HomeMy WebLinkAbout09-09 - ADMIN Resolution - Economic Development Authority - 2009/07/27ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 09-09
RESOLUTION AUTHORIZING EXECUTION OF A
SUPPLEMENT TO TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF ST. LOUIS PARK RELATING TO PARTIAL DEFEASANCE OF
$7,490,000 GENERALOBLIGATION
TAX INCREMENT REFUNDING BONDS, SERIES 2004A
WHEREAS, the City of St. Louis Park (the "City") previously issued its $7,490,000 General
Obligation Tax Increment Refunding Bonds, Series 2004A (the "Series 2004A Bonds"); and
WHEREAS, the City and the St. Louis Park Economic Development Authority ("EDA")
have determined to partially defease the Series 2004A Bonds; and
WHEREAS, the EDA pledged certain tax increment revenues to the City for the principal
and interest on the Bonds under that certain Tax Increment Pledge Agreement dated April 7, 2004
(the "Pledge Agreement"); and
WHEREAS, there has been presented to the EDA a Supplement to Tax Increment Pledge
Agreement between the EDA and the City (the "Pledge Agreement Supplement"), which revises
certain terms of the Pledge Agreement in light of the partial defeasance of the Series 2004A Bonds.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners (the "Board")
of the EDA, as follows:
The President and Executive Director of the EDA are hereby authorized to execute
the Pledge Agreement Supplement in substantially the form on file in City Hall.
This resolution shall be effective as of the date hereof.
Adopted by the Economic Development Authority
July 27, 2009
President
Attest