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HomeMy WebLinkAboutCity Council Resolution 2005-079CERTIFICATION OF MINUTES Municipality: The City of Plymouth, Minnesota Governing Body: City Council Meeting: A meeting of the City Council of The City of Plymouth was held on the 22ND day of February, 2005, at 7:00 p.m. at Plymouth City Center, 3400 Plymouth Boulevard, Plymouth, Minnesota. Members present: Mayor Johnson, Councilmembers Willis, Bildsoe, Stein, and Black Members absent: Councilmembers Hewitt and Slavik Documents: Resolution No. 2005-079 - Resolution Authorizing Execution and Delivery of Assessment Agreement and Pledge Agreement Relating to Tax Increment Financing District No. 1-1 Certification: I, Sandra R. Paulson, City Clerk of the City of Plymouth, Minnesota, do hereby certify the following: Attached hereto is a true and correct copy of a resolution on file and of record in the offices of the City of Plymouth, Minnesota, which resolution was adopted by the Plymouth City Council, at the meeting referred to above. Said meeting was a regular meeting of the Plymouth City Council, was open to the public, and was held at the time at which meetings of the City Council are regularly held. Member Willis moved the adoption of the attached resolution. The motion for adoption of the attached resolution was seconded by Member Black. A vote being taken on the motion, the following voted in favor of the resolution: All members voted in favor. and the following voted against the resolution: None. Whereupon said resolution was declared duly passed and adopted by at least two-thirds of the members of the City Council. The attached resolution is in full force and effect and no action has been taken by the City Council of the City of Plymouth, Minnesota which would in any way alter or amend the attached resolution. Witness my hand officially as the City Clerk of the City of Plymouth, Minnesota this 22nd day of February, 2005. By Its City Clerk CITY OF PLYMOUTH RESOLUTION NO. 2005-079 RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF ASSESSMENT AGREEMENT AND PLEDGE AGREEMENT RELATING TO TAX INCREMENT FINANCING DISTRICT NO. 1-1 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 has entered 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 has agreed 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; 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; and WHEREAS, to ensure that Available Tax Increments pledged by the Authority to the City will be sufficient to pay the principal of and interest on the Bonds, the Development Agreement provides that the City and the Developer will enter into an Assessment Agreement (the "Assessment Agreement"), whereby the Developer agrees to a minimum market value of the Land (as defined in the Assessment Agreement) and the Project (as defined in the Assessment Agreement) for ad valorem tax purposes; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota, as follows: SECTION 1. PLEDGE AGREEMENT. Pursuant to Minnesota Statutes, Section 469.178, Subdivision 2, the Mayor and City Clerk are hereby authorized to execute and deliver the Pledge Agreement on behalf of the City substantially in the form on file with the City on the date hereof. Under the Pledge Agreement, Available Tax Increments shall be sufficient, together with other fiinds appropriated by the City to a bond sinking fiind established by a bond resolution for the payment of the Bonds (the "Sinking Fund'), to pay the principal of and interest on the Bonds when due. Available Tax Increments shall be deposited in the Sinking Fund. Nothing herein shall preclude the City or the Authority from hereafter making further pledges and appropriations of the tax increments from the District for the payment of other obligations of the City or Authority or to pay costs eligible to be paid from the tax increments from the District. An executed copy of the Pledge Agreement shall be filed with the Hennepin County Auditor, as required by Minnesota Statutes, Section 469.178, Subdivision 2, and the Pledge Agreement shall become effective upon the actual issuance and delivery of the Bonds. SECTION 2. ASSESSMENT AGREEMENT. The Mayor and City Clerk are hereby authorized to execute and deliver the Assessment Agreement on behalf of the City substantially in the form on file with the City on the date hereof, and the Developer is directed to cause the executed Assessment Agreement and an executed Assessor's Certificate attached thereto to be recorded on the title to the Development Property (as defined in the Assessment Agreement) as of the date of the Development Agreement as a condition of issuance of the Bonds by the City. ADOPTED by the City Council this 22nd day of Febwary, 2005.