17-05 - 07-11 - General Obligation Tax Increment and Improvement Bonds Resolution 17-05 July 11, 2017
Commissioner Schmidgall introduced the following resolution and moved tits adoption:
RESOLUTION AUTHORIZING EXECUTION OF A TAX INCREMENT
PLEDGE AGREEMENT WITH THE CITY OF GOLDEN VALLEY REGARDING
APPROXIMATELY $1,935,000 GENERAL OBLIGATION TAX INCREMENT AND
IMPROVEMENT BONDS, SERIES 2017B
WHEREAS, the City of Golden Valley, Minnesota (the "City") proposes to issue its
approximately $1,935,000 General Obligation Tax Increment and Improvement Bonds,
Series 2017A (the "Bonds"); and
WHEREAS, the City and the Housing and Redevelopment Authority of the City of
Golden Valley ("HRA") previously established Highway 55 West Redevelopment Area (the
"Redevelopment Project Area"), which is a "redevelopment project" under Minnesota
Statutes, Sections 469.001 to 469.047 (the "HRA Act"); and
WHEREAS, within the Redevelopment Project Area, the City and HRA have
approved the establishment of Tax Increment Financing (Renewal and Renovation) District
within Highway 55 West Redevelopment Project Area (the "TIF District") and approved the
Modification No. 2 to the Tax Increment Financing Plan for Tax Increment Financing
(Renewal and Renovation) District within Highway 55 West Redevelopment Project Area
(the "TIF Plan") for the TIF District, all pursuant to Minnesota Statutes, Sections 469.174 to
469.1794 (the "TIF Act"); and
WHEREAS, the City is authorized by section 469.178 of the TIF Act and the TIF
Plan to issue and sell its general obligation tax increment revenue bonds to pay all or a
portion of the public redevelopment costs identified in the TIF Plan (the "TIF Project"); and
WHEREAS, the HRA has agreed to pledge certain revenues to the City for the
principal and interest on the TIF Bonds portion of the Bonds; and
WHEREAS, there has been presented to the HRA a Tax Increment Pledge
Agreement between the HRA and the City to be dated as of the date of delivery of the
Bonds (the "Pledge Agreement") providing for the pledge of certain tax increments
revenues from the TIF District, to payment of principal and interest on the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the
"Board") of the HRA, as follows:
1. The Pledge Agreement is hereby approved in substantially the form on file in City
Hall, subject to modifications approved by the Chair and Director. The Chair and Director of
the HRA are hereby authorized to execute and deliver the Pledge Agreement; provided that
execution of the Pledge Agreement by those officials will be conclusive evidence of their
approval.
Resolution 17-05 -2- July 11, 2017
2. The staff of the City is authorized and requested to file a fully executed copy of
the Pledge Agreement with the County Auditor of Hennepin County pursuant to Minnesota
Statutes, Section 469.178, Subdivision 2.
AndyChair
ATTEST:
Jill
Ti moth J. Cruikshank, Executive Director
The motion for the adoption of the foregoing resolution was seconded by Commissioner
Harris and upon a vote being taken thereon, the following voted in favor thereof: Fonnest,
Harris, Schmidgall and Snope, the following voted against the same: Clausen, whereupon
said resolution was declared duly passed and adopted, signed by the Chair and his
signature attested by the Executive Director.