HomeMy WebLinkAbout09-171 Reassign TIF 1-3/~ PRIG
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~ 4646 Dakota Street S.E.
v x Prior Lake, MN 55372-1714
~~,,~,,~-~ RESOLUTION 09-171
A RESOLUTION APPROVING ASSIGNMENT OF THE TAX INCREMENT NOTE FOR DISTRICT 1-3
TO PRIOR LAKE STATE BANK
Motion By:
Millar
Second By:
LeMair
WHEREAS, On December 17, 2001, the City of Prior Lake and Wensmann Homes, Inc. entered
into a Development Program for Development District 1 and a Tax Increment Financing
Plan for the Establishment of Tax Increment Financing District 1-3; and
WHEREAS, On September 3, 2002, the parties entered into a development agreement associated
with the Tax Increment Program and Plan; and
WHEREAS, The Development Agreement provides at Section 6.9 as follows: "Assignability of
Agreement and Note. This agreement and the Note may be assigned only with the
prior written consent of the City."; and
WHEREAS, On November 18, 2009, Mr. Herbert H. Wensmann representing Wensmann Homes,
Inc. and Mr. Robert J. Facente, Jr. representing Prior Lake State Bank requested
assignment of the Note for District 1-3 from Wensmann Homes, Inc. to Prior Lake
State Bank; and
WHEREAS, Documents effectuating the assignment were submitted and reviewed by Ehlers and
Associates and deemed acceptable to effectuate the request.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The Mayor and City Manager are authorized to execute documents to effectuate the transfer.
3. Costs incurred by the City in conjunction with this transaction will be reimbursed by the requesting
parties.
PASSED AND ADOPTED THIS 7th DAY OF DECEMBER 2009.
YES
NO
Hau en X Hau en
Erickson X Erickson
Hedber X Hedber
LeMair X LeMair
Millar X Millar
Frank o s, City Manager
www. cityofpriorlake. com
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Phone 952.447.9800 /Fax 952.447.4245