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EXTRACT OF MINUTES OF MEETING <br /> OF THE CITY COUNCIL OF THE <br /> CITY OF ROSEVILLE, MINNESOTA <br /> HELD: June 20, 2011 <br /> Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br /> Roseville, Ramsey County, Minnesota, was duly called and held at the City Hall in said City on <br /> Monday, the 20th day of June, 2011, at 6:00 o'clock p.m. <br /> The following members were present: Johnson, Pust, Willmus, McGehee and Roe <br /> and the following were absent: none. <br /> Member Johnson introduced the following resolution and moved its adoption: <br /> Resolution No. 10910 <br /> RESOLUTION AUTHORIZING <br /> EXECUTION OF A DEVELOPMENT AGREEMENT <br /> A. WHEREAS, Aeon (the "Developer") has requested the City of Roseville, <br /> Minnesota (the "City") to assist with the financing of certain costs incurred in connection with <br /> the acquisition, construction and equipping of a multifamily housing project in the City by the <br /> Developer(the "Project"). <br /> B. WHEREAS, the Developer and the City have determined to enter into a <br /> Development Agreement providing for the City's tax increment financing assistance for the <br /> Project(the "Development Agreement"), <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, <br /> Minnesota, as follows: <br /> 1. The City Council hereby approves the Development Agreement in substantially <br /> the form submitted, and the Mayor and City Manager are hereby authorized and directed to <br /> execute the Development Agreement on behalf of the City. <br /> 2. The approval hereby given to the Development Agreement includes approval of <br /> such additional details therein as may be necessary and appropriate and such modifications <br /> thereof, deletions therefrom and additions thereto as may be necessary and appropriate and <br /> approved by the. City officials authorized by this resolution to execute the Development <br /> Agreement. The ex cution of the Development Agreement by the appropriate officer or officers <br /> of the City shall be conclusive evidence of the approval of the Development Agreement in <br /> accordance with the terms hereof <br /> The motion for adoption of the foregoing resolution was duly seconded by Member Pust <br /> and, after full discussion thereof, and upon a vote being taken thereof, the following voted in <br /> favor thereof: Johnson, Pust, Willmus and Roe <br /> and the following voted against same: McGehee <br /> Adopted this 20th day of June, 2011. <br /> 3886905v1 <br />