HomeMy WebLinkAbout7950 (Res.)
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RES.OLUTION NO. 795Q
RESOLUTION APPOINTING AGENT
WHEREAS, the City of Stillwater (city), Washington County,
Minnesota, and INCSTAR Corporation (developer), a Minnesota
Corporation with its principal office at 1951 Northwestern
Avenue, Stillwater, Minnesota have begun negotiations, pursuant
to the Minnesota Tax Increment Financing Act, Minnesota Statutes
9469.171 through 469.179, inclusive, as amended, to finance
public improvements and administration costs of a development
district and with Tax Increment Revenues derived from a tax
increment district established within the development district
and,
WHEREAS, the city believes that the development of this
development district, pursuant to a Development Agreement is in
the vital and best interests of the city and the health, safety,
morals and welfare of his residence and,
WHEREAS, it is necessary that the developer begin the
construction of certain public improvements while holding title
to certain property and the city and the developer are desirous
that funds expended for this work be eligible for reimbursement
as public costs pursuant to the Development Agreement and,
WHEREAS, it is necessary that the city appoint the developer
as its Agent for the construction of these public improvements
that will begin before the Development Agreement has been
finalized,
NOW TBBREFORE, the City of Stillwater does hereby appoint
INCSTAR Corporation, a Minnesota Corporation to act as the Agent
of the city to construct certain public improvements provided
that the public bidding requirements of the Uniform Municipal
Contracting Act, Minnesota Statute 9471.345 be met and that the
developer as the city's agent follow the minimum procedure set
forth as follows:
1. The Agent shall be responsible for preparing plans and
specifications for the public improvements, such plans and
specifications to be reviewed by the city engineer.
2. The Agent will then solicit bids by placing a bid
advertisement in the official newspaper of the city at least 10
days in advance of the bid opening date.
3. That the winning bidder supply a payment and performance
bond for the Public Improvement Costs, which bond would name the
city as a duel obligee.
BE IT FURTHER RESOLVED, that this agency is expressly
conditioned upon the developer's acknowledgment that if the
Development Agreement, assessment agreement and other related
documents now being negotiated are finalized, the developer will
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be eligible for reimbursement, with tax increment funds, for the
public costs expended, pursuant to this Agency and if, however,
the Development Agreement and assessment agreement are not
finalized and eventually are abandoned, the Agent will not seek
reimbursement of any funds expended pursuant to this Agency and
in that event will incur these costs in its own behalf and at its
own risk.
BE FURTHER RESOLVED, that the agency herein created is for
the sole purpose outlined in this Resolution and for no other
purpose and any authority herein granted by the city shall not
extend beyond the express terms herein created.
Adopted by the City Council in the City of Stillwater this
16th day of August, 1988.
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Attest:
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