RES 18-52EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
HELD: July 23, 2018
Pursuant to due call and notice thereof, a meeting of the City Council of the City of
Otsego, Wright County, Minnesota, was duly called and held at the Otsego Prairie Center, in said
City on the 23rd day of July, 2018, at 7:00 o'clock p.m.
The following members were present: Stockamp, Heidner, Warehime, Tanner and the
following abstained: Darkenwald and the following were absent: None.
Member Warehime introduced the following resolution and moved its adoption:
RESOLUTION NO. 2018-52
RESOLUTION AUTHORIZING EXECUTION
OF A DEVELOPMENT AGREEMENT
A. WHEREAS, Otsego Apartments, LLC, (the "Developer") has requested the City
of Otsego, Minnesota (the "City") to assist with the financing of certain costs incurred in
connection with the construction of a 82 -unit multifamily rental apartment project and the
construction of an approximately 44,000 square foot commercial mini -storage facility (the
"Phase 1 Project") and the construction of a 82 -unit multifamily rental apartment project (the
"Phase 2 Project" and with the Phase I Project, the "Project"), each to be constructed by the
Developer and located in the City; and
B. WHEREAS, the Developer and the City have determined to enter into a
Development Agreement providing for the City's tax increment financing assistance for the
Project (the "Development Agreement").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Otsego,
Minnesota, as follows:
1. The City Council hereby approves the Development Agreement in substantially
the form submitted, and the Mayor and the City Administrator/Finance Director are hereby
authorized and directed to execute the Development Agreement on behalf of the City.
2. The approval hereby given to the Development 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 Development
Agreement. The execution of the Development Agreement by the appropriate officer or officers
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of the City shall be conclusive evidence of the approval of the Development Agreement in
accordance with the terms hereof.
The motion for adoption of the foregoing resolution was duly seconded by member
Tanner and, after full discussion thereof, and upon a vote being taken thereof, the following
voted in favor thereof. Stockamp, Warehime, Tanner, Heidner
and the following voted against same: None
Adopted this 23rd day of July, 2018.
Attest:
City Administrator/F nance Director
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STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being the duly qualified and acting City Administrator/Finance
Director of the City of Otsego, Minnesota, DO HEREBY CERTIFY that I have carefully
compared the attached and foregoing extract of minutes with the original minutes of a meeting of
the City Council of the City held on the date therein indicated, which are on file and of record in
my office, and the same is a full, true and complete transcript therefrom insofar as the same
relates to a Resolution Authorizing Execution of a Development Agreement.
WITNESS my hand as such City Administrator/Finance Director of the City Council of
the City of Otsego, Minnesota this 23rd day of July, 2018.
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City Administrator/F nance Director