2000 HRA Resolution 0761
HRA RESOLUTION NO. 761
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF RICHFIELD RELATING TO $1,630,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 2000A
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA") has established the Richfield Redevelopment Project
Area (the "Project Area"), and approved a Redevelopment Plan (the "Project Plan") for the
Project Area, dated June 14, 1993; and
WHEREAS, the Project Area incorporates the ILN Redevelopment Project Area
previously established by the HRA; and
WHEREAS, on February 22, 2000, the HRA approved a modification of the Project
Plan and the related tax increment financing plan for the ILN Tax Increment Financing
District (the "ILN TIF District"); and
WHEREAS, on March 13, 2000, the City Council approved a modification of the
Project Plan and the related tax increment financing plan for the ILN TIF District; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section
469.178, and Minnesota Statutes, Chapter 475, the City has agreed to finance certain
public redevelopment costs to be incurred by the HRA in the Project Area through the
issuance of general obligation bonds of the City in the principal amount of $1,630,000,
designated the General Obligation Tax Increment Bonds, Series 2000A, and hereinafter
referred to as the "Bonds"; and
WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the
City for the principal and interest on the Bonds; and
WHEREAS, the there has been presented to the HRA a Tax Increment Pledge
Agreement between the HRA and the City providing for the pledge of tax increments from
the ILN TIF District to payment of principal and interest on the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the
"Board") of the HRA, as follows:
1.The Chair and Secretary of the HRA are hereby authorized to execute and
deliver a Tax Increment Pledge Agreement with the City of Richfield, Minnesota (the "City")
substantially in the form on file with the City, providing for the pledge of tax increment
derived from a designated property within the ILN TIF District for the payment of the
principal of, premium, if any, and interest on, the Bonds.
2.Thisresolution shall be effective as of the date hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 17th day of April, 2000.
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Thomas E. Harms, Chair
Attest:
_________________________________
Michael Sandahl, Secretary