03-901r
HRA RESOLUTION NO. 901
RESOLUTION AUTHORIZING EXECUTION OF
TAX INCREMENTPLEDGE AGREEMENT WITH THE
CITY OF RICHFIELD RELATING TO $6 MILLION TAXABLE
GENERAL OBLIGATION TAX INCREMENT BONDS
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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 the First
Amended and Restated Contract for Private Redevelopment on August 4, 2003, 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 Tax
Increment Finance 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 million (the "Bonds"); and
WHEREAS, the City and HRA have previously entered into a Tax Increment Pledge
Agreement dated as of April 22, 2003 ("Original Pledge Agreement") providing for issuance
of such bonds and the pledge of certain tax increments as security for the bonds; and
WHEREAS, the City and HRA have determined to modify the Original Pledge
Agreement to reflect changes in the proposed structure of bonds to be issued; and
WHEREAS, there has been presented to the HRA a form of Amended Tax
Increment Pledge Agreement Series 2003 between the HRA and the City (the "Amended
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 Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The HRA Chair and Secretary are hereby authorized to execute and deliver
the Amended 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
Adopted by the Housing and Redevelo
Richfield, Minnesota this 18th day of August, 20 .
City of