HomeMy WebLinkAboutCity Council Resolution 2005-146CERTIFICATION 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 12th day of April, 2005, at 7:00 p.m. at Plymouth City
Center, 3400 Plymouth Boulevard, Plymouth, Minnesota.
Members present: Mayor Johnson, Councilmembers Willis, Hewitt, Slavik, Bildsoe,
Stein, and Black
Members absent: None
Documents: Resolution No. 2005-146 - Resolution Authorizing Execution and
Delivery of TIHAP Pledge Agreement Relating to City Tax
Increment Financing District No. 7-6
Certification:
I, Sandy 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 Bildsoe moved the adoption of the attached resolution. The
motion for adoption of the attached resolution was seconded by Member Stein. 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:
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
12th day of April, 2005.
By
Its City Clerk
CITY OF PLYMOUTH
RESOLUTION NO. 2005-146
RESOLUTION AUTHORIZING EXECUTION AND
DELIVERY OF TIHAP PLEDGE AGREEMENT RELATING
TO CITY TAX INCREMENT FINANCING DISTRICT NO. 7-6
WHEREAS, the City of Plymouth, Minnesota (the "City"), has previously approved and
adopted a Project Plan for Redevelopment Project Area No. 7 and a Tax Increment Financing
Plan for Tax Increment Financing District No. 7-6 (the "District") and pledged certain tax
increment generated by the District to the City's Tax Increment Housing Assistance Program
("TIHAP") to encourage and support the constriction, rehabilitation, and preservation of low -
and moderate -income housing within the City and to facilitate public improvements related to
such housing;
WHEREAS, the Housing and Redevelopment Authority in and for the City of Plymouth,
Minnesota (the "Authority"), proposes to acquire, constrict and equip a 96 -unit, low- and
moderate -income senior housing facility within the City to be owned and operated by the
Authority (the "Project") and will finance the Project through the issuance of the Authority's
Governmental Housing Project Bonds (City of Plymouth, Minnesota General Obligation), Series
2005, dated as of May 1, 2005 (the "Bonds"); 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 City pledges to
the Authority 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:
It is hereby determined and declared that the Project qualifies for assistance under the
TIHAP and meets the general objectives of the City related to housing as set forth in the TIHAP.
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
Authority 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 from
hereafter making fiirther 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.
ADOPTED by the City Council this 12th day of April, 2005.