HomeMy WebLinkAboutCity Council Resolution 1993-666CITY OF PLYMOUTH
RESOLUTION NO. 93-666
Approving a First Amendment to an Assessment Agreement and
Certification of Assessor relating to Tax Increment
District No. 7-1.
WHEREAS, the City of Plymouth, Minnesota (the "City") and
Dayton Hudson Corporation (the "Developer") have entered into a
contract for Private Development (the "Development Agreement"),
dated April 2, 1990 regarding the development of certain real
property (the "Property") located in Municipal Development
District No. 7 and Tax Increment Financing District No. 7-1 in
the City, as described therein; and
WHEREAS, the City and the Developer entered into an
Assessment Agreement and Certification of Assessor, dated
April 2, 1990 (the "Assessment Agreement") to provide a minimum
market value for the Property; and
WHEREAS, the Developer has proposed a First Amendment to an
Assessment Agreement and Certification of Assessor (the "First
Amendment") to provide for a release of a portion of the
Property subject to the Assessment Agreement in order to
accommodate the sale of such portion of the Property and the
development by the purchaser thereof of additional improvements
thereon; and
WHEREAS, the Developer has agreed in the First Amendment
that the minimum market value of the portion of the Property
remaining subject to the Assessment Agreement shall not be
reduced or diminished and that in all other respects the
Assessment Agreement, the Development Agreement and all other
documents, agreements, obligations or duties of the Developer
related thereto shall be and remain in full force and effect
from and after the execution and delivery of the First Amendment;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Plymouth, Minnesota, that:
1. The First Amendment, in substantially the form now on
file with the City, is hereby approved and the Mayor and City
Manager of the City are hereby authorized and directed to
execute and deliver the First Amendment in the name of the City,
together with such changes, modifications or amendments as the
Mayor, City Manager and City Attorney may deem necessary or
appropriate.
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RESOLUTION NO. 93-666
2. The Mayor, City Manager and other officers, staff and
attorneys for the City are hereby authorized to do all things
necessary for the execution, delivery and filing of the First
Amendment.
3. This Resolution shall be in full force and effect from
and after the date hereof.
Dated: October 18, 1993.
CITY OF PLYMOUTH, MINNESOTA
By:
Mayor
Attest:
City Clerk
7549P
Approved by the City Council October 18, 1993.
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