Resolution - #18-061 - 04/24/2018

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Councilmember LeTourneau introduced the following resolution and moved for its adoption: RESOLUTION #18-061 RESOLUTION AUTHORIZING EXECUTION OF A TAX INCREMENT FINANCING AGREEMENT WHEREAS, CAP Acquisitions, LLC (the "Developer") has requested the City of Ramsey, Minnesota (the "City") to assist with the financing of certain costs incurred in connection with the construction of a 174-unit senior rental housing project in the City by the Developer (the "Project"). WHEREAS, the Developer and the City have determined to enter into a Tax Increment Financing Agreement providing for the City's tax increment financing assistance for the Project (the "Tax Increment Financing Agreement"). NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) The City Council hereby approves the Tax Increment Financing Agreement in substantially the form submitted, and the Mayor and City Administrator are hereby authorized and directed to execute the Tax Increment Financing Agreement on behalf of the City. 2) The approval hereby given to the Tax Increment Financing Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this resolution to execute the Tax Increment Financing Agreement. The execution of the Tax Increment Financing Agreement by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Tax Increment Financing Agreement in accordance with the terms hereof. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember Johns, and upon vote being taken thereon, the following voted in favor thereof: Mayor Strommen Councilmember LeTourneau Councilmember Johns Councilmember Kuzma Councilmember Riley Councilmember Shryock and the following voted against the same: None