02-867r
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HRA RESOLUTION NO. 867
RESOLUTION AUTHORIZING EXECUTION OF
TAX INCREMENT PLEDGE AGREEMENTS WITH THE
CITY OF RICHFIELD RELATING TO $2,495,000 TAXABLE GENERAL
OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 2002B
AND $1,065,000 TAXABLE GENERAL OBLIGATION TAX
INCREMENT REFUNDING BONDS, SERIES 2002C
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, the Project Area incorporates the Richfield Rediscovered Redevelopment
Project Area and the ILN Redevelopment Project Area previously established by the HRA; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City has previously financed certain public redevelopment
costs incurred by the BRA in the Project Area through the issuance of general obligation bonds of
the City, specifically the $5,075,000 General Obligation Taxable Tax Increment Bonds, Series 1996
(the "Series 1996 Bonds") and the Taxable Variable Rate Demand General Obligation Bonds
(Richfield Rediscovered Project) Series 1999 (the "Series 1999 Bonds"); and
WHEREAS, pursuant to a Tax Increment Pledge Agreement between the City and HRA
dated December 9, 1996 (the "Series 1996 Pledge Agreement"), the HRA pledged certain tax
increments from certain tax increment financing districts in the Project Area to payment of principal
and interest on the Series 1996 Bonds; and pursuant to a Pledge Agreement dated November 1,
1999 (the "Series 1999 Pledge Agreement"), the BRA pledged certain tax increments from certain
tax increment financing districts in the Project Area to payment of principal and interest on the and
the Series 1999 Bonds; and
WHEREAS, the City and BRA have proposed to refmance the Series 1996 Bonds by
issuance of $2,495,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2002B,
and to refinance the Series 1999 Bonds by issuance of $1,065,000 Taxable General Obligation Tax
Increment Refunding Bonds, Series 2002C, and hereinafter referred to collectively as the
"Refunding Bonds"; and
WHEREAS, the BRA has agreed to pledge certain tax increment revenues to the City for
the principal and interest on the Refunding Bonds; and
WHEREAS, the there has been presented to the HRA a form of Series 2002B Tax
Increment Pledge Agreement between the HRA and the City and a form of Series 2002C Tax
Increment Pledge Agreement between the HRA and the City, providing for the pledge of tax
increments from specified tax increment districts to payment of principal and interest on the
Refunding 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 respective Refunding Bonds, the Chair and
Secretary of the Authority are hereby authorized to execute and deliver the 2002B Tax Increment
Pledge Agreement and the 2002C Tax Increment Pledge Agreement substantially in the forms on
file with the City, providing for the pledge of tax increment for the payment of the principal of.
premium, if any, and interest on, the Refunding Bonds.
2. This resolution shall be effective as ofthe date hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 21 st day of October, 2002.
Attest:
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