Loading...
HomeMy WebLinkAbout2016-023 EDARCommissioner Lin Myszkowski introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2016-23 AUTHORIZING EXECUTION OF TAX INCREMENT PLEDGE AGREEMENT WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota, Minnesota ("EDA") has heretofore established its Tax Increment Financing District No. 5 (the "TIF District") within its Housing Development and Redevelopment Project No. 1; and WHEREAS, the City Council of the City of Brooklyn Center, Minnesota (the "City") has adopted a resolution awarding the sale of the City's General Obligation Tax Increment Bonds, Series 2016B (the "Series B Bonds") to refund the Amended and Restated Tax Increment Revenue Note (Shingle Creek Crossing Project) (the "Note") issued by the EDA to Shingle Creek, LLC (the "Developer") and its Taxable General Obligation Tax Increment Refunding Bonds, Series 2016C (the "Series C Bonds" and, together with the Series B Bonds, the "Bonds") to refund a portion of the EDA's internal loan from the TIF District No. 2 account which financed certain costs incurred by the Developer (the "Refunded Obligations"). 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 which are not otherwise pledged to other obligations of the TIF District in an amount equal to 105% of the debt service on the Bonds (the "Available Tax Increments") will be pledged to the Bonds. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic Development Authority of Brooklyn Center, Minnesota, as follows: 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. 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. EDA RESOLUTION NO. 2016-23 November 14 2016 Date ATTEST: Secretar President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner 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.