CC PACKET 07271993 - Laserfiche WebLink

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property to the Captured Tax Capacity, is the Tax Increment to be derived from the District (the "Tax Increment"). • 1.04. Redevelopment Agreement and Bond. It has been proposed that the HRA enter into a Redevelopment Agreement (the "Redevelopment Agreement"), between R.A. Hellickson, a Minnesota resident (the "Developer"), the form of which has been presented to this Board and is ordered placed on file in the office of the Executive Director. Under the Redevelopment Agreement, the Developer agrees to construct a.professional building with an approximately 8,300 square foot main level and an approximately 7,100 basement level, together with other related site improvements (the "Project") on property,included in the Redevelopment Project area. The Redevelopment Agreement provides that to reimburse the Developer for a portion of the costs of the Project the HRA will issue to the Developer the Limited Revenue Taxable Tax Increment Bond of the HRA in the original principal amount of $130,000 bearing interest at 9% per annum and in substantially the form attached to the Redevelopment Agreement (the "Bond"). The Bond will be payable solely out of Tax Increment. Section 2. Authorization and Approvals. 2.01., Approval of Redevelopment Agreement and Bond. The form and terms of the Redevelopment Agreement and the Bond are hereby approved, and the execution and delivery by the HRA of the Redevelopment Agreement and execution, delivery and issuance of the Bond by the HRA as provided in the • Redevelopment Agreement are hereby authorized. The terms of the Bond shall be as set forth in the Bond. The Chairman and Secretary are hereby authorized and directed to execute and deliver the Redevelopment Agreement and the Bond on behalf of the I i .A in substantially the form presented hereto with such changes and modifications as may be approved by the officers executing the Redevelopment Agreement and the Bond. The execution and delivery of the Redevelopment Agreement and the Bond by the Chairperson and Secretary shall-be conclusive evidence of the approval of any changes and modifications to the Redevelopment Agreement and the Bond by such officers. 2.02. Pledge of Tax Increment. The portion of the Tax Increment which constitutes "Available Tax Increment," as defined in the Bond, is hereby pledged to pay the principal of and interest on the Bond as provided in the Bond. 2.03. No Representations or Warranties. The HRA does not in any manner represent or warrant that the Tax Increment will be sufficient to pay the principal of and interest on the Bond when due. -2- •