HomeMy WebLinkAboutRES 2007-22 APPROVING BUSINESS SUBSIDY AGREEMENT BY AND BETWEEN THE CITY OF CORCORAN AND UNITED AND LLC . � . . ,
CITY OF CORCORAN
RESOLUTION NO. 2007-22
Motion By: T h o m a s
Seconded By: G r a b o w s k i
RESOLUTION APPROVING BUSINESS SUBSIDY
AGREEMENT BY AND BETWEEN
TI-�CITY OF CORCORAN AND UNITED AND LLC
BE IT RESOLVED By the City Council ("Council") of the City of Corcoran ("City") as
follows:
Section 1. Recitals.
1.01. The City is authorized to grant a business subsidy in order to increase or preserve t�
base, provide employment opportunities, and facilitate development, all pursuant to Minnesota
Statutes, Sections 116J.993 to 116J.995 (the"Business Subsidy Act").
1.02. There has been presented before the Council a Business Subsidy Agreement (the
"Contract") between the City and United Land, LLC (the "Developer") setting forth the terms and
conditions of development of certain property in the City and the City's participation in that effort.
1.03. The Contract provides for financial assistance in the form of contribution by the City
of accumulated tax increments from the City's Ta�c Increment Financing District No. 1 for signaling
and interchange improvements, which constitutes a "business subsidy" exceeding $25,000 within
the meaning of the Business Subsidy Act.
1.04. The City conducted a duly noticed public hearing regazding the Contract on March
22, 2007 and continued to April 12, 2006, at which a11 interested persons were give an opportunity
to be heard.
Section 2. Cit,��proval: Further Proceedin�s.
2.01. The Contract as presented to the Council is hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the Mayor
and City Administrator; provided that execution of the Contract by such officials shall be conclusive
evidence of approval.
2.02 The Mayor and City Administrator are hereby authorized to execute the Contract on
behalf of the City and to carry out, on behalf of the City,the City's obligations thereunder, including
without limitation execution of all documents referenced in the Contract or necessary to carry out
the transactions described therein.
.
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Approved by the City Council of the City of Corcoran this 12m day of April, 2007.
�
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Mayor
ATTEST:
�c.c.L /L�
City Ad 'nistrator
Voting Aye : Grabowski , Guenthner , Hud�1� Jacobs and Thomas