HomeMy WebLinkAbout05-127
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 05-127
A RESOLUTION APPROVING THE ASSIGNMENT OF A TIF NOTE AND DEVELOPMENT
AGREEMENT WITH ONSITE ENGINEERING
(TIF DISTRICT 4-1 IN DEERFIELD INDUSTRIAL PARK)
Motion By: Zieska
Second By: LeMair
WHEREAS, On May 16, 2005 the City Council approved the creation of Development District #4
and adopted the TIF Plan, Development Agreement, and Business Subsidy for TIF
District 4-1 for Onsite Engineering and Forensic Services at Deerfield Industrial Park,
and
WHEREAS, Wells Fargo Bank, the lender for the Onsite Engineering and Forensic Services, has
requested an assignment of the TIF Note and Development Agreement to secure their
position in receiving direct TIF Pay As You Go Note payments by Onsite Engineering
and Forensic Services, and
WHEREAS, The City staff and City Attorney have reviewed and accepted the proposed assignment
agreement in its current form, and
WHEREAS, The proposed assignment is in the best interest of the project, borrower, lender, and
City to promote economic development in accordance and consistent with the
Comprehensive Plan and 2030 Strategic Vision and Plan.
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 Manager and Mayor are hereby authorized by the City Council to execute the assignment
agreement on behalf of the City.
PASSED AND ADOPTED THIS 18th DAY OF JULY, 2005.
YES
NO
Haugen X Haugen
Fleming X Fleming
LeMair X LeMair
Petersen X Petersen
Zieska X Zieska
Frank BO~ager
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245
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