HomeMy WebLinkAbout2013-189RESOLUTION NO. 2013-189
A RESOLUTION AUTHORIZING A
TAX INCREMENT FINANCING AGREEMENT
WITH STILLWATER CAVES, LLC
WHEREAS, the City of Stillwater and Stillwater Caves, LLC have negotiated the terms of a
Tax Increment Financing Agreement (entitled "Contract for Private Redevelopment Between the
City of Stillwater and Stillwater Caves, LLC ", and which is attached to this resolution) to provide
financial assistance to redevelop the Joseph Wolf Block located on South Main Street; and
WHEREAS, the commercial property is partly occupied but in the main has been vacant for
a number of years; and
WHEREAS, the property is a prominent historical resource directly on Main Street, but is in
such need of repair that redevelopment timing has become critical to save it; and
WHEREAS, given the extra - ordinary costs associated with redevelopment of this
historical resource, it would not otherwise occur but for the use of tax increment financing.
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. That the Mayor and City Administrator are hereby authorized to execute the
"Contract for Private Redevelopment Between the City of Stillwater and
Stillwater Caves, LLC" 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 November, 2013
CITY OF STILLWA
ATTEST:
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Diane F. Ward, Clerk