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CITY OF ST. ANTHONY H.R.A. RESOLUTION 95-009 RESOLUTION APPROVING PLEDGE OF TAX INCREMENTS FROM KENZIE TERRACE AND CHANDLER PLACE TAX INCREMENT FINANCING DISTRICTS TO PAY $2,650,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1995B OF THE CITY OF ST. ANTHONY BE IT RESOLVED, by the Board of Commissioners (the "Board") of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA"), as follows: 1. Redevelopment Plans and Tax Increment Financing Plans.lans. The HRA has approved a redevelopment plan, as defined in Minnesota Statutes, Section 469.002, subdivision 16, designated as Kenzie Terrace Redevelopment Plan, Chandler Place Redevelopment Plan, Highway Eight Redevelopment Plan, Redevelopment Plan for Redevelopment Project No. 2 and Redevelopment Plan for Redevelopment Project No. 3, together with certain amendments thereto (the "Redevelopment Plans"), and redevelopment projects to be undertaken pursuant thereto, as defined in Minnesota Statutes, Section 469.002, subdivision 14 (the "Redevelopment Projects"), and that in order to finance the public redevelopment costs to be incurred by the HRA in connection with certain of the Redevelopment Plans and the Redevelopment Projects., the HRA has approved tax increment financing plans, pursuant to the provisions of Minnesota Statutes, Section 469.175 • (the "Financing Plans"), which two establish tax increment financing districts, as defined in Minnesota Statutes, Section 469.174, subdivision 9, which are designated by the HRA as follows: Kenzie Terrace Tax Increment District (Hennepin County No. 1950) and Chandler Place Tax Increment District (Ramsey County No. 58) (the "Districts"). The HRA has approved an amendment to the Redevelopment Plans and the Financing Plans which combines the areas subject to the Redevelopment Plans and expands the area subject to the Redevelopment Plans and authorizes the expenditure of tax increment revenue derived from the Districts to pay public redevelopment costs in the additional area subject to the Redevelopment Plans and costs related to construction of a community center designed to serve the residents of the City. To finance a portion of the costs of the community center the City will issue its General Obligation Tax Increment Bonds, Series 1995B (the "Bonds") in the principal amount of $2,650,000, and will pledge to the payment of the Bonds tax increment derived from the Districts. 2. Approval of Pledge of Tax Increments. The issuance of the Bonds by the City to finance the community center is hereby approved. The HRA hereby pledges and appropriates tax increments from the Districts to the City to pay the principal of and interest on the Bonds. Such pledge is on a parity with the pledge of such tax increments to pay any other obligations of the City or HRA. The appropriate officers of the HRA are hereby authorized and directed to execute and • deliver on behalf of the HRA a Pledge Agreement between the City and HRA with