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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.