HomeMy WebLinkAbout8383 (Res.)
RESOLUTION NO. 83-83
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WHEREAS, Con/Spec Corporation has requested tax increment
financing assistance for a manufacturing facility in the
Stillwater Industrial Park, and
WHEREAS, it is apparent that the development o.f this site
would encourage local and business expansion, and would help
stabilize and strengthen the local property tax base, and
WHEREAS, the development of this site would create new jobs
and is consistent with the recently adopted Stillwater West
Business Park Plan, and
WHEREAS, it has been demonstrated to the City Council in the
application of the Developers and the testimony heard at the
meeting, that the project, as presented, would not be feasible or
possible without certain tax increment help.
NOW THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the Council hereby determines that the project, as
presented, would not be feasible but for the tax
increment assistance proposed to be provided by the City.
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2. That the Community Development Director, City Treasurer and
City Attorney are hereby directed to negotiate with the
Developer regarding the amount of tax increment to be
provided, the payment terms, and other matters pertinent to
a Development Agreement.
3. That the City Attorney, City Treasurer and Community
Development Director are hereby directed to amend the
Development District Budget, if needed, to provide for the
contemplated tax increment assistance to this project.
4. That the City Attorney, Community Development Director and
City Treasurer are hereby directed to negotiate a
Development Contract and Agreement that provides for the
transfer of these tax increment monies to the Developer in
a form that is permitted by law. Also, that they return,
after their negotiations, for City Council approval of the
conditions set forth in their recommended Development
Agreement.
Adopted by the Stillwater City Council this 16th day of
October, 1990.
w~~ahamson, Mayor
Attest:
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Mary Lou Johnson, ty Clerk
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