HomeMy WebLinkAbout2015-009 EDARCommissioner Dan Ryan introduced the following resolution
and moved its adoption:
EDA RESOLUTION NO. 20 15-09
RESOLUTION AUTHORIZING EXECUTION OF TAX INCREMENT
PLEDGE AGREEMENT
A.WHEREAS, the Brooklyn Center Economic Development Authority,
Minnesota ("EDA") has heretofore established its Tax Increment Financing District No. 3 (the
"TIF District") within its Housing Development and Redevelopment Project No. 1; and
B.WHEREAS, the City Council of the City of Brooklyn Center, Minnesota
(the "City") has adopted a resolution awarding the sale of the City's Taxable General Obligation
Tax Increment Bonds, Series 2015B (the "Bonds") to refund the City's Taxable General
Obligation Tax Increment Bonds, Series 2004D which provided funds to finance certain public
redevelopment costs within the TIF District (the "Project").
C. WHEREAS, it is necessary and desirable that the City and the EDA enter
into a tax increment pledge agreement pursuant to which the Tax Increments derived from the
TIF 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 EDA, is hereby approved in substantially
the form submitted to the EDA. The President and Secretary are authorized and directed to
execute the same on behalf of the EDA.
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.
8,2015
Date President
The motion for the adoption of the foregoing resolution was duly seconded by Commissioner
Lin Myszkowski
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, April Graves, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan;
and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted.
EDA RESOLUTION NO. 2015-09
STATE OF MINNESOTA
COUNTY OF HENNEPIN
BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY
I, the undersigned, being the duly qualified and acting Secretary of the Brooklyn
Center Economic Development Authority, 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 EDA 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 execution of a Tax Increment Pledge Agreement.
WITNESS my hand as Secretary this _____ day of , 2015.
Secretary
EDA RESOLUTION NO. 2015-09
TAX INCREMENT PLEDGE AGREEMENT
THIS AGREEMENT, entered into as of the 9th day of July, 2015, by and
between the City of Brooklyn Center, a Minnesota municipal corporation, (the "City") and the
Brooklyn Center Economic Development Authority, a public body corporate and politic created
and existing under the provisions of Minnesota Statutes, Sections 469.090 to 469.1082, (the
"EDA"), witnesseth that:
A.WHEREAS, the EDA has heretofore established its Tax Increment
Financing District No. 3 (the "TIF District") within its Housing Development and
Redevelopment Project No. 1; and
B.WHEREAS, the City Council of the City has adopted a resolution (the
"Bond Resolution") awarding the sale of the City's Taxable General Obligation Tax Increment
Refunding Bonds, Series 2015B (the "Bonds") to refund the City's Taxable General Obligation
Tax Increment Bonds, Series 2004D which provided funds to finance the acquisition, demolition,
clearance and site preparation in target redevelopment areas within the EDA' s TIF District (the
"Project"); and
C.WHEREAS, the Project benefited the EDA and were made by the City at
the request of the EDA; and
D.WHEREAS, it is necessary and desirable that the City and the EDA enter
into a tax increment pledge agreement pursuant to which a portion of the Tax Increments will be
pledged to the Bonds.
NOW, THEREFORE, the City and the EDA, each in consideration of the mutual
covenants and agreements herein contained, covenant and agree as follows:
1.Pledge of Tax Increments; Coverage Test. The EDA pledges to the
payment of the Bonds, Tax Increments in an amount equal to 105% of the debt service on the
Bonds.
2.Remittance; Segregation; Reservation of Rights. All pledged tax
increments shall be remitted directly to the City and the City, acting as agent of the EDA, shall
segregate all tax increments so received in a special account on its official books and records.
The EDA reserves the right to alter the pledge of tax increments as set forth in the Resolution.
3. Filing; Computation and Collection. An executed copy of this Agreement
shall be filed with the County Auditor of Hennepin County and shall constitute the request and
authorization of the EDA and the City to the County Auditor and Treasurer to compute and
collect the Tax Increments in accordance with the provisions of this Agreement and Minnesota
Statutes, Section 469.177 and to remit the same to the EDA.
EDA RESOLUTION NO. 2015-09
IN WITNESS WHEREOF, the City and the EDA have caused this Agreement to
be duly executed on their behalf, and such signatures and seal to be attested, as of the day and
year first above written.
CITY OF BROOKLYN CENTER, MINNESOTA
By
Mayor
By
2
461444v1 JSB BR291-356
EDA RESOLUTION NO. 2015-09
BROOKLYN CENTER ECONOMIC
DEVELOPMENT AUTHORITY
By
President
By_ J
Secretary
461444v1 JSB BR291-356