The URL can be used to link to this page

Home My WebLink About1983-177 CCRMember Gene Lhotka introduced the following resolution and moved its adoption: RESOLUTION NO. 83 -177 RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A TAX INCREMENT FINANCING AGREEMENT FOR THE BRUTGER PROPOSAL HOUSING DEVELOPMENT PROJECT IN THE CITY OF BROOKLYN CENTER 0 WHEREAS, the Brooklyn Center Housing and Redevelopment Authority and the City have approved a certain Housing Development Project and Housing Tax Increment Financing District (TIF District) described in that certain document entitled "The Brooklyn Center Housing and Redevelopment Authority Housing Development Project Plan and Tax Increment Financing Plan for Brutger Proposal" on file with the City Clerk and incorporated herein by reference (Project); and WHEREAS, the Housing and Redevelopment Authority has, by appropriate action, established the TIF District, and applied to the City Council for the issuance of the City's General Obligation Tax Increment Bonds for financing the development costs of the Project; and WHEREAS, the Housing and Redevelopment Authority has requested that the City enter into a Tax Increment Financing Agreement with the Housing and Redevelopment Authority, which Agreement is attached hereto as Exhibit 1, hereby incorporated herein by reference; and WHEREAS, the City Council has duly considered the request of the Housing and Redevelopment Authority and the Tax Increment Financing Agreement; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brooklyn Center, Minnesota as follows: 1. That the Mayor and the City Manager of the City of Brooklyn Center are hereby authorized and directed to execute the attached Tax Increment Financing Agreement for and on behalf of the City of Brooklyn Center. November 21, 1983 Date ATTEST: 4,eerk Mayor The motion for the adoption of the foregoing resolution was duly seconded by member Bill Hawes and upon vote being taken thereon, the following voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted. i RESOLUTION NO. 83 -177 CITY OF' BROOKLYN CENTER HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER HOUSING DEVELOPMENT PROJECT TAX INCREMENT AGREEMENT Exhibit 1 THIS AGREEMENT, made and entered into this 21st day of November, 1983, by and between the City of Brooklyn Center, Minnesota, a municipal corporation organized and existing under and by virtue of this charter and the Laws of the State of Minnesota (the City) and the Housing and Redevelopment Authority of the City of Brooklyn Center, Minnesota, 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 certain Housing Development Project and Housing Tax Increment Financing District (TIF District) described in that certain document entitled "The Brooklyn Center Housing and Redevelopment Authority Housing Development Project Plan and Tax Increment Financing Plan for Brutger Proposal" on file with the City Clerk and incorporated herein by reference (Project), and has, by appropriate action, established the TIF District, applied to the City Council for approval of the Project and related Tax Increment Financing Plan (Plan); and WHEREAS, the City has by resolution adopted April 11, 1983 duly approved the Project, the Plan, and the TIF District; and WHEREAS, Minnesota Statutes, Section 273.77 authorizes and requires tax increment agreements between the Authority and the City prior to the issuance of general obligations by the City to finance Project 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 pledges that all tax increment payments made to the Authority by the Hennepin County Auditor (Director of Property Taxation) from the, Project Area and all revenues from land within the Project Area, while owned by the Authority, shall be pledged and assigned to the City, for the purpose of paying principal of, interest on and redemption premium, if any, of any and all bonds of the City which may hereafter be issued by the City for the financing of public development costs in the Project Area, provided, however, that so much of such RESOLUTION NO. 83-177 tax increments and revenues as are needed by the Authority to reimburse the Authority for its expenditures for public development costs of the Project (as identified in the Housing Development Project Plan for the Project Area) may be retained by the Authority. 2. The City expressly 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 public development costs in the Project Area, but the decision .to issue such bonds shall remain with the City Council. 3. The City hereby acknowledges the request of the Authority by its resolution of November 21, 1983, to authorize and issue General Obligation Tax Increment Bonds to finance the public development costs identified therein, 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 increment and other revenues pledged hereby shall be used solely for the purposes specified in this Agreement. 5. The parties hereto do 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, to finance the public housing development costs in the Project Area described in the Plan, and, subject to the provisions of Minnesota Statutes, Section 273.75, 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 public development costs of the Project, including interest on.all money borrowed therefor, has been fully paid, and the City has been fully reimbursed from the tax increments or revenues from lands within the Project Area for all principal and interest on General Obligation Bonds which the City has issued in aid of the Project Area, or which it has paid from taxes levied on other property within the City's corporate limits. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed the day and year first above written. CITY OF BROOKLYN CENTER 6�e_ (SEAL) 1 RESOLUTION NO. 83 -177 HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF BROOKLYN CENTER, MINNESOTA C K Chairman SEAL) ExecuteJDirector 1 `J RESOLUTION NO. 83 -177 STATE OF MINNESOTA COUNTY OF HENNEPIN SS. CITY OF BROOKLYN CENTER I, the undersigned, being the duly qualified and acting Manager of the City of Brooklyn Center, Minnesota do hereby certify that I have carefully compared the attached and foregoing Extract of Minutes of a Regular Meeting of the City Council of the City of Brooklyn Center, Minnesota held on Monday, November 21, 1983, with the original thereof on file in my office and the same is a full, true and complete transcript therefrom insofar as the same relates to the issuance and sale of $930,000 General Obligation Tax Increment Bonds of 1983, of the City. WITNESS My hand as Manager and the corporate seal of the City this 21st day of November, 1983. C it y Aa r City of �oklyn Center, Minnesota (SEAL)