90-139
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RESOLUTION NO. 139-90
RESOLUTION RESCINDING RESOLUTION APPROVING
CONTRACT FOR TAX INCREMENT FINANCE DEVELOPMENT
BY AND BETWEEN THE CITY OF SHOREWOOD, MINNESOTA
AND SHERMAN-BOOSALIS INTERESTS, INC.
WHEREAS, the City Council of the City of Shorewood passed Resolution
No. 137-90on 10 December 1990, approving a Contract for Tax Increment Finance
Development By and Between the City of Shorewood, Minnesota and
Sherman-Boosalis Interests, Inc. (the Developer); and
WHEREAS, Section 2.2, paragraph (8) of such Contract provides for
the Developer to, within a reasonable time, effect a closing with Trivesco,
whereby Developer becomes the fee owner of the real property; and
WHEREAS, the City has been notified that the Developer has not
effected such a closing with Trivesco and has indicated it has no intention
of effecting such a closing in the future.
NOW, THEREFO RE, BE IT RESOLVED by the City Council of the
City of Shorewood as follows:
1. That Resolution No. 137-90, passed by the City Council on 10
December 1990 entitled "Contract for Tax Increment Finance Development By and
Between the City of Shorewood, Minnesota and Sherman-Boosalis Interests,
Inc. ", is hereby rescinded.
ADOPTED BY THE CITY COUNCIL of the City of Shorewood this
27th day of December, 1990.
ATTEST:
Laurence E. Whittaker
City Administrator/Clerk
Roll Call Vote:
Ayes - Haugen, Brancel, Gagne, Stover, Watten
Nays - 0