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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.