HomeMy WebLinkAboutCity Council Resolution 2015-041EXTRACT OF MINUTES OF A MEETING OF THE
CITY COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA
HELD: February 10, 2015
Pursuant to due call and notice thereof, a regular or special meeting of the City Council
of the City of Plymouth, Minnesota, (the "City"), was duly called and held at the City Hall on
February 10, 2015, at 7:00 o'clock P.M.
The following members were present: Mayor Slavik, Councilmembers Johnson, Wosje,
Beard, Prom, Willis, and Carroll
and the following were absent: None
Member Willis introduced the following resolution and moved its adoption:
RESOLUTION NO. 2015-041
RESOLUTION AUTHORIZING EXECUTION
OF A TAX INCREMENT PLEDGE AGREEMENT
A. WHEREAS, on December 9, 2014, the City Council of the City adopted
Resolution No. 2014-366, entitled "Resolution Calling for Redemption of Certain Outstanding
Bonds" (the "Call Resolution"). The Call Resolution authorizes the City to redeem the
outstanding principal balance of the City's $1,370,000 General Obligation Tax Increment Bonds,
Series 2005A, dated April 1, 2005 (the "Prior Bonds") of which $920,000 remains outstanding.
B. WHEREAS, the Prior Bonds were issued by of the City for the purpose of
providing money to pay public development costs attributable to certain improvements made by
the City pursuant to a Development Agreement by and between the Housing and Redevelopment
Authority in and for the City of Plymouth, Minnesota (the "Authority") and Shops at Plymouth
Creek, L.L.C., dated as of February 1, 2005. The principal and interest on the Prior Bonds have
been paid primarily from tax increments received by the Authority from Tax Increment
Financing (Redevelopment) District No. 1-1 (the "TIF District"), within Redevelopment Project
Area No. 1, established by the City; and
C. WHEREAS, on December 9, 2014, the City adopted Resolution No. 2014-390,
entitled "Resolution Authorizing an Interfund Loan for Refinancing of Certain Obligations Paid
From Tax Increment Financing District No. 1-1" (the "Interfund Loan Resolution"), wherein the
City established an interfund loan to utilize City funds to redeem the Prior Bonds and create a
new obligation for the TIF District (the "Interfund Loan"); and
D. WHEREAS, to provide funds sufficient for the timely payment of the Interfund
Loan, it is necessary for the Authority and the City to execute a Tax Increment Pledge
Agreement (the "Tax Increment Pledge Agreement") as provided herein.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, the Tax Increment Pledge Agreement on file in the office of the City Clerk is hereby
approved in substantially the form submitted and the Mayor and the City Clerk are authorized
and directed to execute the same on behalf of the City. The approval hereby given to the Tax
Increment Pledge Agreement includes approval of such additional details therein as may be
necessary and appropriate and such modifications thereof, deletions therefrom and additions
thereto as may be necessary and appropriate and approved by the City Attorney and by the City
officials authorized herein to execute or accept, as the case may be, the Tax Increment Pledge
Agreement prior to its execution; and the City officials are hereby authorized to approve any
changes on behalf of the City.
The motion for the adoption of the foregoing resolution was duly seconded by member
Johnson and, after full discussion thereof and upon a vote being taken thereon, the following
voted in favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
I, the undersigned, being the duly qualified and acting City Clerk of the City of
Plymouth, Minnesota, do hereby certify that I have carefully compared the attached and
foregoing extract of minutes with the original minutes of a meeting of the City Council held on
the date therein indicated, which are on file and of record in my office, and the same is a full,
true and complete transcript therefrom insofar as the same relates to a resolution authorizing
execution of a Tax Increment Pledge Agreement.
WITNESS my hand on February 10, 2015.
City Clerk
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