11-22-1995 Council Agenda - Laserfiche WebLink

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all tax increments derived from Tax Increment Financing Districts Nos. 2 -1, 3 and 5 to the Authority; and E. WHEREAS, the City Council heretofore issued General Obligation Tax Increment and Improvement Bonds of 1990, dated July 1, 1990 of the City (the "1990 Tax Increment and Im p rovement Bonds "), a General Obligation Taxable Tax Increment Bond of 1990, Series B, dated November 1, 1990 of the City (the "1990 Bond ") and a General Obligation Taxable Tax Increment Bond, Series 1993A, dated March 1, 1993 of the City (the "1993 Bond "); and has heretofore entered into a Development Agreement, dated October 21, 1992 (the "Development Agreement "), by and between the City and Gideon Pond Center, Inc., a Minnesota non - profit corporation; and F, WHEREAS, the 1990 Tax Increment and Improvement Bonds, 1990 Bond, 1993 Bond and Development Agreement are hereinafter referred to collectively as the "Obligations "; and G. WHEREAS, to provide for payment of the Obligations, it is necessary that the Authority execute the Pledge Agreement as provided herein; and NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of the City of Little Canada, Minnesota, as follows: 1. Acceptance of Transfer; Pledge to Maintain Sufficient Tax Increment Revenues. The transfer by the City to the Authority of the control, authority and operation of the Development Programs for Development Districts Nos. 2, 4 and 5 and of all tax increments described in the November 22, 1995 resolution of the City entitled "Resolution Transferring Jurisdiction over Development Programs for Development Districts Nos.'2, 4 and 5 and all Tax Increments Derived from Tax Increment Financing Districts Nos. 2 -1, 3 and 5, to Economic Development Authority of the City of Little Canada; and Authorizing Execution of Pledge Agreement" is hereby accepted; and the Authority hereby pledges tax increments derived from Tax Increment Financing District No. 2 -1 in an amount sufficient to meet the debt service requirements of the 1990 Bond and 1993 Bond; pledges tax increments derived from Tax Increment Financing District No. 3 in an amount sufficient to meet the debt service requirements of the 1990 Tax Increment and Improvement Bonds; and further pledges tax increments derived from Tax Increment Financing District No. 5 to the payment of the obligations under the Development Agreement. 2. Execution of Agreements. The Pledge Agreement on file in the office of the City Administrator is hereby approved in substantially the form submitted and the President and Secretary 304767.1 2 Page 28 9 'd £60 -Q 1009££ 'ON /170: b ('is/ £O: G 1 9611 ' I t (Illd) 9h99 £ZZ Z I9 9flVd is NYDNONt GU soma Nt08d