03-888r
62
HRA RESOLUTION NO. 888
RESOLUTION AUTHORIZING EXECUTION OF
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF RICHFIELD RELATING TO $6,000,000 TAXABLE
GENERAL OBLIGATION TAX INCREMENT BONDS
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; and
WHEREAS, within the Project Area, the HRA and City have established the Lyndale
Gateway West Tax Increment Financing District (the "TIF District"); and
WHEREAS, the HRA and Lyndale Gateway, LLC have entered into a Contract for
Private Redevelopment dated as of August 5, 2002, as amended (the "Contract"); and
WHEREAS, pursuant to the Contract the HRA agrees to provide various forms of
financial assistance in connection with redevelopment of certain property in the TIF
District, including proceeds of certain tax increment bonds; and
WHEREAS, as contemplated in the Contract, the City and HRA have proposed that
the City issue General Obligation Taxable Tax Increment Bonds in an aggregate principal
amount not to exceed $6,000,000 (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, there has been presented to the HRA a form of Tax Increment Pledge
Agreement Series 2003 between the HRA and the City (the "Pledge Agreement"),
providing for issuance of the Bonds, the use of proceeds, and the pledge of tax increments
from the TIF District tax increment districts to payment of principal and interest on the
Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the
"Board") of The Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority), as follows:
1. Upon awarding of the sale of the Bonds, the Chair and Secretary of the
Authority are hereby authorized to execute and deliver the Pledge Agreement substantially
in the form on file with the City, subject to modifications that do not alter the substance of
the transaction that are approved by the Chair and Executive Director, whose execution
will be conclusive evidence of their approval.
2. This resolution shall be effective as of the date hereof.
Adopted by the Housing and Redevelopm t Authority in and for the City of
Richfield, Minnesota this 21st day of April, 2003.
Thomas E. Harms, Chair
Attest: