HomeMy WebLinkAbout10-04-16 CITY OF OAK PARK HEIGHTS
RESOLUTION NO. 1 0 - 0 4 -1 F
RI-NOLIITION APPROVING TAX INCREMENT DEVEf OPMl N 'T A(iRI EMI;N'r
BF 1'1' RESOLVED I3y the City Council ( "Council ") of the City of Oak Park Heights
( "City ") as follows:
Section 1. Recitals.
1.01. The City has created a development district known as Municipal Development
District No. I (the "Development District ") pursuant to Minnesota Statutes, Sections 469.124 to
469.134, as amended, and Tax bhcrement I District No. 1 -1 (the "TIF District "), therein,
pursuant to Minnesota Statutes, Sections 469.174 to 469.1799" as amended within the
Development District.
1.02. E)al:grecn Coahhmo►hs, I.1.,C, (tlhe "1)evcloper' ") has requested that the {.`ity assist the
Developer with the financing of certain costs of' the development and construction of an
approximately 120 unit assisted living facility and an approxinhaiely 80,000 square foot, 48 unit
owner occupied housing, facility to be located in tlhe 'I'll' District (the "Project ") pursuant to a T'ax
Increment Development Agreement dated as of the elate hereof (the "Agreement").
l .03. The City believes that the development of the Project pursuant to the Agreement,
and fulfillment generally of the Agreement, are in the vital and best interests of the City and the
health, safety, morals, and welfare of its residents and in accord with the public purposes and
provisions of the applicable State and local laws and requirenhents under which the development
has been undertaken and is being assisted.
Section 2. Ci Am - ovah l"Urther Proceedings.
2.01. The Agreement as presented to the Council is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are approved by
the City Attorney and the City Administrator; provided that execution of the Agreement by the
Mayor and City Administrator shall be conclusive evidence of approval.
2.02. The Mayor and City Administrator are hereby authorized to execute the Agreement
on behalf of the City and to carry out on behalf of the City the City's obligations thereunder.
365993N;2 JSI3 AK 1 4� -2
Approved by the City Council of the City of Oak Park Heights t-lais 27tl Iay � April, 2010.
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