HomeMy WebLinkAboutCity Council Resolution 2001-552CITY OF PLYMOUTH
Resolution 2001-552
AUTHORIZING EXECUTION OF A DEVELOPMENT AGREEMENT WITH
CONTINENTAL PROPERTY GROUP, INC. RELATING TO TAX INCREMENT
FINANCING DISTRICT NO. 7-6
WHEREAS, the City of Plymouth, Minnesota (the "City") has heretofore created Tax Increment
Financing District No. 7-6 (the "District') and has approved a tax increment financing plan (the
"Plan") relating to said District; and
WHEREAS, the Plan contemplates the execution of a development agreement with Continental
Property Group, Inc. (the "Developer"), and the issuance of a pay-as-you-go tax increment note
to the Developer, in the principal amount of $900,000, to reimburse the Developer for certain
eligible costs incurred by the Developer in the renovation of the commercial facility located at
2300 Berkshire Lane in the City; and
WHEREAS, City Staff has negotiated the terms of the development agreement with the
Developer and has presented a substantially final form thereof (hereinafter, the "Agreement') to
the Council at this meeting;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, that the Agreement is hereby approved and the Mayor and the City Manager are
hereby authorized to execute the Agreement, substantially in the form of the draft placed on file
this date with the City Clerk, with such necessary and appropriate modifications as the Mayor
and City Manager, in their discretion, shall determine, and the execution thereof by the Mayor
and City Manager shall be conclusive evidence of such determination and approval thereof by
this Council.
BE IT FURTHER RESOLVED that, pursuant to the Agreement, the Mayor and City Manager
are authorized to execute and deliver the tax increment note to the Developer, substantially in the
form attached to the Agreement, with such necessary and appropriate modifications as the Mayor
and City Manager, in their discretion, shall determine, and the execution thereof by the Mayor
and City Manager shall be conclusive evidence of such determination and approval thereof by
this Council.
BE IT FURTHER RESOLVED that the Mayor and City Manager are authorized to take such
further actions and execute such additional documents as they, in their discretion, shall determine
necessary or desirable to complete the transaction with the Developer contemplated by the Plan
and the Agreement.
Adopted by the Plymouth City Council on December 18, 2001.