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RES 22-04
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RES 22-04
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1/19/2022 9:35:46 AM
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City Government
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RES
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1/3/2022
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BE IT FURTHER RESOLVED, that Recipient certifies that it will use the Grant/Loan for <br />qualified expenditures for the Project to serve employees of business located in the City or <br />surrounding area. <br />BE IT FURTHER RESOLVED, that the Grant/Loan will be matched up to $850,000 <br />from the City in the form of tax increment financing assistance with at least $1 for every $2 <br />provided. <br />BE IT FURTHER RESOLVED, that Recipient certifies that the average vacancy rate for <br />rental housing located in the City, and in any other city located within 15 miles or less of the <br />boundaries of the area, has been five percent or less for at least the prior two-year period. <br />BE IT FURTHER RESOLVED, that the Grant/Loan will not exceed 25 percent of the <br />Project costs. <br />BE IT FURTHER RESOLVED, that the Mayor and the City Clerk, or their successors in <br />office, are hereby authorized to execute the Grant Contract/Funding Agreement and such <br />other agreements, and amendments thereto, as are necessary to implement the Project on <br />behalf of Recipient. <br />BE IT FURTHER RESOLVED, the City supports the use of tax increment financing for <br />the Development in the amount of up to $850,000 payable over approximately 15 years; <br />provided, however, that authorization of tax increment financing for the Development is <br />solely within the discretion of the City Council after satisfaction of all conditions required <br />pursuant to the TIF Act, including without limitation, (i) a determination by the City Council <br />that tax incrementfinancing assistance is necessary for the Development; (ii) negotiation of a <br />final contract with the Developer for the provision of tax increment assistance; and (iii) <br />verification of development financing need that substantiates that "but for" the use of tax <br />increment financing the Development would be unable to proceed. <br />BE IT FURTHER RESOLVED, that Minnesota Housing is authorized to rely on the <br />continuing force and effect of these Resolutions until receipt by the Commissioner of <br />Minnesota Housing at its principle office of notice in writing from Recipient of any <br />amendment or alteration of such Resolutions. <br />Passed and adopted this 3rd day of January 2022. <br />ATTEST: <br />Tina Allard, City Clerk <br />Yhn . ie layor <br />rO 1 E I E I i t <br />ATURE <br />
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