HomeMy WebLinkAboutResolution No. 2008-304CITY OF COLUMBIA HEIGHTS
RESOLUTION N0.2008-304
RESOLUTION APPROVING A BUSINESS SUBSIDY AGREEMENT
BETWEEN THE CITY AND STADIUM VILLAGE PROPERTIES, LLC
WHEREAS, the City of Columbia Heights ("City") is authorized to grant a business subsidy
in the City in order to increase or preserve tax base, encourage additional investment and job
growth, and facilitate redevelopment, all pursuant to Minnesota Statutes, Sections 116J.993 to
116J.995 (the "Business Subsidy Act"); and
WHEREAS, the City Council (the "Council") has reviewed a Business Subsidy Agreement
("Subsidy Agreement") between the City and Stadium Village Properties, LLC (the "Developer"},
pursuant to which the City will convey certain property to the Developer for $1.00; and
WHEREAS, the City's contribution of land constitutes a "business subsidy" exceeding
$100,000 within the meaning of the Business Subsidy Act; and
WHEREAS, the City has on this date conducted a duly noticed public hearing regarding the
Subsidy Agreement at which all interested persons were given an opportunity to be heard.
NOW, THEREFORE, BE IT RESOLVED By the City Council of the City as follows:
1. The Subsidy Agreement 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 Manager; provided that execution of the Subsidy Agreement by such officials
shall be conclusive evidence of approval.
2. The Mayor and City Manager are hereby authorized to execute the Subsidy Agreement
on behalf of the City and to carry out, on behalf of the City, the City's obligations there under,
including without limitation execution of all documents referenced in the Subsidy Agreement or
necessary to carry out the transactions described therein.
Approved by the City Council of the City of Columbia Heights this 8~' day of December 2008.
Offered by: Kelzenberg
Second by: Williams
Roll call: Ayes: Peterson, Williams, Diehm,l
ATTEST:
l
~ R
Patricia Muscovitz~MC
City Clerk