1996-61536
HRA RESOLUTION NO. 615
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF RICHFIELD RELATING TO $5,075,000 GENERAL
OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1996
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, the Project Area incorporates the LHN Redevelopment Project Area and the
ILN Redevelopment Project Area previously established by the HRA; and
WHEREAS, on October 21, 1996, the HRA approved a modification of the Project Plan
and the related tax increment financing plans for the LHN Tax Increment Financing District and
the ILN Tax Increment Financing District (the "TIF Districts"); and
WHEREAS, on November 25, 1996, the City Council approved a modification of the
Project Plan and the related tax increment financing plans for the TIF Districts; 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 in the Project Area through the issuance of general obligation
bonds of the City in the principal amount of $5,075,000, designated the General Obligation
Taxable Tax Increment Bonds, Series 1996, 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, the 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 ILN and LHN
TIF Districts to payment of principal and interest on the 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:
I. The Chair and Secretary of the Authority are hereby authorized to execute and
deli~~er a Tax Increment Pledge Agreement with the City of Richfield, Minnesota (the "City")
HRA Resolution No. 615
substantially in the form on file with the City, providing for the pledge of tax increment for th
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 Redevelopment Authority in and for the City of Richfield,
Minnesota this 16th day of December, 1996.
omas E. Harms, Chair
Attest:
Vern Luettinger, Secre
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