Resolution No. 16-05 EDA - Laserfiche WebLink

Home Search

LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, MINNESOTA RESOLUTION NO. 16-05 RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT AND AWARDING THE SALE OF, AND PROVIDING THE FORM, TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS TAX INCREMENT REVENUE NOTE, SERIES 2016; IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,200,000. BE IT RESOLVED BY the Board of Commissioners ("Board") of the Lino Lakes Economic Development Authority, Minnesota (the "Authority") as follows: Section 1. Authorization; Award of Sale. 1.01. Authorization. The Authority has heretofore approved the establishment of Tax Increment Financing (Economic Development) District No. 1-12 (the "TIF District") within Development District No. 1 ("Project"), and has adopted a tax increment financing plan for the purpose of fmancing certain improvements within the Project. Pursuant to Minnesota Statutes, Section 469.178, the Authority is authorized to issue and sell its bonds for the purpose of financing a portion of the public development costs of the Project. Such bonds are payable from all or any portion of revenues derived from the TIF District and pledged to the payment of the bonds. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue and sell its Tax Increment Revenue Note, Series 2016 (the "Note") in the maximum aggregate principal amount of $1,200,000, for the purpose of financing certain public costs of the Project. 1.02. Business Subsidy. On the date hereof, the Board held a public hearing relating to the Contract for Private Development (the "Agreement") between the Authority, United Properties Development LLC (the "Owner"), and Distribution Alternatives, Inc. (the "Tenant"), incorporating a business subsidy agreement and at the public hearing, the views of all interested parties were heard. 1.03. Agreement Approved; Issuance, Sale, and Terms of the Note. The Authority hereby authorizes the President and Executive Director to execute such Agreement in substantially the form on file with Authority, subject to modifications that do not alter the substance of the transaction and are approved by such officials, provided that execution of the Agreement by such officials is conclusive evidence of their approval. The Authority hereby delegates to the Executive Director the determination of the date on which the Note is to be delivered, in accordance with Section 3.4 of the Agreement. Pursuant to the Agreement, the Note shall be issued to the Owner. The Note shall be dated as of the date of delivery and shall not bear any interest. The Authority shall receive in exchange for the delivery of the Note the payment by the Owner of the Public Development Costs as defined in the Agreement. The Note will be delivered in accordance with the terms of Section 3.3 of the Agreement. Section 2. Form of Note. The Note shall be in substantially the form attached hereto as EXHIBIT A, with the blanks to be properly filled in and the principal amount adjusted as of the date of issue: Section 3. Terms, Execution and Delivery. 3.01. Denomination, Payment. The Note shall be issued as a single typewritten note numbered R-1. 483310v2 JAE LN140-116