City Council Resolution 2000-56RESOLUTION NO. 2000-56
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION AMENDING THE CONTRACT FOR PRIVATE DEVELOPMENT
BY AND BETWEEN
TWIN CITY DIE CASTINGS COMPANY AND
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF MONTICELLO AND
CITY OF MONTICELLO
WHEREAS, the Housing and Redevelopment Authority (the "Authority") in and for the City
of Monticello, the City of Monticello (the "City"), and Twin City Die Castings Company (the
"Developer") entered into the Contract for Private Development (the "Agreement") by and
between Twin City Die Castings Company and Housing and Redevelopment Authority in and for
the City of Monticello and City of Monticello on October 25, 1999; and
WHEREAS, ARTICLE IV, Construction of Minimum Improvements, Section 4.3.
Commencement and Completion of Construction. of the Agreement read: Subject to Unavoidable
Delays, the Developer shall complete the construction of Phase I by June 1, 2000, and
........................; and
WHEREAS, ARTICLE IV, Construction of Minimum Improvements. Section 4.3.
Commencement and Completion of Construction. of the Agreement was amended by the
Authority, the City, and the Developer on March 13, 2000 to read: Subject to Unavoidable
Delays, the Developer shall complete the construction of Phase I by September 1, 2000, and
WHEREAS, to prevent default of the Agreement, the Developer requests ARTICLE IV,
Construction of Minimum Improvements, Section 4.3. Commencement and Completion of
Construction. of the Agreement be amended to read: Subject to Unavoidable Delays, the
Development shall complete the construction of Phase I by December 1, 2000.
NOW, THEREFORE, BE IT RESOLVED by the Authority, the City, and the Developer as
follows:
1. The Developer acknowledges that due to significant increase in costs associated with the
research and development of a fire code plan for construction of a magnesium processing
plant and the increase in construction costs to comply with the fire code plan, the
Developer was caused to revise the Construction Plans for the Minimum Improvements of
Phase I in order to reduce construction costs.
2. The Developer acknowledges the revised Construction Plans do not alter the amount of
square footage of the Minimum Improvements of Phase I.
Resolution No. 2000-56
Page 2
3. The Chief Building Official in and for the City of Monticello has reviewed and approved
the revised Construction Plans for Phase I.
4. The Authority acknowledges amending the completion construction date from September
1, 2000, to December 1, 2000, and the revised Construction Plans will not alter the
Projected Tax Increment Cash Flow.
The Authority, the City, and the Developer hereby approve amending the construction
completion date from September 1, 2000, to December 1, 2000, within the Contract for Private
Development by and between Twin City Die Castings Company, Housing and Redevelopment
Authority in and for the City of Monticello, and City of Monticello, dated October 25, 1999.
Dated: August 14 -2000 .
HOUSING AND REDEVELOPMENT TWIN CITY DIE CASTINGS COMPANY
AUTHORITY IN AND FOR THE
CITY OF MONTICELLO
By
Its lair
By
Its Executive Director
CITY OF MO TCELLO
By
Its Ma or
By
Its Administrator
BY 0,
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