HomeMy WebLinkAbout11-140 Jordan Real Estate Dev Agreement
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 1 - 140
A RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE A DEVELOPMENT
AGREEMENT WITH JORDAN REAL ESTATE PARTNERSHIP OF PRIOR LAKE FOR THE IS S UANCE
OF TAX INCREMENT FUNDS
Motion By: Hedberg Second By: Erickson
WHEREAS, Jordan Real Estate Partnership of Prior Lake (the “Developer”) has requested the City of
Prior Lake, Minnesota (the “City”) to assist with the financing of certain costs incurred in
connection with the construction of an approximately 7,500 square foot addition t o the
existing veterinary clinic facility in the City by the Developer (the “Project”); and
WHEREAS, The Developer and the City have determined to enter into a Development Agreement
providing for the City’s tax increment assistance for the Project (the “Development
Agreement”).
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council hereby approves the Development Agreement in substantially the form submitted, and
the Mayor and City Manager are hereby authorized and directed to execute the Development
Agreement on behalf of the City.
3. The approval hereby given to the Development Agreement includes approval of such additional details
t herein as ma y be necessary and appropriate and such modifications thereof, deletions therefrom and
additions thereto as may be necessary and appropriate and approved by the City officials authorized by
this resolution to execute the Development Agreement. The executi on of the Development Agreement
by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the
Development Agreement in accordance with the terms hereof.
PASSED AND ADOPTED THIS 7 DAY OF N OVEMBER 201 1 .
th
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________________________
Frank Boyles, City Manager