Resolution - #99-01-014 - 01/26/1999

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Councilmember Haas Steffen introduced the following resolution and moved for its adoption: RESOLUTION #99-01-014 RESOLUTION AMENDING ENTITIES ON A PRIOR APPROVED TIF AGREEMENT, RE: O'BRIEN PROPERTIES OF MONTICELLO, LLC WHEREAS, on August 11, 1998, the City Council approved a tax increment financing development agreement for the improvement of Lot 2, Block 1, A.E.C. ENERGY PARK THIRD ADDITION; and WHEREAS, the Council authorized that the agreement be with Building Fasteners, Inc., a Minnesota corporation; and WHEREAS, subsequent to the Council's August 11, 1998 action, the principals of Building Fasteners, Inc. elected to change the entity owning the real property and developing the same; and WHEREAS, the principals of Building Fasteners, Inc. transferred their interest in the subject property to O'Brien Properties of Monticello, LLC, a Minnesota limited liability company; and WHEREAS, on October 1, 1998, the final Contract for Development between the City and O'Brien Properties of Monticello, LLC and Anoka Electric Cooperative was executed by all parties (the "TIF Agreement"); and WHEREAS, the TIF Agreement provides for change of entities to accommodate tax planning and estate planning, etc. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City Council hereby approves the amendment of the TIF Agreement between the City and Building Fasteners, Inc. whereby O'Brien Properties of Monticello, LLC is substituted in the place of Building Fasteners, Inc. 2) That the City hereby affirms the TIF agreement and accepts O'Brien Properties of Monticello, LLC, a Minnesota limited liability company as the defined "Developer" within the TIF Agreement.