HomeMy WebLinkAboutCity Council Resolution 1998-351CITY OF PLYMOUTH
Resolution 98-351
AUTHORIZING EXECUTION OF A CONTRACT FOR PRIVATE DEVELOPMENT
WITH THE ROTTLUND COMPANY, INC. FOR THE PROPOSED VILLAGE AT
BASSETT CREEK DEVELOPMENT, TAX INCREMENT DISTRICT 7-5
WHEREAS, on March 4, 1998, the City Council of the City of Plymouth, Minnesota (the "City")
adopted Resolution No. 98-156, Authorizing A Restructuring Of The Proposed Financing For
Tax Increment Financing District No. 7-5, the Village At Bassett Creek Development; and
WHEREAS, The Rottlund Company, Inc ("Rottlund") has proposed to develop Phase 1 of the
Village At Bassett Creek Development and wishes to enter into a Contract for Private
Development (the "Contract") with the City regarding the use of tax increment financing
assistance for said development; and
WHEREAS, City Staff have negotiated the terms of the Contract with Rottlund; and
WHEREAS, the City wishes to enter into the Contract with Rottlund;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota
that the Mayor and the City Manager are hereby authorized and directed to execute the Contract
with Rottlund on behalf of the City, essentially in the form of the draft placed on file with the City
Clerk, with such additional language, as approved by the City's Bond Counsel, necessary to
provide for the conveyance of the Rental Housing Site (the "Site") with all soil corrections and
associated public improvements in place to the City for no cost in the event that the Site has not
been made available for the constriction of 46 units of federally assisted senior housing by
October 30, 1998.
BE IT FURTHER RESOLVED that, pursuant to the Contract, the City may advance fiends to
Rottlund to pay eligible project costs, and reasonably expects to reimburse said advances from the
proceeds of general obligation tax increment bonds to be issued by the City in a maximum
principal amount of $3,000,000.
Adopted by the Plymouth City Council on June 3, 1998.