RES 16-50EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
HELD: May 9, 2016
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 9th day of May, 2016, at 7:00 o'clock p.m.
The following members were present: Stockamp, Heidner, Darkenwald, Warehime
and the following were absent: Schroeder
Member Heidner introduced the following resolution and moved its adoption:
RESOLUTION 2016-50
AUTHORIZING
EXECUTION OF A DEVELOPMENT AGREEMENT
A. WHEREAS, P & F PROPERTIES, INC. (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 an approximately 54,400 square foot manufacturing facility
in the City by the Developer (the "Project") for P & F MACHINING, INC. (the "Tenant").
B. WHEREAS, the Developer, the Tenant 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 Administrator 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
of the City shall be conclusive evidence of the approval of the Development Agreement in
accordance with the terms hereof.
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The motion for adoption of the foregoing resolution was duly seconded by member
Warehime and, after full discussion thereof, and upon a vote being taken thereof, the following
voted in favor thereof: Stockamp, Heidner, Darkenwald, Warehime
and the following voted against same: None
Adopted this 9th day of May, 2016. 0
Mayor
Attest:
City Clerk
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STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being the duly qualified and City Clerk 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 Clerk of the City Council of the City of Otsego,
Minnesota this 9th day of May, 2016.
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City Clerk