HomeMy WebLinkAbout2017-199 (Development Agreement, authoring the advancement of Tax Increment Funds for the repair of damage to a building that is currently being redeveloped with Tax Increment assistance, and authorizing a loan of funds to TIF District 11 from other TIF) RESOLUTION 2017-199
A RESOLUTION APPROVING AN AMENDMENT TO A DEVELOPMENT
AGREEMENT, AUTHORING THE ADVANCEMENT OF TAX INCREMENT FUNDS
FOR THE REPAIR OF DAMAGE TO A BUILDING THE IS CURRENTLY BEING
REDEVELOPED WITH TAX INCREMENT ASSISTANCE, AND AUTHORIZING AN
LOAN OF FUNDS TO TIF DISTRICT 11 FORM OTHER TAX INCREMENT
DISTRICTS.
Whereas,it has been established that a building now being renovated as part of the Luna
Rosa Hotel development has suffered extensive damage due to runoff that is blocked against the
building by the Main Street Stair's, and that there is probability that the City is liable for the
damage and is obligated to repair and correct the damaging condition or risk the collapse of the
building,and;
Whereas,based upon the recommendation of City Staff, a plan for a sharing of costs for
both the damage to the building and a correction of the condition has been prepared and set forth
in Addendum No. 1, and:
Whereas,it is necessary that funds be advanced to Tax Increment District 11 to fund the
contribution set forth in Addendum No.2;
Now therefor be it resolved as follows:
1. That Addendum No. 2 be and the same is hereby approved.
2. That the City Finance Director is authorized and directed to advance sums to Tax
Increment District No. 11 from available funds in other Tax Increment Districts,and
to establish a schedule for repayment and a reasonable interest rate therefore.
In Witness whereof we have set our hands this 3rd Day of October,2017
.Z1;1 16-2)
Ted Kozlowski,Mayor
ATT ST:
ice _.
Diane F. Ward, City Clerk