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RESOLUTION NO. 696
A RESOLUTION APPROVING AN AGREEMENT BETWEEN
PUEBLO, A MUNICIPAL CORPORATION AND DAYTON -
HUDSON CORPORATION, TARGET STORES DIVISION AND
TRANSFERRING FUNDS THEREFOR
WHEREAS, Dayton - Hudson Corporation, Target Stores Division
(herein "Target ") has determined to expand its warehouse and
distribution facility at Pueblo Memorial Airport Industrial Park,
and
WHEREAS, the estimate cost of such expansion is $26 million
and will generate approximately 185 additional jobs, and
WHEREAS, Target has instructed its general contractor for the
project that Target supports and encourages the use of local
contractors and suppliers, and
WHEREAS, the City has committed the sum of $400,000 as an
incentive to Target to so expand its facility, and
WHEREAS, the expansion of Target's facility will stimulate
economic development and provide employment opportunities for the
people of Pueblo; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Agreement between Pueblo, a Municipal Corporation and
Dayton - Hudson Corporation, Target Stores Division dated July 13,
1992, a copy of which is attached hereto and incorporated herein,
having been approved as to form by the City Attorney, is hereby
approved. The President of the City Council is authorized to
execute the Agreement in the name of the City and the City Clerk
is directed to affix the seal of the City thereto and attest same.
cFrTTr)M 7
The sum of $400,000 is hereby transferred from the Sales And
Use Tax Capital Improvement Fund to the Target Account for the
purpose of paying and discharging the City's obligation under the
Aqreement.
ATTEST:
C _jy Clerk
INTRODUCED: July 13, 1992
By MICHAEL OCCHIATO
Councilperson
APPROVED:
Presi nt of tho City Council
TJ 61.24 -2-
RESOLUTION NO. 69 65
A RESOLUTION APPROVING AN AGREEMENT BETWEEN
PUEBLO, A MUNICIPAL CORPORATION AND DAYTON -
HUDSON CORPORATION, TARGET STORES DIVISION AND
TRANSFERRING FUNDS THEREFOR
WHEREAS, Dayton - Hudson Corporation, Target Stores Division
(herein "Target ") has determined to expand its warehouse and
distribution facility at Pueblo Memorial Airport Industrial Park,
and
WHEREAS, the estimate cost of such expansion is $26 million
and will generate approximately 185 additional jobs, and
WHEREAS, Target has instructed its general contractor for the
project that Target supports and encourages the use of local
contractors and suppliers, and
WHEREAS, the City has committed the sum of $400,000 as an
incentive to Target to so expand its facility, and
WHEREAS, the expansion of Target's facility will stimulate
economic development and provide employment opportunities for the
people of Pueblo; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Agreement between Pueblo, a Municipal Corporation and
Dayton - Hudson Corporation, Target Stores Division dated July 13,
1992, a copy of which is attached hereto and incorporated herein,
having been approved as to form by the City Attorney, is hereby
approved. The President of the City Council is authorized to
execute the Agreement in the name of the City and the City Clerk
is directed to affix the seal of the City thereto and attest same.
SECTION 2
The sum of $400,000 is hereby transferred from the Sales And
Use Tax Capital Improvement Fund to the Target Account for the
purpose of paying and discharging the City's obligation under the
Agreement.
ATTEST:
6 e�,
City Clerk
INTRODUCED: July 13, 1992
By MICHAEL OCCHIATO
Councilperson
APPROVED:
Presi nt of lthO City Council
TJ 61.24 -2-
AGREEMENT
THIS AGREEMENT entered into as of the 13th day of July, 1992
between Pueblo, a municipal corporation (herein "City ") and
Dayton- Hudson Corporation, Target Stores Division, a Minnesota
Corporation (herein "Target "), WITNESSETH:
WHEREAS, Target has determined to expand its warehousing and
distribution facilities at the Pueblo Memorial Airport Industrial
Park and the estimate cost of such expansion including equipment
is $26 million, and
WHEREAS, City has committed the sum of $400,000 as an
incentive to Target to so expand its facility.
NOW, THEREFORE, in consideration of the foregoing and mutual
promises herein contained, City and Target agree as follows:
1. Target will expand its warehousing and distribution
facility at Pueblo Memorial Airport Industrial Park which will
include the construction and equipping of an approximately 380,000
square foot facility (the "Project "). Target estimates the
Project will cost $26 million and generate an additional 185 jobs.
2. City will make available to Target the sum of $400,000
to be used by Target for Project site work, grading, surface water
detention and erosion control facilities, roads, parking lot and
on -site utilities (the "Improvements "). Upon receipt by the
Director of Finance of a request for payment certified by Target's
manager for the Project that the Improvements have been completed
and the cost thereof, together with supporting documentation, the
Director of Finance will, within 30 days after receipt of the
request for payment, pay to Target an amount equal to the costs of
the Improvements so certified, not to exceed in the aggregate a
total of $400,000.
3. This Agreement shall not be assigned by Target and shall
be binding upon the successors of the parties hereto.
Executed the day and year first above written.
DAYTON - HUDSON CORPORATION,
TARGET-STORES DIVISION
an
Attest:
PUEBLO, A MUNICIPAL CORPORATION
By - J?�
Press, ent of the Cit Council
Attest:
Ci y Clerk
TJ 61.25