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EDA Resolution 23-01
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EDA Resolution 23-01
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Last modified
5/23/2023 8:23:56 AM
Creation date
5/23/2023 8:23:49 AM
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City Council
Council Document Type
Resolutions
Meeting Date
05/22/2023
Council Meeting Type
Regular
Resolution #
23-01
Resolution Title
Resolution Approving an Assignment and Assumption of Contract for Private Development and Assignmetn of TIF Note and Related Documents.
Resolution Date Passed
05/22/2023
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hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay unpaid balance <br /> of principal that may remain after the final Payment on February 1,2027. <br /> 4. Optional Prepayment. The principal sum payable under this Note is prepayable in whole or <br /> in part at any time by the Authority without premium or penalty. No partial prepayment shall affect the amount <br /> or timing of any other regular payment otherwise required to be made under this Note. <br /> 5. Default. If on any Payment Date there has occurred and is continuing any Event of Default <br /> under the Agreement,the Authority may withhold from payments hereunder all Available Tax Increment. If <br /> the Event of Default is thereafter cured in accordance with the Agreement, the Available Tax Increment <br /> withheld under this Section shall be deferred and paid,without interest thereon,within 30 days after the Event <br /> of Default is cured. If the Event of Default is not cured in the manner the Agreement describes,the Authority <br /> may terminate this Note by written notice to the Owner in accordance with the Agreement. Notwithstanding <br /> this Section 5,the Note may also be terminated pursuant to Section 3.5 of the Agreement. <br /> 6. Nature of Obligation. This Note is one of an issue in the total principal amount of$1,200,000 <br /> all issued to aid in financing certain public development costs and administrative costs of a Project undertaken <br /> by the Authority pursuant to Minnesota Statutes, Sections 469.124 through 469.133,and is issued pursuant to <br /> an authorizing resolution (the "Resolution")duly adopted by the Authority on July 25, 2016, and pursuant to <br /> and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, <br /> Sections 469.174 to 469.1794. This Note is a limited obligation of the Authority which is payable solely from <br /> Available Tax Increment pledged to the payment hereof under the Resolution. This Note hereon shall not be <br /> deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, <br /> including, without limitation, the Authority. Neither the State of Minnesota, nor any political subdivision <br /> thereof shall be obligated to pay the principal of this Note or other costs incident hereto except out of Available <br /> Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any <br /> political subdivision thereof is pledged to the payment of the principal of this Note or other costs incident <br /> hereto. <br /> 7. Estimated Tax Increment Payments. Any estimates of Tax Increment prepared by the <br /> Authority or its financial advisors in connection with the TIF District or the Agreement are for the benefit <br /> of the Authority, and are not intended as representations on which the Developer may rely. <br /> THE AUTHORITY MAKES NO REPRESENTATION OR WARRANTY THAT THE <br /> AVAILABLE TAX INCREMENT WILL BE SUFFICIENT TO PAY THE PRINCIPAL OF THIS NOTE. <br /> 8. Registration and Transfer. This Note is issuable only as a fully registered note without <br /> coupons. As provided in the Resolution, and subject to certain limitations set forth therein, this Note is <br /> transferable upon the books of the Authority kept for that purpose at the principal office of the Executive <br /> Director,by the Owner hereof in person or by such Owner's attorney duly authorized in writing,upon surrender <br /> of this Note together with a written instrument of transfer satisfactory to the Authority, duly executed by the <br /> Owner. Upon such transfer or exchange and the payment by the Owner of any tax,fee,or governmental charge <br /> required to be paid by the Authority with respect to such transfer or exchange,there will be issued in the name <br /> of the transferee a new Note of the same aggregate principal amount and maturing on the same dates. <br /> This Note shall not be transferred to any person other than an affiliate, or other related entity, of the <br /> Owner unless the Authority has been provided with an investment letter in a form substantially similar to the <br /> investment letter submitted by the Owner or a certificate of the transferor, in a form reasonably satisfactory to <br /> the Authority, that such transfer is exempt from registration and prospectus delivery requirements of federal <br /> and applicable state securities laws. <br /> 2 <br />
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