10-1083rHRA RESOLUTION NO. 1083
RESOLUTION AUTHORIZING EXECUTION OF AN
AMENDED AND RESTATED TAX INCREMENT PLEDGE
AGREEMENT WITH THE CITY OF RICHFIELD RELATING
TO THE CITY'S GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS, SERIES 20106, IN THE
APPROXIMATE AGGREGATE PRINCIPAL AMOUNT OF
$6,465,000
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 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 469.1799; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section
469.178, and Minnesota Statutes, Chapter 475, the City previously 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 (the
"Refunded Bonds"); and
WHEREAS, pursuant to a resolution adopted by the City Council of the City on
November 9, 2010, the City has provided preliminary approval for the issuance of
refunding bonds to redeem and prepay the Refunded Bonds, the sale of which is expected
to occur on December 14, 2010; and
WHEREAS, the City has determined to issue its General Obligation Tax Increment
Refunding Bonds, Series 20106 (the "Refunding Bonds"), in the approximate aggregate
principal amount of $6,465,000, and apply proceeds of the Refunding Bonds to redeem
and prepay the Refunded Bonds and pay interest on the Refunding Bonds pursuant to a
Crossover Refunding Escrow Agreement, dated on or after December 1, 2010, between
the City and the escrow agent named therein; and
WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the
City for the principal 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 payment of principal 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 Secretary 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 15th day of November, 2010.
,~
Suzy ne M. Sandahl, Chair
Attest:
Joa ~,~~Relmberger, Secretary