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CITY COUNCIL RESOLUTION NO. 8773
RESOLUTION AUTHORIZING THE FORM OF A TAX INCREMENT PLEDGE
AGREEMENT WITH HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD RELATING TO $1,700,000 GENERAL OBLIGATION
TAXABLE TAX INCREMENT BONDS, SERIES 1999A
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, dated June 14, 1993; and
WHEREAS, pursuant to authority conferred by Minnesota Statues, Section
469.178, and Minnesota Statutes, Chapter 475, the City Council ("the City") has agreed to
finance certain public redevelopment costs to be incurred by the HRA in the Project Area
through the issuance of general obligation bonds of the City in the principal amount of
$1,700,000, designated the General Obligation Taxable Tax Increment Bonds, Series
1999A, and hereinafter referred to as the "Bonds"; and
WHEREAS, sale of the Bonds is subject to City approval of modification of the
Project Area and Project Plan, modification of the Gramercy and Urban Village Tax
Increment Financing ("TIF") district plans, establishment of the Richfield Rediscovered TIF
District and creation of the Richfield Rediscovered 1999 TIF District Plans; 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 City a Tax Increment Pledge
Agreement between the City and the HRA providing for the pledge of tax increments from
the Gramercy and Urban Village TIF Districts and the new Richfield Rediscovered 1999
TIF Districts to pay principal and interest on the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of Richfield, Minnesota
as follows:
1. The Mayor and Acting City Manager are hereby authorized to execute and
deliver a Tax Increment Pledge Agreement with the Housing and Redevelopment Authority
in and for City of Richfield, Minnesota substantially in the form 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 Bonds.
2. This resolution shall be effective as of the date hereof.
Adopted by the City Council of Richfield, Minnesota this 27th day of September,
1999.
ATTEST:
~jJa
Thomas P. Ferber, City Clerk '-