The URL can be used to link to this page

Home My WebLink AboutResolution 94-EDA-02 . . . 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 April 25, 1994, commencing at 7:00 P.M., C.T. The following Commissioners were present: President Linke, Commissioners Trude and Quick, Secretary Wuori, Vice President Blanchard and the following were absent: None *** *** *** The following Resolution was presented by Commissioner Blanchard , who moved its adoption: RESOLUTION NO. 94-EDA2 RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A TAX INCREMENT PLEDGE AGREEMENT RESPECTING PAYMENT OF TAXABLE GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 1994B 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 1994B, dated May 1, 1994 (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 certain development areas originally designated by the City as Development District Nos. 1, 2 and 3, which are now under the governance and control of the Mounds View Economic Development Authority (the "EDA"), and which are in the process of consolidation into the Mounds View Economic Development Project (collectively, the "Project"). 262148.1 . . . 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 April 25, 1994. The motion for the adoption of the foregoing Resolution was duly seconded by Commissioner 1'rllnp and upon vote being taken thereon, the following voted in favor thereof: President Linke, Secretary Wuori, Vice President Blanchard, Commissioners Quick and Trude and the following voted against the same: None whereupon said Resolution was declared duly passed and adopted. Adopted this 25th day of April, 1994. ATTEST: ( ..../ ..."... (SEAL) , -""~. '- .." _-,'4:n-JA.. \, "! Exeiutive Director i '-., ..... .....~.. . 262148.1 . . . TAX INCREMENT PLEDGE AGREEMENT This Tax Increment Pledge Agreement (the "Agreement") is dated as of May 1, 1994; 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 a resolution (the "Bond Resolution") awarding the sale of the city's Taxable General Obligation Tax Increment Refunding Bonds, Series 1994B, dated May 1, 1994 (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 EDA and which are in the process of consolidation into the Mounds View Economic Development Project (collectively, the "Project"); and WHEREAS, 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 Resolution: 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: 1. 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 Debt Service Account established by the Bond Resolution 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 Account, to pay the principal of and interest on the Bonds, when due. As used in this Agreement, "Available Tax Increments" means tax increments 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 Increments are further made subject and junior in lien to all unpaid pledges or other 262148.1 . . . outstanding commitments heretofore made for such tax increments. In discharging its obligations under this Agreement, the EDA expressly reserves the rights (1) to pledge or otherwise dedicate the Available Tax Increments to purposes 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 such 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. 2. 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. 3. 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) VIEW ECONOMIC DEVELOPMENT 262148.1 . . . rr~Q}A :,:: i :..:::~1 _,;.';'.. ....\.l.... AXJ MC~~GAi\ 2~, ?A:;~ 5:~:, . ;\ ,.. 1 '- ""'!. : ...; .~- 'j; . - .~ :..... .-..... ~:~. :,,~:!_.::; 'J"; -( -........ ~. ! ... '... ..:... NOTICE OF PUBLIC HEARING MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA ~\:';I ~,~,:~'_!;: :-C:.:: NOTICE IS HEREBY GIVEN that the Board of commissioners (the "Board") of the Mounds View Economic Development Authority (the "EDA") will hold a public hearing on Monday, May 9, 1994, at a meeting of the Board to be held in the Mounds View city Hall, 2401 Highway 10, Mounds View, Minnesota. This meeting of the Board will begin immediately fOllowing the adjournment of the meeting of the Mounds View city Council, which begins at 7:00 p.~. The public hearing concerns the proposal of the EDA to enlarge its Developroent District Nos. 1, 2 and 3 (the "Development Districts") in order to integrate and make coterminous their boundaries and areas; designate said integrated areas as the Mounds View Economic Development Project; amend the respective Development Programs for the Development Districts to integrate and expand their goals, objectives, activities, and budgets into a single plan for the development and redevelopment of the consolidated project areas; designate said consolidated development program as the Project Plan; amend the tax increment financing plans for the tax increment financing districts heretofore established within the Development Districts, respectively, to reflect increased development goals, activities, expenses and bonded indebtedness; all pursuant to Minnesota Statutes, sections 469.001 through 469.047, 469.09Q through 469.108, 469.124 through 469.134, and 469.174 through 469.179, respectively (collectively, the "Plans"). A copy of the relative documentation proposed to be considered at the hearing will be on file and available for public inspection in the Mounds View City Hall not later than 10 days prior to the pUblic hearing. All interested persons may appear at the May 9 public hearing and present their views orally or in writing. 262071.1