HomeMy WebLinkAboutCity Council Resolution 2000-193CITY OF PLYMOUTH
RESOLUTION No. 2000-193
Approval of Final Payment and Authorization for Release of Tax Increment Financial
Guarantees under the Contract for Private Development with Rottlund Homes, Inc. Village
At Bassett Creek, Tax Increment District 7-5A
WHEREAS, the City of Plymouth and Rottlund Homes, Inc. entered into the Contract for Private
Development for the Village At Bassett Creek Tax Increment District 7-5A on June 8, 1998; and,
WHEREAS, the Tax Increment Improvements specified in the Contract have been completed by
Rottlund Homes and CommonBond Communities; and,
WHEREAS, Certificates of Occupancy have been issued for the Tax Increment Improvements
by the City; and,
WHEREAS Rottlund Homes has fulfilled its obligations as specified in the Contract.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH MINNESOTA that the requests for Payments No. 9 and 10, as revised,
constituting the final payment in the amount of $12,767.32, is hereby approved and the City
Finance Director is hereby authorized and directed to pay the same in accordance to the terms of
the Contract and as requested by Rottlund Homes; and,
BE IT FURTHER RESOLVED that the City Manager is hereby authorized to release the tax
increment financial guarantees held by the City to assure completion of the Tax Increment
Improvements upon certification of the City Finance Director as to the adequacy of the
completed improvements to generate sufficient tax increments to meet the financial obligations
of the District, not withstanding other guarantees held by the City for other aspects of the
development unrelated to the tax increment guarantees.
Adopted by the City Council on April 11, 2000.