HomeMy WebLinkAboutCity Council Resolution 2002-536CITY OF PLYMOUTH
RESOLUTION NO. 2002-536
AUTHORIZING PAYMENT TO WAYNE W. SHARP (P.O.S. BUSINESS SYSTEMS)
FOR OUTSTANDING TAX INCREMENT DISTRICT NO. 7-3 PAY-AS-YOU-GO
NOTE BALANCE
WHEREAS, tax increments from Tax Increment District No. 7-3 generated more administrative
fees than the City could utilize, and
WHEREAS, fiends remain within Tax Increment District No. 7-3 from unused City
administrative allocations, and
WHEREAS, these unused administration allocation fiends may be used to pay for the outstanding
pay-as-you-go tax increment note with Wayne W. Sharp to the extent of the outstanding note
balance.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA, that the Finance Director is hereby directed to pay
Wayne W. Sharp fiinds from the City's unused administration allocation within Tax Increment
District No. 7-3 to the extent of the outstanding note balance.
Adopted by the City Council on November 26, 2002.