11-22-1995 Council Agenda - Laserfiche WebLink

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a/ Woo within Development District No. 5 to provide money to finance certain costs within District No. 5 as set forth in Development Program No. 5 through the entering into of a Development Agreement, dated October 21, 1992 ("Development Agreement ") by and between the City and Gideon Pond Center, Inc., Minnesota non- profit corporation; and G. WHEREAS, the 1990 Tax Increment and Improvement Bonds, 1990 Bond, 1993 Bond and Development Agreement are hereinafter referred to collectively as the "Obligations "; and H. WHEREAS, attached hereto as Exhibit A is a resolution adopted by the City Council on October 24, 1990 and attached hereto as Exhibit B is a resolution adopted by the City Council on January 27, 1993, which authorize the issuance of the 1990 Bond and 1993 Bond payable in part from certain tax increments derived from District No. 2 -1 (the "District No. 2 -1 Tax Increments "); and I. WHEREAS, attached hereto as Exhibit C is a resolution adopted by the City Council on June 27, 1990 which authorizes the issuance of the 1990 Tax Increment and Improvement Bonds payable in part from certain tax increments derived from District No. 3 (the "District No. 3 Tax Increments "); and J. WHEREAS, attached hereto as Exhibit D is the Development Agreement which provides for the use of tax increment financing payable in part from certain tax increments derived from District No. 5 (the "District No. 5 Tax Increments "); and K. WHEREAS, the District No. 2 -1 Tax Increments, District N4, 3 Tax Increments and District No. 5 Tax Increments are hereinafter referred to collectively as the "Tax Increments "; and NOW, THEREFORE, BE IT RESOLVED by the City and the Authority, each in consideration of the mutual covenants and agreements herein contained, covenant and agree as follows: 1. Coverage Test. The Authority hereby pledges to the payment of the 1990 Bond and 1993 Bond, District No. 2 -1 Tax Increments; the Authority hereby pledges to the payment of the 1990 Tax Increment and Improvement Bonds, District No. 3 Tax Increments; and the Authority hereby pledges to the payment of the obligations under the Development Agreement, District No. 5 Tax Increments in an amount which is sufficient, together with other sums heretofore pledged to the payment of the Obligations, to pay 105% of the principal and interest to become due each year On the Obligations. 2. Remittance; Segregation, Tax Increments herein pledged shall be remitted directly to the Authority and the Authority shall segregate all Tax Increments so received in a special account on its official books and records. The Authority shall 304788.1 2 Page 32 01 'd £60- 910 Ogg E 'ON /170:171 '18/ O I : G 1 9611 ' l l (IMO) 5699 8Z? Z 19 TO.Vd '1S NV080N1 QNV 809I18 ;KO11J