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2000-11-08 CC
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2000-11-08 CC
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<br />/ <br />/ <br /> <br />/ <br /> <br />CITY OF CENTERVILLE, MINNESOTA <br /> <br />RESOLUTION NO. <br /> <br />RESOLUTION AMENDING THE TERMS OF THE CITY'S <br />$32,250 TAX INCREMENT REVENUE NOTE, SERIES <br />1995A AND ITS $114,051.19 TAX INCREMENT REVENUE <br />NOTE, SERIES 1995B AND APPROVING A PROPERTY <br />TAX ABATEMENT FOR CERTAIN PROPERTY IN THE <br />CITY <br /> <br />BE IT RESOLVED BY the City Council ("Council") of the City of Centerville, <br />Minnesota (the "City") as follows: <br /> <br />Section 1. Background. <br /> <br />1.01. The City approved the establishment of Tax Increment Financing District No. 1-4 <br />(the "TIP District") within Development District No. 1 ("Project") by resolution approved June <br />28, 1995. To facilitate development of a manufacturing facility in the TIF District, the City <br />entered into a Contract for Private Development between the City and the Northern Forest <br />Products, L.L.c. (the "Developer") dated October 24, 1995 (the "Agreement"). The Contract <br />required the Developer to construct a 14,500 square-foot facility on certain property defined in <br />the Agreement (the "Property"), in exchange for issuance of two tax increment revenue notes as <br />further described in this resolution. <br /> <br />1.02. Under Resolution No. 95-20 approved October 25, 1995, the City issued its <br />$32,250 Tax Increment Revenue Note, Series 1995A dated as of October 26, 1995 ("Note 1 "), <br />with interest at the rate of 8.5% per annum, maturing on August 1, 1998, and payable solely from <br />Available Tax Increment as defined in the Agreement. Note 1 was issued to the Developer and <br />assigned to Glenn R. Rehbein and Myrna L. Rehbein ("Rehbein"), sellers of the Property, as part <br />of the purchase price for acquisition of the of the Property by the Developer. <br /> <br />1.03. Under Resolution No 95-21 approved October 25, 1995, the City also issued its <br />$114,051.19 Tax Increment Revenue Note, Series 1995B dated November 1, 1995 ("Note 2"), <br />with interest at the rate of 8.5% per annum, maturing on February 1, 2006, and payable solely <br />from Available Tax Increment remaining after Note 1 is paid in full or terminated in accordance <br />with its terms. Note 2 was issued to and remains held by the Developer, as reimbursement for <br />certain Site Improvement costs incurred by the Developer along with the balance of the cost of <br />acquisition of the Property. <br /> <br />1.04. The Available Tax Increment pledged to both Note 1 Note 2 (together, the <br />"Notes") has been insufficient to pay when due the scheduled payments on the Notes. The City, <br />the Developer and Rehbein have determined to modify the terms of the Notes in order to remedy, <br />in part, the insufficiency in pledged revenues. <br /> <br />1.05. In order to induce the Developer to construct an expansion of his manufacturing <br /> <br />SJB-184817v2 <br />CE155-7 <br />
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