HomeMy WebLinkAboutCity Council Resolution 1984-247RESOLUTION NO.84-W
RESOLUTION AUTHORIZING TPE EXECUTION OF
AN AMENDMENT TO THAT CE►.TAIN TAX
INCREMENT DEFICIENCY AGREEMENT BET6'EFN
CARLSON PROPERTIES. INC. AND THE CITY
OF PLYMOUTH.
BE IT RESOLVED BY The City of P3vmouth. Hennepin County. Minnesota as
follows:
1. The City and Carlson Properties. Inc. (Company) have entered into a
Tax Increment Deficiency Agreement (Agreement). dated March 26. 1984 in con-
nection with the issuance of the City's General Obligation Tax Increment Bonds
of 1984 (Bonds).
2. It is found and determined that it is recessary to amend the Apreement
in certain respects.
3. The form of amendment to the Agreement now on file with the City Clerk
is approved.
4. The Mayor and the City Manager are authorized and directed to execute
the amendment on behalf of the City.
105. The City Manager is authorized and directed to acknowledge the receipt
of the Surety Bond referred to in the Agreement and any replacement thereof.
Mayor
Attest:
Clerk
AMENDMENT TO
TAX INCREMENT DEFICIENCY AGREEMENT
This Amendment is entered into by the City of Plymouth (City) and Carlson
Properties. Inc. (Company) and is an amendment to that certain Tax Increment
Deficiency Agreement (Agreement) between City and Company, dated March 26, 1984.
The Agreement is amended by adding a new Section 4.05 to read as follows:
"4.05. It is expressly agreed and understood between the parties that
the maximum amount of the Surety Bond is $7,000,00n and that the
Surety's maximum obligation for any period listed in the schedule of
liahilitv in the Surety Bond does not exceed $7,000.000."
IN WITNESS Whereof the City and Company have caused this amendment to he
executed by their duly authorized officers as of April 16, , 19R4.
CITY OF PLYMOUTH
By
-Its Movor
By
Its City Manager
CARLSON PROPERTIES, INC.
By
Its President