RES 16-72CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO. 2016-72
RESOLUTION REGARDING DEVELOPMENT INCENTIVE PAYMENT FOR
NYSTROM & ASSOCIATES, LTD- LOT 1, BLOCK 1 OTSEGO WATERFRONT
EAST SIXTH ADDITION
WHEREAS, Nystrom & Associates, Ltd. (OWNER) has been approved to construct an
office building upon LOT 1, BLOCK 1, OTSEGO WATERFRONT EAST SIXTH
ADDITION and has requested Council consideration of payment of certain Development
Incentives as originally set forth in that Agreement dated June 29, 2011 between the City
of Otsego (OTSEGO) and GCI Capital, Inc.; and which were subsequently assigned to
OWNER; and
WHEREAS, the Agreement provides for payment of Development Incentives in the total
amount of $170,051.85 upon completion of a building on the property valued at
$2,200,671.00 or above as per the terms and conditions of the above referenced June 29,
2011 Agreement; and
WHEREAS, the Development Incentive Payments are to be paid out of the Capital
Improvement Revolving Fund, as previously directed by the City Council.
NOW THEREFORE the CITY COUNCIL of the City of Otsego resolves as follows:
Upon, completion of the Nystrom & Associates, LTD office building on LOT 1,
BLOCK 1, OTSEGO WATERFRONT EAST SIXTH ADDITION and
verification of its value as meeting or exceeding $2,200,671.00 as required by the
Agreement between CITY and OWNER, CITY shall make payment of the
Development Incentive to OWNER in the amount of $170,051.85 as per the
Agreement.
2. The funds for the Development Incentive Payment shall come from the City's
Capital Improvement Revolving Fund.
3. City staff is hereby directed to undertake administrative procedures necessary to
effectuate this Resolution.
ADOPTED this 22nd day of August, 2016 by the City Council of the City of Otsego,
Wright County, Minnesota.
IN FAVOR: Stockamp, Heidner, Schroeder, Darkenwald, Warehime
OPPOSED: None
CITYOF OTSEGO
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JOslica Stockamp, Mayor or
Tami Loff, City Clerk
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