HomeMy WebLinkAboutResolution No. 175-17 - IndividualSiteDevelopmentAgreement.MarionRoadStorehouse,LLC
RESOLUTION
BE IT RESOLVED by the Common Council of the City of Rochester that the City execute
an Individual Site Development Agreement with Marion Road Storehouse LLC, for part of Lot
1, Block 1, Outdoor Theatre Subdivision, Olmsted County, Minnesota.
BE IT FURTHER RESOLVED that the City certify the obligations specified in the
Agreement, with the Olmsted County Auditor for collection with property taxes for the
Property, over a term of 20 years at 4.0% interest, with the first payment being due with the
2018 property taxes. As specified in the Agreement, interest will start accruing on April 28,
2017.
The Mayor and the City Clerk are authorized and directed to execute this agreement on
behalf of the City.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2017.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2017.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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