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Home My WebLink AboutResolution 96-EDA42 . . . Extract of Minutes of Meeting of the Board of Commissioners of the Mounds View Economic Development Authority Pursuant to due call and notice thereof a regular or special meeting of the Board of Commissioners of the Mounds View Economic Development Authority was held at the Mounds View City Hall on February 5, 1996, commenc ing at '1. '~O P . M., C. T . The following Commissioners were present: ,..- /-"7 / / .--7 #voc U/v/Ck h~/K/V~ /~LA^,cl-;/,h~O . / / / following were absent: j //1//-f1~ and the *** *** *** The following Resolution was presented by Commissioner ~- ~2-u;,/E , who moved its adoption: RESOLUTION NO. 9'c. -El/A~?- RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A TAX INCREMENT PLEDGE AGREEMENT RESPECTING PAYMENT OF TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1996A, AND GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1996B, OF THE CITY OF MOUNDS VIEW, MINNESOTA WHEREAS, the City of Mounds View, Minnesota (the "City"), has awarded or is expected to award the sale of its Taxable General Obligation Tax Increment Refunding Bonds, Series 1996A, and its General Obligation Tax Increment Refunding Bonds, Series 1996B, both issues dated March 1, 1996 (collectively, the "Bonds"), which are to assist in refinancing certain tax increment bonds which were originally issued to finance certain expenditures and public development costs undertaken within what is now known as the Mounds View Economic Development Project (the 311082.1 . . . "Project") and which is now under the governance and control of the Mounds View Economic Development Authority (the "EDA"). NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of Commissioners of the EDA as follows: 1. The Tax Increment Pledge Agreement attached hereto and made a part hereof is hereby approved, and the officers of the EDA are hereby authorized and directed to take such steps as may be necessary to execute said Agreement, in substantially the form as attached, upon approval and execution thereof by the City, and to carry out and fulfill the provisions and requirements thereof. 2. The EDA hereby makes formal request to the Mounds View City Council to issue the Bonds to assist the EDA in refinancing public development costs associated with the EDA's Mounds View Economic Development Project. Adopted by the Board of Commissioners of the Mounds View EDA this on February 5, 1996. The motion for the adoption of the foregoing Resolution was duly seconded by Commissioner LPU(C~ and upon vote being taken thereon, the following voted in favor thereof: /I/I/,I("E / j;V<-/)(!-/ Vvtete / /4vK'VC-><' / PU'77!fcrr,.:f,eo and the following voted against the same: whereupon said Resolution was declared duly passed and adopted. 311082.1 . . . TAX INCREMENT PLEDGE AGREEMENT This Tax Increment Pledge Agreement (the "Agreement") is dated as of March 1, 1996; is by and between the City of Mounds View, Minnesota (the "City"), and the Mounds View Economic Development Authority (the "EDA"); and provides as follows: WHEREAS, at the request of the EDA, the City Council has adopted or is expected to adopt separate resolutions (the "Bond Resolutions") awarding the sale of the City's Taxable General Obligation Tax Increment Refunding Bonds, Series 1996A, and the City's General Obligation Tax Increment Refunding Bonds, Series 1996B, both issues dated March 1, 1996 (collectively, the "Bonds"), which are to assist in refinancing certain tax increment bonds which were originally issued to finance certain public development costs within certain development areas originally designated by the City as Development District Nos. 1, 2 and 3, which Development Districts (and the tax increment districts therein) are now under the governance and control of the ELA and which have been consolidated into the Mounds View Econo~ic Development Project (collectively, the I'Project"); and KHEREAS, to provide funds sufficient for the timely payment of the debt service on the Bonds, it is necessary for the EDA and the City to enter into this Agreement; and WHEREAS, each capitalized term which is used but not otherwise defined in this Agreement shall have the meaning given to that term in the Bond Resolutions: NOW, THEREFORE, in consideration of the covenants and agreements hereof between the City and the EDA, and pursuant to Minnesota Statutes, Section 469.178, Subdivision 2, the City and the EDA hereby agree as follows: In order to pay the principal of and interest on the Bonds, when due, the EDA hereby pledges to the City, for deposit in thE~ respective Debt Service Accounts established by the Bond Resolutions for the payment of the Bonds, and the EDA shall pay to the City, Available Tax Increments (hereinafter defined) ; provided that the amounts thereof payable hereunder shall not in any year exceed amounts necessary, together with other funds available for such purposes in said Debt Service Accounts, to pay the principal of and interest on the Bonds, when due. As used in this Agreement, "Available Tax Increments" means tax increm~nts that are derived by the EDA from the tax increment financing districts currently existing within the Project and which are available pursuant to applicable law for such purposes; provided that the foregoing pledges and descriptions of Available Tax 311082.1 . . . Increments are further made subject and junior in lien to all unpaid pledges or other outstanding commitments heretofore made for such tax increments. In discharging its obligations under this A.greement, the EDA expressly reserves the rights (1) to pledge or otherwise dedicate the Available Tax Increments to purpo~:es other than the discharge of the obligations described above upon a finding by the EDA that the estimated Available Tax Increments then remaining will be sufficient from year to year for SLch purposes, and (2) to satisfy its obligations hereunder from year to year from such eligible tax increment districts or other revenues, or combinations thereof, as the EDA may deem in its discretion to be appropriate, desirable or necessary, as may be permitted by law. ~:. An executed copy of this Agreement shall be filed with the Director of Property Taxation of Ramsey County, Minnesota, as required by Minnesota Statutes, Section 469.178, Subdivision 2. ~'. This Agreement shall become effective upon the actual issuance and delivery of the Bonds. IN WITNESS WHEREOF, the City and the EDA have caused this Agreement to be duly approved and executed as of the day and year first above written. (SEAL) CITY OF MOUNDS ..___-----7 BY:- /~/ /~/~~ . , By / /_ /.A / ~ L 'Its Interim C' Y Clerk- Administrator MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHOllLT7__ ~ ByC;~7L ~ ~~ presi~ent - BYfi / ~/L--2L ts Interim ExeCutive Director 31 1 082. 1 . . . . INTERIM EXECUTIVE DIRECTOR'S CERTIFICATE I, the undersigned, being the duly qualified and acting Interim Executive Director of the Mounds View EDA, do hereby certify that I have carefully compared the attached and foregoing extract of minutes of a special or regular meeting of the Board of Commissioners thereof, duly called and regularly held on February 5, 1996, with the original thereof on file in my office and I further certify the same is a full, true, and correct copy thereof, insofar as the same relates to the approval of a certain Tax Increment Pledge Agreement respecting the Taxable General Obligation Tax Increment Refunding Bonds, Series 1996A, and the General Obligation Tax Increment Refunding Bonds, Series 1996B, of the City of Mounds View, Minnesota. vlITNESS my hand ~/f EDA this t, "- day of as such Interim Executive ,.....- ,/c~/2u/'f7ZY , 1996. :J ,/ -----:-- L /. '///~ Interim Exec tive Director Mounds View EDA Director of the 311082.1