HomeMy WebLinkAboutCity Council Resolution 1989-064CITY OF PLYMOUTH
Pursuant to due call and notice thereof, a regular meeting of the City Council of
the City of Plymouth, Minnesota, was held on the 23rd day of January , 1989.
The following members were present: Mayor Schneider, Councilmembers Vasiliou,
Ricker and Sisk
The following members were absent: Councilmember Zitur
Councilmember Sisk introduced the following Resolution and moved its
adoption:
RESOLUTION NO. 89-64
AUTHORIZING EXECUTION AND DELIVERY OF
ESTOPPEL CERTIFICATE AND SUBORDINATION
AGREEMENT (TID 3-1; RNWNL DEVELOPMENT)
WHEREAS, Third RNWNL Limited Partnership, successors to RNWNL Limited Partnership has
secured a commitment for construction financing from First Interstate Mortgage Company
of Illionis ("Lender") for construction of the Project II Improvements within Tax
Increment Financing District 3-1; and
WHEREAS, Lender requires that as a precondition to the closing on such financing that
the City enter into an Estoppel Certificate and Subordination Agreement ("Document"),
and has presented its proposed form of the Document to the City; and
WHEREAS, City staff has reviewed the terms of the Document and reported its review to
the City Council;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that the Mayor and City are authorized to execute the Document on behalf of
the City and to deliver an executed copy of the same to the Lender.
The motion for adoption of the foregoing Resolution was duly seconded by
Councilmember Vasiliou , and upon vote being taken thereon, the
following voted in favor thereof: Mayor Schneider, Councilmembers Vasiliou,
Ricker and Sisk
The following voted against or abstained: None
Whereupon the Resolution was declared duly passed and a opte