Res 1998 - 07 Extending Tax Increment Developers Agreement Benefits to General Pump Partial Ownership TransferCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 98- 07
RESOLUTION EXTENDING TAX INCREMENT DEVELOPERS AGREEMENT BENEFITS
TO GENERAL PUMP PARTIAL OWNERSHIP TRANSFER
WHEREAS, the City in December 1994, approved Tax Increment Financing
Assistance to the Developers of the General Pump property; and
WHEREAS, the agreement contained provisions limiting the Tax Increment
benefits as they apply to the assignment at transfer of the property; and
WHEREAS, Mr. Christopherson, General Pump, has requested waiver of the
prohibitions to allow for the sale of a part interest in General Pump to allow for
business expansion; and
WHEREAS, the new company, GP Companies, Inc. will continue to lease the
property from Mr. Christopherson and operate from the facility.
NOW THEREFORE BE IT RESOLVED that the City hereby extends the
benefits of the Tax Increment Financing to the new corporation and approves the
transfer to Inter Pump Group SpA and waiver the provisions of Article VI of the
Developers Agreement dated December 6 , 1994.
Adopted by the Council of the City of Mendota Heights this 3rd day of February,
1998.
By
ATTEST
Kathleen M. Swanson
City Clerk
CITY COUNCIL
CITY OF MENDOTA HEIGHTS
at.e. act
Charles E. Mertensotto
Mayor
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