HomeMy WebLinkAbout2003-013 EDAR1
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adoption:
Member Kay Lasman
EDA RESOLUTION NO. 2003 -13
introduced the following resolution and moved its
RESOLUTION AMENDING TAX INCREMENT PLEDGE AGREEMENT
A. WHEREAS, the Economic Development Authority in and for the City of
Brooklyn Center, Minnesota (the "Authority has heretofore established its Tax Increment
Financing District No. 3 (the "Tax Increment Financing District within Housing Development
and Redevelopment Project No. 1; and
B. WHEREAS, pursuant to a Tax Increment Pledge Agreement dated as of
October 10, 1995 by and between the Authority and the City of Brooklyn Center (the "City
certain tax increments from the Tax Increment Financing District (the "Tax Increments were
pledged to the payment of the City's Taxable General Obligation Tax Increment Bonds, Series
1995A, dated November 1, 1995 (the "Prior Bonds and
C. WHEREAS, the City Council of the City has adopted a resolution
awarding the sale of the City's Taxable General Obligation Tax Increment Revenue Bonds,
Series 2004B (the "Refunding Bonds which will provide funds for a crossover refunding on
December 1, 2005 of the Prior Bonds; and
D. WHEREAS, it is necessary and desirable that the Tax Increment Pledge
Agreement be amended to pledge Tax Increments to the payment of the Refunding Bonds from
and after December 1, 2005.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Economic Development Authority in and for the City of Brooklyn Center, as follows:
1. Amendment of Tax Increment Pledge Agreement. The Tax Increment
Pledge Agreement is hereby amended in paragraphs 3 through 6 to provide that from and after
February 1, 2005, the term "Bonds" shall mean the "Refunding Bonds
2. Filing. The Secretary 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.
December
8, 2003
Date Presid t
The motion for the adoption of the foregoing resolution was duly seconded by member
Bob Peppe
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kay Lasman, Diane Niesen, and Bob Peppe;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
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EDA RESOLUTION NO. 2003 -13
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF BROOKLYN CENTER
I, the undersigned, being the duly qualified and acting Secretary of the Economic
Development Authority in and for the City of Brooklyn Center, DO HEREBY CERTIFY that I
have carefully compared the attached and foregoing extract of minutes of a meeting of the Board
of Commissioners of said Authority held on the date indicated therein 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 a resolution authorizing the amendment of a Tax Increment Pledge Agreement.
WITNESS my hand as Secretary this day of 2003.
Secretary