Title
RESOLUTION AUTHORIZING A DEVELOPMENT AGREEMENT WITH CHESTER CREEK VIEW LLC AND INCLINE PLAZA DEVELOPMENT LLC FOR CONSTRUCTION OF THE INCLINE PLAZA PROJECT
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into a development agreement that is contingent on final approval of environmental review, substantially in the form of Exhibit A ("Development Agreement") attached hereto, with Chester Creek View LLC and Incline Plaza Development LLC (the "Developer") for the development of the Incline Plaza Project located on Lots 2 and 3, Block 1 and Lot 1, Block 2, Central Overlook in the City of Duluth pursuant to which Developer will receive tax increment financing (TIF) assistance for the construction of approximately 1200 units of housing, 80,000 square feet of retail space, and related infrastructure enhancements to the site, payable from TIF District 17, Fund __, Agency ___, Org __; subject to the approval by the Duluth City Council of the Development Agreement and of the Tax Increment Financing Plan for Tax Increment Financing District No. 17.
FURTHER RESOLVED, that contingent on final approval of environmental review and approval by the Duluth City Council of the Development Agreement and of the Tax Increment Financing Plan for Tax Increment Financing District No. 17, the proper DEDA officials are hereby authorized to enter into one or more promissory notes, each promissory note associated with a Project, as that term is defined in the Development Agreement, substantially in the form of Exhibit A to the Development Agreement with Chester Creek View LLC and Incline Plaza Development LLC in amounts equal to ninety-percent (90%) of TIF Eligible Project Costs, as that term is defined in the Development Agreement, payable from Fund 860 to support construction of the Incline Plaza Development, subject to the City transferring to DEDA the amount necessary to fund said obligation.
Statement of Purpose
STATEMENT OF PUR...
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