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RESOLUTION NO. 2011-178
City of Stillwater
TIF District #1
Downtown Industrial Park Scattered Sites
469.176 Subd 4m Spending Plan
WHEREAS, on November 18, 2011 a notice was published in the Stillwater Gazette regarding a
public hearing that was to be held by the City of Stillwater City Council on December 6, 2011 at 7 PM
regarding the possible adoption of a spending plan for Stillwater TIF District #1 in compliance with Minnesota
Statue 469.176 Subd 4m; and
WHEREAS, on December 6, 2011 at 7 PM the City Council of the City of Stillwater held a public
hearing in the Council Chamber at City Hall located at 216 N 4th Street in Stillwater, Minnesota to consider
the adoption of a spending plan for Stillwater for TIF District #1 in compliance with Minnesota Statue 469.176
Subd 4m.
NOW, THEREFORE, BE IT RESOLVED, after the public hearing and due consideration, the City
Council of the City of Stillwater hereby creates the following TIF spending plan to provide loans, interest rate
subsidies, and/or grants to private developments:
City of Stillwater TIF Distinct #1
469.176 Subd 4m Spending Plan
Proiect Amount not to exceed
1. Downtown Facade Program
2. Sanitary Sewer Disconnects
3. Commercial Building Fund
4. PAYG Fund
$3,000,000.00
$3,000,000.00
$2,000,000.00
$2,500,000.00
TOTAL $10,500,000.00
This purpose of these programs are to:
1. To create and retain jobs in the State of Minnesota, including construction jobs, and
2. To allow for private construction on a project to commence before required dates as outlined in
Minnesota Statue 469.176 Subd 4m, and
3. To allow for private construction to occur which would not have commenced without , assistance.
Enacted by the City Council of the City of Stillwater, Minnesota this 6th day of Dec ;;? r, 2011.
CITY OFFS
, Mayor
A1 EST:
z- a)evcL,
Diane F. Ward, City Clerk