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HomeMy WebLinkAbout2016-025 EDARCommissioner April Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2016-25 AUTHORIZING THE PREPAYMENT OF THE AMENDED AND RESTATED TAX INCREMENT REVENUE NOTE (SHINGLE CREEK CROSSING PROJECT) AND A PORTION OF THE EDA'S INTERNAL LOAN FROM THE TIF DISTRICT NO. 2 ACCOUNT 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, the City and the EDA have agreed to 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 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: 1.Findings. The EDA hereby finds that is necessary and desirable, for debt service cost savings and to stimulate development in the TIF District and within the EDA's Housing Development and Redevelopment Project No. 1, that the EDA prepay the Note and a portion of the EDA's internal loan from the TIF District No. 2 from the proceeds of the Bonds. 2.Authorization to Prepay. The City Finance Director is hereby authorized to apply the proceeds of the Bonds to prepay the Note and to prepay a portion of the EDA's internal loan all as set forth in the resolution of the City Council of the City awarding the sale of the Bonds (the "Bond Award Resolution") and to take any other action necessary to carry out the intent of this resolution and the Bond Award Resolution. EDA RESOLUTION NO. 2016-25 November 28, 2016 42 Date President ATTEST: Secretary 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, Dan Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.