HRA Resolution 2003-04RESOLUTION NO. 03 -04
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION EXTENDING THE COMPLIANCE DATE 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
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, the Authority on April 4, 2001, approved the Certificate of Completion based on
the issuance of a Temporary Certificate of Occupancy by the Building Official, and
WHEREAS, the Authority agreed to amend the date of the Certificate of Completion from
April 4, 2001, to July 26, 2001, the date of issuance of the Final Certificate of Occupancy, and
WHEREAS, the Authority called for a public hearing date of July 2, 2003, for consideration
to extend the Compliance Date within the Agreement; and
WHEREAS, to prevent default of the Agreement, the Developer requests ARTICLE III,
Acquisition of Property; Site Improvements Financial Assistance, Section 3.6. Business Subsidy
Agreement, (b) Job and Wage Goals be amended following the public hearing to read: Up to one
year from the two years after the date of issuance of the certificate of completion of Phase I (the
"Compliance Date "), the Developer shall cause to be created at least 85 new full -time equivalent
jobs ............. .
NOW, THEREFORE, BE IT RESOLVED by the Authority, the City, and the Developer as
follows:
1. The Developer, Authority, and City understood amending the completion construction date
from June 1, 2000, to April 1, 2001, may have altered the Projected Tax Increment Cash Flow.
Resolution No. 03_04
Page 2
2. The Developer acknowledges that due to a sluggish economy and the competitiveness of
the European and Chinese markets, the Developer used a temporary work force causing a non-
compliance of the job and wage goals by July 26, 2003.
3. The Developer has prepared and presented a strategic plan for compliance of the job and
wage goals per the Agreement and acceptable to the Authority.
4. The Developer and Authority understand per the Agreement, the Authority may, after a
public hearing, extend the Compliance Date by up to one year, provided that nothing in this
section will be construed to limit the Authority's legislative discretion regarding this matter.
The Authority, the City, and the Developer hereby approve extending the "Compliance Date"
for the creation of job and wage goals from July 26, 2003, to July 26, 2004, 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: , 20
HOUSING AND REDEVELOPMENT
AUTHORITY IN A>p FOR THE
CITY F MON LO
By 61.(x"
Its Chair
BY n 0 �j
Its Executive Director
CITY OF MONTICELLO
BY S-4u?.¢
Its Ma ..o_
By - : � (
Its Admi iii strator
TWIN CITY DIE CASTINGS COMPANY
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