HomeMy WebLinkAboutCity Council Resolution 1993-450CITY OF PLYMOUTH
RESOLUTION NO. 93-450
AUTHORIZING FURTHER CONSIDERATION OF APPLICATION FOR TAX
INCREMENT FINANCING ASSISTANCE BY HOYT PROPERTIES
WHEREAS, the City of Plymouth has received an application for Tax Increment
Financing assistance from Hoyt Properties; and
WHEREAS, a staff team has preliminarily reviewed the application and has found that
it potentially meets City and State criteria for consideration; and
WHEREAS, more analysis will be required by the City's consultants to further
consider the financial and legal aspects of the application;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA, that Hoyt Properties be invited to proceed with
further consideration of its application by depositing $5,000 with the City to cover its
costs to proceed with the application and that staff, along with appropriate financial and
legal consultants, be authorized to enter into negotiation for a tax increment financing
contract between Hoyt Properties and the City.
Adopted by the City Council on August 2, 1993.