HomeMy WebLinkAboutCity Council Resolution 2005-479CITY OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2005-479
RESOLUTION APPROVING THE ASSIGNMENT OF TAX
INCREMENT REVENUE NOTE OF 2003 IN THE AMOUNT
OF $1,159,000 BETWEEN THE CITY OF PLYMOUTH AND
PLYMOUTH LEASED HOUSING ASSOCIATES, LP FOR
STONE CREEK VILLAGE APARTMENTS
WHEREAS, the City of Plymouth created Tax Increment District 7-7 and adopted the Tax
Increment Financing Plan on may 14, 2002, and;
WHEREAS, in April of 2003 the City issued a revenue note in the amount of $1,159,000 to
Plymouth Lease Housing associates, and;
WHEREAS, in return for the above loan, Plymouth Leased Housing Associates agrees to
maintain 34 out 130 units as affordable for at least 30 years, and;
WHEREAS, Plymouth Leased Housing Associates, LP has completed the constriction and
now desires to convert their constriction loan to a permanent loan.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA:
The City Council finds that the assignment of the Tax Increment Revenue Note in the
amount of $1,159,000 is appropriate to facilitate the placement of a permanent
financing for the Stone Creek Village Apartments.
ADOPTED by the City Council on December 13, 2005.
11742001