HomeMy WebLinkAbout05-09 - ADMIN Resolution - Economic Development Authority - 2005/05/02EDA RESOLUTION NO. 05-09
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF ST. LOUIS PARK RELATING TO $2,470,000
GENERAL OBLIGATION TAX INCREMENT
REFUNDING BONDS, SERIES 2005B
WHEREAS, the City previously issued its $7,000,000 General Obligation Tax Increment
Bonds, Series 1997A, dated May 1, 1997 (the "Refunded Bonds"); and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City has agreed to refund the Refunded Bonds through the
issuance of general obligation bonds of the City in the principal amount of approximately
$2,470,000, designated the General Obligation Tax Increment Refunding Bonds, Series 2005B,
and hereinafter referred to as the "Bonds"; and
WHEREAS, the EDA has agreed to pledge certain tax increment revenues to the City for
the principal and interest on the Bonds; and
WHEREAS, the there has been presented to the EDA a Tax Increment Pledge Agreement
between the EDA and the City (the "Pledge Agreement') providing for the pledge of certain tax
increments from certain tax increment financing districts in the City to payment of principal and
interest on the Bonds after the redemption date for the Refunded Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the 'Board")
of the EDA, as follows:
1. The President and Executive Director of the EDA are hereby authorized to
execute and deliver the Pledge Agreement in substantially the form on file in City Hall.
2. This resolution shall be effective as of the date hereof.
by St. Louis Park Economic Development Authority this 2nd day of May, 2005.
for Administration: Adopted by the Economic Development Authority
May 2nd, 2005
Dire or r res' ildent�
Attest:
Se etary