HomeMy WebLinkAboutCity Council Resolution 2005-029CITY OF PLYMOUTH
RESOLUTION NO. 2005-029
RESOLUTION AUTHORIZING ISSUANCE AND SALE OF
$1,370,000 GENERAL OBLIGATION TAX INCREMENT
BONDS, SERIES 2005A
WHEREAS, the Housing and Redevelopment Authority in and for the City of Plymouth,
Minnesota (the "Authority"), has previously approved and adopted a Project Plan for
Redevelopment Project Area No. 1 and a Tax Increment Financing Plan for Tax Increment
Financing (Redevelopment) District No. 1-1 (the "District');
WHEREAS, the Authority desires to enter into a Development Agreement (the
"Development Agreement") by and between the Authority and Shops at Plymouth Creek, L.L.C.,
a Delaware limited liability company (the "Developer"), pursuant to which the Authority will
agree to request the City of Plymouth, Minnesota (the "City"), to issue its General Obligation
Tax Increment Bonds, Series 2005A, in the aggregate principal amount of $1,370,000, to pay
public development costs attributable to certain improvements to be made by the Authority as
further described in the Development Agreement (the "Bonds"), and the Bonds are to be payable
primarily from tax increments realized by the Authority from the District; and
WHEREAS, the Authority desires to enter into a Tax Increment Pledge Agreement by
and between the Authority and the City (the "Pledge Agreement'), whereby the Authority
pledges to the City Available Tax Increments (as defined in the Pledge Agreement) in amounts
sufficient to pay the principal of and interest on the Bonds issued by the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
SECTION 1. PURPOSE. It is hereby determined to be in the best interests of the City to
issue the Bonds, pursuant to Minnesota Statutes, Chapters 469 and 475, to finance improvements
to be made by the Authority within the City, as further described in the Development Agreement.
SECTION 2. TERMS OF PROPOSAL. Springsted Incorporated, financial consultant to
the City, has presented to this Council a form of Terms of Proposal for the Bonds which is
attached hereto and hereby approved and shall be placed on file by the City Finance Director.
Each and all of the provisions of the Terms of Proposal are hereby adopted as the terms and
conditions of the Bonds and of the sale thereof. Springsted Incorporated, as independent
financial advisers, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2, paragraph (9)
is hereby authorized to solicit proposals for the Bonds on behalf of the City on a negotiated basis.
SECTION 3. SALE MEETING. Provided that the City receives from the Authority an
official request that the City issue the Bonds and the Pledge Agreement for execution by the
City, this City Council shall meet at the time and place shown in the Terms of Proposal for the
purpose of considering proposals for the purchase of the Bonds and of taking such action thereon
as may be in the best interests of the City.
ADOPTED by the City Council this 81h day of February, 2005.