HomeMy WebLinkAboutCity Council Resolution 1984-067CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a sppcij]a meeting of the City Council of
the City of Plymouth, Minnesota, was held on e r day of Januar1984.
The following members were present: Mayor Davenport, Councilmembers pen, ei s,
Schneider and Crain
he following members were absent: none
rrt
Councilmember Moen introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 84-67
RESOLUTION AUTHORIZING MAYOR AND CITY MANAGER TO ENTER INTO
A TAX INCREMENT FINANCING AGREFMFNT RETWEFN THE CITY OF PLYMONTH
AND CARLSON PROPERTIES, INC.
WHEREAS, this Council has by Resolution 84-66 , approved the tax increment financing
plan for Economic Development District No. 1 and has similarly established the tax
increment financinq district; and
WHEREAS, the tax Increment financing plan relies solely on Increments to be generated
from the development of the property owned by Carlson Properties, all of which Is
included within the tax increment financing district; and
WHEREAS, the City Manager and representatives of Carlson Properties, Inc., have
drafted a Tax Increment Financing Agreement between the City and Carlson Properties,
Inc.; and
WHEREAS, said agreement sets forth the various understandings between the parties
dealing with the sale of tax increment financing bonds, the schedule for the under-
taking of the improvements, the guarantee on the part of Carlson Properties, Inc. for
the timely payment of debt service on such tax Increment financing bonds and related
matters.
NOW, THEREFORE, BE 1T HEREBY RESOLVED by the City Council of the City of Plymouth,
that the Mayor and City Manager are hereby authorized to execute on behalf of the
City the Tax Increment Financing Agreement by and between the City of Plymouth, the
Carlson Properties, Inc. as transmitted by the City Manaqer In his memo dated lanuary
19, 1984.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Crain - , and upon vote being taken tKereon, tFe-
Schneider and Crain —"
The following voted against or abstal
Whereupon the Resolution was declared