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HomeMy WebLinkAbout1985-203 CCRMember Bill Hawes introduced the following resolution and moved its adoption: RESOLUTION N0. 85 --203 CITY OF BROOKLYN CENTER HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF BROOKLYN CENTER EARLE BROWN FARM REDEVELOPMENT TAX INCREMENT AGREEMENT THIS AGREEMENT, made and entered into this 18th day of November, 1985, by and between the City of Brooklyn Center, Minnesota, a municipal corporation organized and existing under and by virtue of its charter and the Laws of the State of Minnesota (the City) and the Housing and Redevelopment Authority in and for the City of Brooklyn Center, Minnesota, a public body corporate and politic formed and existing under the Laws of the United States of America and the State of Minnesota (the Authority). WITNESSETH: WHEREAS, the Authority has approved a Redevelopment Plan and Tax Increment Financing District (TIF District) described in that certain document entitled "Earle Brown Farm Redevelopment and Tax Increment Financing Plan, City of Brooklyn Center, Minnesota, July 22 1985" on file with the City Clerk and incorporated herein by reference (Project), and has by appropriate action established the TIF District and applied to the City Council of the City for approval of the Project and related Tax Increment Financing Plan (Plan); and WHEREAS, the City has by resolution adopted proved the Project, the Plan, and the TIF District WHEREAS, Minnesota Statutes, Section 273.77 increment agreements between the Authority and the general obligations by the City to finance Project July 22 1985, duly ap- and authorizes and requires tax City prior to the issuance of costs. NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained, it is hereby agreed by and between the parties hereto as follows: 1. The Authority hereby expressly agrees that so much of the tax incre- ment payments made to the Authority by the Hennepin County Auditor (Director of Property Taxation) from the Project shall be and are hereby pledged and assigned to the City as are necessary for the purpose of paying principal of, interest on and redemption premium (if any) on any and all general obligation bonds of the City issued for the financing of public redevelopment costs of the Project; provide,d however, that so much of such tax increments as are needed by the Authority to reimburse itself for its expenditures heretofore made for the public development costs of the Project (as identified in the Plan) may be retained by the Authority. The pledge made herein is expressly subject to the provisions of Minnesota Statutes, Section 273.75, Subdivision 2. 2. The City agrees that it will from time to time and at the request of the Authority issue its general obligation bonds in separate series of bonds to finance development costs in the TIF District in accordance with the Plan or any duly adopted modification thereof. RESOLUTION NO. 85 -203 3. The City hereby acknowledges the request of the Authority to authorize and issue the City's general obligation tax increment bonds (Bonds) in the aggregate principal amount of not to exceed $5,250,000 and agrees that it will authorize and issue such bonds. 4. All series of bonds issued pursuant to this Agreement shall be on a parity, one with the other, and the tax increments shall be used solely for the purposes specified in this Agreement. 5. The parties hereby mutually agree that it is the express intent and purpose of this Agreement to utilize the provisions of Minnesota Statutes, Sections 273.71 to 273.78, the Minnesota Tax Increment Financing Act (Act), to finance the development costs of the Project described in the Plan, and, subject to the provisions of Section 273.75 of the Act, that all tax increments received with respect to the Project Area shall be segregated by the Authority in a special account on its official books until the development costs of the Proj- ect, including interest on all money borrowed therefor, has been fully paid, and the City has been fully reimbursed from the tax increments for all principal and interest on the Bonds and any other bonds similarly issued and sold by the City which the City has issued in aid of the Project and any modification thereto, and any deficiency in such principal and interest which the City has paid from taxes levied on other property within the City. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers on the day and year first above written. November 18, 1985 Date Mayor ATTEST: YClerk The motion for the adoption of the foregoing resolution was duly seconded by member Gene ILhotka and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lh.otka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.