12-1125r HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD,MINNESOTA
HRA RESOLUTION NO.1125
RESOLUTION AUTHORIZING EXECUTION OF AN AMENDED
AND RESTATED TAX INCREMENT PLEDGE AGREEMENT
WITH THE CITY OF RICHFIELD RELATING TO THE CITY'S
TAXABLE GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS, SERIES 2012B, IN THE APPROXIMATE
AGGREGATE PRINCIPAL AMOUNT OF$2,985,000
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"Plan")for the Project Area;and
WHEREAS, the HRA and the City of Richfield, Minnesota (the "City"), have established the
Lyndale Gateway West Tax Increment Financing District (the "TIF District") within the Project Area in
accordance with Minnesota Statutes, Sections 469.174 to 469.1799;and
WHEREAS,pursuant to authority conferred by Minnesota Statutes, Section 469.178, and Minnesota
Statutes, Chapter 475, as amended, the City previously agreed to finance certain public redevelopment costs
to be incurred by the HRA or the City in the Project Area (the "Project") through the issuance of general
obligation bonds of the City in the principal amount of $4,840,000, designated the Taxable General
Obligation Temporary Tax Increment Bonds, Series 2003A(the"Series 2003A Bonds");and
WHEREAS, in order to repay the Series 2003A Bonds and provide permanent financing for the
Project and to provide financing for additional redevelopment costs, the City issued its Taxable General
Obligation Tax Increment Bonds, Series 2003C (the "Refunded Bonds"), in the original aggregate principal
amount of$3,470,000;and
WHEREAS, at the time the Refunded Bonds were issued, the City and the HRA entered into a
Second Amended Tax Increment Pledge Agreement, pursuant to which the HRA agreed to pledge tax
increment revenues from the TIF District to the payment of principal of and interest on the Refunded Bonds;
and
WHEREAS pursuant to a resolution adopted by the City Council of the.City on August 13,2012,the
City has determined to issue its Taxable General Obligation Tax Increment Refunding Bonds, Series 2012B
(the "Refunding Bonds") on or about September 6, 2012, in the approximate aggregate principal amount of
$2,985,000, and apply the proceeds of the Refunding Bonds to (i) pay the principal of and interest on the
Refunded Bonds through February 1, 2014 (the "Redemption Date"), and (ii) pay the outstanding principal
amount of the Refunded Bonds on the Redemption Date, pursuant to an Advance Refunding Escrow
Agreement,to be dated on or after September 6, 2012,between the City and the escrow agent named therein;
and
WHEREAS,the HRA has determined to pledge certain tax increment revenues from the TIF District
to the City for the payment of the principal of and interest on the Refunding Bonds;and
WHEREAS,there has been presented to the HRA an Amended and Restated Tax Increment Pledge
Agreement between the HRA and the City (the "Pledge Agreement") providing for the pledge of tax
increments from the TIF District to the payment of the principal of and interest on the Refunding Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board") of the
HRA, as follows:
1. The Chair and Executive Director of the HRA are hereby authorized to execute and deliver
the Pledge Agreement substantially in the form on file with the City, providing for the pledge of tax
increment derived from property in the TIF District for the payment of the principal of, premium, if any, and
interest on,the Refunding Bonds.
2. This resolution shall be effective as of the date hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota
this 20th day of August,2012.
1__«___ 4%144X _A / _ems/
Su . Sandahl,Chair
Attes'I - - //
Aff .
`Alid _ L 4
Steven L.Devich, xecutive Directs
2