, (the “Development
Agreement”), with PEMSTAR, Inc (the “Developer”),
pursuant to which the Developer agreed to substantially
complete a 100,000 square feet addition to the existing
manufacturing facility development within the TIF District by
December 31, 2001.
(e) The Company completed the “Improvements” by December
31, 2001, as required under the provisions of Section 3.1 of
the Development Assistance Agreement. The City provided
$400,000 in tax increments 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.
(f) 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 Agreements.
The EDA hereby directs that the Development Assistance
Agreements be, and the same hereby are, terminated since both
parties’ obligations under the Development Agreements 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 _____________, 2017.
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. 7-1 and termination of the related Development Assistance
Agreements.
WITNESS, my hand officially and the official seal of the City this _____ day of
________, 2017.
_____________________________
City Clerk
Rochester, Minnesota