03-907r
HRA RESOLUTION NO. 907
RESOLUTION AUTHORIZING EXECUTION OF TAX INCREMENT PLEDGE AGREEMENT
WITH THE CITY OF RICHFIELD RELATING TO TAXABLE
GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 2003A AND B
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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 a First Amended
and Restated Contract for Private Redevelopment dated as of 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 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 City and HRA have previously entered into a Tax Increment Pledge
Agreement dated as of April 22, 2003, as amended September 2, 2003 ("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 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 Second 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 (the "Authority"), as follows:
1. The Chair and Secretary of the Authority are hereby authorized to execute and
deliver the Second 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~ate hereof.
. Adopted by the Housing and Redevelopmi"t...'.;;'f::.{.\~h hority in ang for the City of Richfield,
Minnesota thiS 17th day of November 2003. j/'. <// I /
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L' /'-"{ft/CUz I~-'
Thomas E. Harms, Chair
Attest:
K~ 1 ~l:t{J :-iJ;il t1
Kristal Stokes, Secretary