RES 17-51EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
HELD: June 12, 2017
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 12th day of June, 2017, at 7:00 o'clock p.m.
The following members were present: Stockamp, Heidner, Tanner,
Warehime, Darkenwald
and the following were absent: None
Member Heidner introduced the following resolution and moved its
adoption:
RESOLUTION NO. 2017-51
RESOLUTION AUTHORIZING EXECUTION
OF A DEVELOPMENT AGREEMENT
A. WHEREAS, Bury Industries, 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 an approximately 26,400 square foot manufacturing and
warehouse facility in the City by the Developer (the "Project"); 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
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
Darkenwald and, after full discussion thereof, and upon a vote being taken thereof, the
following voted in favor thereof: Stockamp, Darkenald, Warehime, Heidner,
T nne
an the for voted against same: None
Adopted this 12th day of June, 2017.
Attest:
City Administrator/Finance 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 12th day of June, 2017.
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City Administrator/F' ance Director