HomeMy WebLinkAbout1983-022 HRARMember Celia Scott introduced the following resolution and
moved its adoption:
HRA RESOLUTION NO. 83-22
RESOLUTION REQUESTING THE CITY COUNCIL TO ISSUE GENERAL OBLIGATION
TAX INCREMENT BONDS AND AUTHORIZING THE EXECUTION OF A TAX
INCREMENT AGREEMENT FOR A HOUSING DEVELOPMENT PROJECT IN THE CITY
OF BROOKLYN CENTER
WHEREAS, the Brooklyn Center Housing and Redevelopment 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" (the Plan) 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 Authority wishes to request that the City Council of the
City of Brooklyn Center issue General Obligation Tax Increment Bonds for the
financing of development costs of the Project, all as described in the Project
and Plan heretofore approved by the City Council; and
WHEREAS, the Authority has reviewed and considered a proposed Tax
Increment Financing Agreement, a copy of which is attached hereto as Exhibit 1,
hereby incorporated herein by reference; and
WHEREAS, the Authority wishes to provide for the execution and delivery
of the Tax Increment Financing Agreement and to secure the issuance of bonds by
the City Council;
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority
of Brooklyn Center, Minnesota, as follows:
1. The City Council of the City of Brooklyn Center is hereby requested
to issue its General Obligation Tax Increment Bonds of 1983 for purposes of
financing development costs of the Project as described above.
2. The City Council is further requested to authorize the execution
of the attached Tax Increment Agreement.
3. The Chairman and Executive Director of the Authority are hereby,
authorized and directed to execute and deliver the attached Tax Increment
Agreement to the City Council.
November 21, 1983
Date Chair 4zn~
The motion for the adoption-of the foregoing resolution was duly seconded by
member and upon vote being taken thereon, the
following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
. HRA RESOLUTION NO. 83-22
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
HRA RESOLUTION NO. 83-22
1
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.
the purposes specified in this Agreement.
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
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
(SEAL)
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HRA RESOLUTION NO. 83-22
HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
BROOKLYN CENTER; MINNESOTA
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Chair n
(SEAL) J~
xecutiV'¢IDirectar
1
a HRA RESOLUTION NO. 83-22
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
CITY OF BROOKLYN CENTER )
I, the undersigned, being the duly qualified and acting
Executive Director of the Housing and Redevelopment Authority
of Brooklyn Center, Minnesota, do hereby certify that I have
carefully compared the attached and foregoing Extract of
Minutes of Meeting of the Brooklyn Center Housing and Redevelopment
Authority 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 Tax Increment Financing Agreement between the Housing
and Redevelopment Authority and the City of Brooklyn Center
and the issuance and sale of $930,000 General Obligation Tax
Increment Bonds of 1983, of.the City.
WITNESS My hand as Executive Director and the corporate
seal of the Housing and Redevelopment Authority this 21st
day of November, 1983.
xjc'ut-iv i.rector
Housing d Redevelopment Authority
of Brooklyn Center, Minnesota
(SEAL)