HomeMy WebLinkAbout15-118 Dominium TIF Dev Agreement O� P RIO
u ' 4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 15-118
A RESOLUTION APPROVING A DEVELOPMENT AGREEMENT WITH PRIOR LAKE LEASED
HOUSING ASSOCIATES I, LLLP (GATEWAY REDEVELOPMENT) RELATED TO TAX INCREMENT
FINANCING
Motion By: Thompson Second By: McGuire
WHEREAS, It Prior Lake Leased Housing Associates I, LLLP (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 170-unit multifamily senior housing
development in the City by the Developer; and
WHEREAS, The Developer and the City have determined to enter into a Development Agreement
providing for the City's tax increment financing assistance for the Project(the"Development
Agreement").
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 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
therein as may 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 execution 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 thereof.
PASSED AND ADOPTED THIS 13th DAY OF JULY, 2015.
VOTE Hedberg Keeney McGuire Morton Thompson
Aye X X X X X
Nay ❑ ❑ ❑ ❑ ❑
Absent ❑ ❑ ❑ ❑ ❑
Abstain ❑ ❑ ❑ ❑ ❑
i
Frank B tesAtl Manager