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HRA RESOLUTION NO. 811
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF RICHFIELD RELATING TO $8,350,000 GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 2001A
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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, the HRA and City have established the Interchange West and Lyndale
Gateway Tax Increment Financing District (the "TIF District") within the Project Area in
accordance with Minnesota Statutes, Sections 469.174 to 469.179; and
WHEREAS, on December 18, 2000, the HRA approved a modification to the tax
increment financing plan for the TIF District related to the Interchange West portion of the
TIF District; and
WHEREAS, on January 22, 2001, the City Council approved the modification of the
tax increment financing plan for the 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 or the City in the Project Area
through the issuance of general obligation bonds of the City in the principal amount of
$8,350,000, designated the General Obligation Tax Increment Bonds, Series 2001A, 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, 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 Interchange West 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 substantially in the form on file with the City, providing for the
pledge of tax increment derived from property in the Interchange West
portion of the TIF District for the payment of the principal of, premium, if any,
and interest on, the Bonds.
2. This resolution shall be effective as of the date hereof.
Adopted by the Housing and Redevelop
Richfield, Minnesota this 19th day of March, 20