HomeMy WebLinkAbout2008-006 EDAR1
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adoption:
Member Kay Lasman
EDA RESOLUTION NO. 2008 -06
introduced the following resolution and moved its
RESOLUTION AUTHORIZING EXECUTION OF TAX INCREMENT
PLEDGE AGREEMENT
A. WHEREAS, the Brooklyn Center Economic Development Authority,
Minnesota "Authority has heretofore established its Tax Increment Financing District No. 3
(the "Tax Increment Financing District within its Housing Development and Redevelopment
Project No. 1; and
B. WHEREAS, the City Council of the City of Brooklyn Center has adopted
a resolution awarding the sale of the City's $4,335,000 Taxable General Obligation Tax
Increment Bonds, Series 2008A (the "Bonds to provide funds to finance certain public
redevelopment costs within the City (the "Project and
C. WHEREAS, it is necessary and desirable that the City and the Authority
enter into a tax increment pledge agreement pursuant to which the Tax Increments derived from
the Tax Increment Financing District will be pledged to the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Brooklyn Center Economic Development Authority, as follows:
1. Authorization to Execute. The Tax Increment Pledge Agreement, a form
of which agreement is now on file in the office of the Authority, is hereby approved in
substantially the form submitted to the Authority. The Chair and Secretary are authorized and
directed to execute the same on behalf of the Authority.
2. Filing. The City is directed to file a fully executed copy of the Tax
Increment Pledge Agreement with the County Auditor of Hennepin County pursuant to
Minnesota Statutes, Section 469.178, Subdivision 2.
April28, 2008
Date President
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Dan Ryan
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Lasman, Dan Ryan, and Mark Yelich;
and the following voted against the same: Mary 0' Connor
whereupon said resolution was declared duly passed and adopted.