Laserfiche WebLink
1 ESTABLISHMENT OF TAX <br />NO. 2, RAMSEY <br />THE APPROVAL <br />4 <br />5 Redevelopment Agreement <br />INCREMENT FINANCING DISTRICT <br />COUNTY, AND REQUESTING <br />OF THE CITY COUNCIL <br />Notion carried unanimously. <br />6 Mr. Newman promised that the schedules providing the legal description <br />7 of the project property and improvements to the property as well as the <br />8 Timetable for Completion of the Project would be provided the next day. <br />9 He explained that the reason they weren't ready that evening was because <br />10 he and Mr. Nedegaard had just returned that afternoon from Charleston, <br />11 South Carolina where Mr. Nedegaard is also the developer of a 400 unit <br />12 housing development which was severely damaged by Hurricane Hugo. The <br />13 Attorney indicated, however, that the soil corrections on the project <br />14 would be commenced the following Friday and much of the work completed <br />15 this fall. He promised that the balance of the work would be completed <br />16 by June 1, 1990 and that the entire project would be completed by <br />17 December 31, 1990. He also assured Councilmember Makowske that portions <br />18 of the project would be completed before December. <br />19 Mr. Nedegaard indicated the insurance and liability documents had been <br />20 sent to Norwest Bank and copies would be provided for the City as well <br />21 as the Declaration of Covenants and Restrictions for Exhibit B. <br />Motion by Marks, seconded by Makowske to authorize the execution of the <br />Redevelopment Agreement with Nedegaard Construction Company, Inc. <br />24 subject to the inclusion of all necessary schedules and exhibits to be <br />25 reviewed by the H.R.A. Attorney. <br />26 <br />27 Indemnity Agreement <br />Motion carried unanimously. <br />28 The H.R.A. Attorney indicated that the construction company which is the <br />29 developer and Mr Nedegaard, personally would indemnify the City and the <br />30 H.R.A. against any claims related to the Agreement. <br />31 Motion by Marks, seconded by Ranallo to approve execution of the <br />32 Indemnity Agreement with correct spelling of the City name. <br />33 <br />34 Tax Increment Revenue Note <br />Motion carried unanimously. <br />35 Mr. Soth affirmed that the signature copies to be executed that evening <br />36 contained the amount of $267,000.00 to be held by Norwest Bank and paid <br />37 out for soil corrections as tax increments come in from the project. <br />38 The number of the Resolution was changed to 89-005. <br />Motion by Marks, seconded,by Enrooth to adopt H.R.A. Resolution 89-005. <br />0 <br />2 <br />