HomeMy WebLinkAbout2013-022RESOLUTION NO. 2013-022
A RESOLUTION AUTHORIZING A
LOAN AGREEMENT WITH
MAVACK, LLC
WHEREAS, the City of Stillwater and MAVACK, LLC have negotiated the terms of a Loan
Agreement to provide financial assistance to relocate Vista Technologies to the industrial property at
1850 and 1792 Greeley St.; and
WHEREAS, the industrial property has been vacant for a number of years and due to
industrial contaminants requires City assistance to redevelop for MAVACK use; and
WHEREAS, the relocation would not otherwise occur without the tax increment
assistance provided, therefore, the development would not occur "but for" the use of tax
increment financing.
NOW, THEREFORE, BE IT RESOLVED, as follows:
That the Mayor and City Administrator are hereby authorized to execute the Loan
Agreement in the form attached to this Resolution as Exhibit A.
2. That the City Staff is hereby directed to draft documents as necessary, distribute the
funds as specified in Exhibit A, and represent the City at the property closing.
Enacted by the City Council of the City of Stillwater this 19th day of February, 2013.
CITY OF STILLWA
Mayor
ATTEST:
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Larry D. Uhnsen, Acting City Clerk