HomeMy WebLinkAboutCity Council Resolution 1997-691•
CITY OF PLYMOUTH
RESOLUTION NO. 97-691
AUTHORIZING STAFF TO RESCHEDULE THE ISSUANCE OF 53,29000
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1997A
WHEREAS, on October Is 19971 the City Council adopted Resolution No. 97-610,
authorizing the solicitation of bids for $3,290,000 in General Obligation Tax Increment
Bonds in order to provide up to S2,855,200 in tax increment assistance plus up to
5434,800 in capitalized interest and bond issuance costs for the proposed development in
the City's Tax Increment Financing District No. 7-5; and
WHEREAS, the developer has recently been made aware of additional issues that have
the potential for altering or increasing the costs of the project; and
WHEREAS, it has been determined to be advisable to delay the bond sale until further
information becomes available;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA, that staff is hereby authorized to reschedule the
issuance of $3,290,000 General Obligation Tax Increment Bonds, Series 1997A, provided
that the amount of the bond issue and its general terns do not change.
Adopted by the City Council on November 5, 1997
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