HomeMy WebLinkAbout8404 (Res.)
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RE~~~~'rrON
SUPPLEMENTING TAX INCREMENT
FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 1
(DOwntown and Industrial Park
Scattered Site Redevelopment District)
WHEREAS,
1. Curve Crest Properties II, a Minnesota General Partnership
("Developer") plans to construct a building on the Northwest
corner of Curve Crest Boulevard and Washington Avenue that will
contain approximately 18,400 square feet and that will be used as
office/industrial warehouse facilities with limited retail (the
"Project").
2. The Developer has demonstrated to the city council and the
city council hereby finds that this Project would not take place
but for the tax increment assistance made available to the
Project by the City and that the Project and the assistance are
in furtherance of the objectives of the City to develop the
property into a vital commercial/industrial area that produces
jObS, tax base and is an enhancement to the community.
3. That the Project is within Tax Increment Financing District
No. 1 (The Downtown and Industrial Park Scattered Site
Redevelopment Act) within Development District No.1.
4. That the Project and the assistance is consistent with the
Statement of Objectives found at Subsection 1.4 of Development
Program for Development District No.1 as adopted May 7, 1985,
and as modified December 12, 1985, and further consistent with
the Tax Increment Financing Plan for Tax Increment Financing
District No. 1 (Downtown and Scattered Site Redevelopment
District) .
5. That neither the Development Program for Development
District No.1, nor the Financing Plan for Tax Increment
Financing District No. 1 need to be modified (within the meaning
of Minnesota Statutes 9469.175, Sub. 4.) to include this project.
WHEREFORE BE IT RESOLVED:
1. That the Tax Increment Financing Plan for Tax Increment
Financing District No. 1 is supplemented by adding to Subsection
2.5 thereof, the following language:
"Curve Crest Properties II, a Minnesota General Partnership,
plans to construct a building on the Northwest corner of
Curve Crest Boulevard and Washington Avenue that will
contain approximately 18,400 square feet and that will be
used as an office/industrial warehouse facility with limited
retail. Tax Increment assistance will be provided on a "pay
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as you go" basis to undertake land acquistion, and public
improvements consisting of: site preparation, grading,
landscaping and drainage improvements."
2. That the Tax Increment Financing Plan for Tax Increment
Financing District No. 1 is supplemented by adding to Subsection
2.6 thereof, the following language:
"It is anticipated that the City and Curve Crest Properties
II, a Minnesota General Partnership, will have entered into
a contract for Private Development no later than December 1,
1990."
3. That the Tax Increment Financing Plan for Tax Increment
Financing District No. 1 is supplemented by adding to Subsection
2.4 thereof, the following language:
"IMPACT ON TAXING JURISDICTIONS CURVE
CREST PROPERTIES II PROJECT ONLY
Since this project would not have occurred without the
creation of Tax Increment Financing District No.1, the
impact is $-0- to other taxing jurisdictions"
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In all other ways the Development Program for Development
District No. 1 and the Financing Plan for Tax Increment Financing
District No. 1 shall remain unchanged and in full force and
effect.
Adopted by the City Council of
day of November, 1990.
the City of Stillwater the 13th
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War y Ab ahamson, Mayor
Attest:
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'Mary Lo Johnson lerk
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