HomeMy WebLinkAboutCity Council Resolution 1995-067CITY OF PLYMOUTH, MINNESOTA
Resolution No. 95-67
RESOLUTION APPROVING A DEVELOPMENT AGREEMENT
FOR TAX INCREMENT FINANCING (SOILS CORRECTION) DISTRICT No. 7-3
WHEREAS, the City of Plymouth (the "City") has authorized, pursuant to Minnesota
Statutes, Sections 469.174 to 469.179 (the "Act"), the establishment and creation of Tax
Increment District No. 7-3 in order to pay all or a portion of certain soil correction costs
associated with an office facility to be located within the City (the "Project") to be developed
by Wayne W. Sharp, or assigns (the "Developer"); and
WHEREAS, in accordance with the Act, the City has adopted a Tax Increment
Financing Plan for Tax Increment Financing (Soils Correction) District No. 7-3, which said Plan
outlines the terms and conditions for, and financial details of providing public assistance to the
Project; and
WHEREAS, the Hennepin County Board of Commissioners, the School Board for
Independent School District #281, the Hennepin County Manager of Administrative Services
Section and the Superintendent of the Hennepin Technical College District have received
notification as required under the Act; and
WHEREAS, the City Council held a hearing on the proposed plan, after notice of said
hearing was published as required under the Act; and
WHEREAS, the City and the Developer desire to enter into a Development Agreement
to set forth the mutual rights and obligations of the parties in accordance with the Tax Increment
Financing Plan;
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NOW9 THEREFORE, BE 1T RESOLVED by the City Council of the City of
( Plymouth, Minnesota, as follows:
1. The Development Agreement between the City of Plymouth and Wayne W. Sharp
pertaining to Tax Increment District No. 7-3 is hereby approved and the City Manager is hereby
authorized to execute the Development Agreement on behalf of the City.
Adopted this 17th day of January, 1995.
ATTEST:
:.curie F. Ahrens, City Clerk
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Joycelyn H. Tierney, Mayor