Loading...
City Council Resolution 1990-53CTrY gE50LIITION NO. M~SNF.SO`rA RESOLUTION AUTP EDGE AGREEMENTS OF A TWO TAX INCREMENT the WHEREAS, the Monticello Hous~gre~d Redevelopment Authority ent Financing District No. 1-9 and ,fggA") has heretofore established Tax ax Increment Financing District No. 1-10 (together, the "Distra tds")ham h eed fore T plans (the "Plans") for the Districts, Increment Financing approved the Plans; and Council of the City of Monticello (the "City") has WHEREAS, the City heretofore approved the Plans; and WHEREAS, in order to finance certain public redevelopment costs of that HRA's Redevelopment Project No. 1 relating to the District, it is necessary Bement with the Authority pursuant the City enter into a Tax Increment Pledge Agr a ate principal to Minnesota Statutes, Section 469.178, securing $305,000 aggl' g nt of the City's General Obligation Tncesuch publi credevelopment costs.s amou issued to fina 1990D and the interest thereon, Council of the City of NOW, THEREFORE, BE IT RESOLVED by the City Monticello, Minnesota: are hereby or and the City Administrator of the Cityeements (the That the May authorized and directed to thecCity t ne substantially the formg atta hed hereto as "Agreements") on behalf of reference. Exhibits A and B and incorporated herein by Adopted this 13th day of November, 1990. .~ ' i~ <~/ .Mayor Attest: ,~~~ City dministrator EXHIDIT A TA% INCREMENT PLEDGE AGREEMENT by and between THE CITY OF MONTICELLO, MINNESOTA and THE HOU RN~E CITY OF MONTICELLO, M NNESOTA IN AND FO THIS AGREEMENT is made and C t e of Monticello, Minnesota (the "City"), Nov_ b_r , 1990, by and between the y and The Housing and~~Redevelopment Authority in and for the City of Monticello, Minnesota (the "HRA ). WHEREAS, the HRA establishcdement F nanenngFPlanc(theDPlan") for the (the "District"), prepared the Tax In District, and approved the Plan, as modified, on August 13, 1990; and WHEREAS, the City Council of the City approved the Plan, as modified, on August 13, 1990; and WHEREAS, pursuant to autho haYtern475 tithe City has agreedt to f nance 469.178, and Minnesota Statutes, C p certain public redevelopment costs h the lissuance bof genera obligation bonds of Project No. 1 (the Project) throug the City, designated the $305,000~dGeneral Obligation Taxable Tax Increment Bonds, Series 1990D (the "Bonds"); a WHEREAS, the HRA h~ Increment Financing District~Noc 1 10 to the City from the District and from T for the payment of the principal of and interest on the Bonds; and WHEREAS, pursuant to Minnesota Statutes, Section 469N1r $ten afire ~ment agreement to pledge tax increment revenues must be made by by and between the HRA and the City and must be filed with the County Auditor of Wright County; NOW, THEREFORE, the City and the HRA mutually agree to the following: (1) The City will sell the Bonds. (2) The proceeds from the sale of the Bonds and the earnings from the investment of such P r c ubil c redevelopme t costsl pa'd, hncurRred, o r to or reimburse the HRA fo p $140,000 of which are to be be paid or incurred, by the HRA in the Project, used by the HRA in connection with the District. (3) All tax increment generated by the District from and after the date of this Agreement shall be deposited inl d ses to lthenpaymen tof lthe Fund") held by the HRA. The HRA hereby p g principal and interest on the Bother fo low ng an ualoprincepaloand inte est an amount equal to 10596 of payments due on the Bonds: A-1 Year of Maturit Principal Total Principal Interest bcInterest 1992 $ 0 15,326 ; 15,326 1993 15,000 12,261 27,261 1994 15,000 11,005 26,005 1995 15,000 9,730 24,730 1996 15,000 8,425 23,425 1997 20,000 7,120 27,120 lggg 20,000 5,340 25,340 1999 20,000 3,560 23,560 2000 20,000 1,780 21,780 (4) Not later than five (5) business days prior to each February 1 and August 1 debt service payment date for the Bonds, there shall be transferred from the Project Fund to the Debt Service Account maintained by the City for the payment of the Bonds, an amount which when taken together with amounts already on deposit in the Debt Service Account, is equal to the principal and interest next due on the Bonds. If at any time the Project Fund contains an amount in excess of the amount to be transferred to the Debt Service Account for the payment of the Bonds on the following two debt service payment dates (excluding debt service payment dates for which interest is payable from proceeds of the Bonds deposited in the Debt Service Account), then such excess amounts shall be available to the HRA to pay or reimburse the HRA for public redevelopment costs paid, incurred, or to be paid or incurred, by the HRA in the District. (5) Without regard to anything in this Agreement to the contrary, tax increment generated by the District shall be available to pay principal of and interest on both the Bonds and any other obligations issued by the City, HRA or any other public body to finance public redevelopment costs paid or incurred by the HRA in the District. - (6) When the entire public redevelopment costs of the District have been paid and all principal and interest on the Bonds and other obligations issued to finance the public redevelopment costs of the District have been paid, and the City has been reimbursed from collections of tax increment from the Project for collections of general ad valorem taxes used to pay principal of and interest on the Bonds, then the HRA shall report such fact to the City Council of the City and the HRA shall submit a final statement of such payments. Upon audit of this statement and approval thereof by the City Council, the payment of the expenditures of the HRA in the Project shall be reported to the County Auditor of Wright County. (7) An executed copy of this Agreement shall be filed with the County Auditor of Wright County. IN WITNESS WHEREOF, the City and the HRA have caused this Agreement to be duly executed on their behalf and their seals to be hereunto affixed and such signatures and seals to be attested, as of the day and year first above written. A-2 ATTEST: CITY OF MONTICELLO By Mayor Administrator (SEAL) THE HOUSING AND REDEVELOPMENT ATTEST: AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA By Chairman Secretary A-3 EI~iIDIT B TA% INCREMENT PLEDGE AGREEMENT by and between THE CITY OF MONTICELLO, MINNESOTA and THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA THIS AGREEMENT is made and entered into on or as of the 14th day of November , 1990, by and between the City of Monticello, Minnesota (the "City"), and The Housing and Redevelopment Authority in and for the City of Monticello, Minnesota (the "HRA'. WHEREAS,, the HRA established Tax Increment Financing District No. 1-10 (the "District"), prepared the Tax Increment Financing Plan (the "Plan") for the District, and approved the Plan, as modified, on April 6 , 1990; and WHEREAS, the City Council of the City approved the Plan, as modified, on Aril 9 , 1990; and WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and Minnesota Statutes, Chapter 475, the City has agreed to finance certain public redevelopment costs to be incurred by the HRA in Redevelopment Project No. 1 (the "Project") through the issuance of general obligation bonds of the City, designated the $305,000 General Obligation Taxable Tax Increment Bonds, Series 1990D (the "Bonds"); and WHEREAS, the HRA has agreed to pledge certain tax increment revenues from the District and from Tax Increment Financing District No. 1-9 to the City for the payment of the principal of and interest on the Bonds; and WHEREAS, pursuant to Minnesota Statutes, Section 469.178, subd. 2, any agreement to pledge tax increment revenues must be made by written agreement by and between the HRA and the City and must be filed with the County Auditor of Wright County; NOW, THEREFORE, the City and the HRA mutually agree to the following: (1) The City will sell the Bonds. (2) The proceeds from the sale of the Bonds and the earnings from the investment of such proceeds will be made available to the HRA to pay or reimburse the HRA for public redevelopment costs paid, incurred, or to be paid or incurred, by the HRA in the Project, $165,000 of which are to be used by the HRA in connection with the District. (3) All tax increment generated by the District from and after the date of this Agreement shall be deposited in a special fund (the "Project Fund") held by the HRA. The HRA hereby pledges to the payment of the principal and interest on the Bonds, tax increment from the Project Fund in an amount equal to 10596 of the following annual principal and interest payments due on the Bonds: B-1 Total Year of Principal Maturit Principal Interest ac Interest 1992 $ 0 18,083 $ 18,083 1993 15,000 14,466 29,466 1994 15,000 13,210 28,210 1995 20,000 11,935 31,935 1996 20,000 10,195 30,195 1997 20,000 8,455 28,455 1998 25,000 6,675 31,675 1999 25,000 4,450 29,450 2000 25,000 2,225 27,225 (4) Not later than five (5) business days prior to each February 1 and August. 1 debt service payment date for the Bonds, there shall be transferred from the Project Fund to the Debt Service Account maintained by the City for the payment of the Bonds, an amount which when taken together with amounts already on deposit in the Debt Service Account, is equal to the principal and interest next due on the Bonds. If at any time the Project Fund contains an amount in excess of the amount to be transferred to the Debt Service Account for the payment of the Bonds on the following two debt service payment dates (excluding debt service payment dates for which interest is payable from proceeds of the Bonds deposited in the Debt Service Account), then such excess amounts shall be available to the HRA to pay or reimburse the HRA for public redevelopment costs paid, incurred, or to be paid or incurred, by the HRA in the District. (5) Without regard to anything in this Agreement to the contrary, tax increment generated by the District shall be available to pay principal of and interest on both the Bonds and any other obligations issued by the City, HRA or any other public body to finance public redevelopment costs paid or incurred by the HRA in the District. (6) When the entire public redevelopment costs of the District have been paid and all principal and interest on the Bonds and other obligations issued to finance the public redevelopment costs of the District have been paid, and the City has been reimbursed from collections of tax increment from the Project for collections of general ad valorem taxes used to pay principal of and interest on the Bonds, then the HRA shall report such fact to the City Council of the City and the HRA shall submit a final statement of such payments. Upon audit of this statement and approval thereof by the City Council, the payment of the expenditures of the HRA in the Project shall be reported to the County Auditor of Wright County. (7) An executed copy of this Agreement shall be filed with the County Auditor of Wright County. IN WITNESS WHEREOF, the City and the HRA have caused this Agreement to be duly executed on their behalf and their seals to be hereunto affixed and such signatures and seals to be attested, as of the day and year first above written. B-2 ATTEST: Administrator (SEAL) ATTEST: CITY OF MONTICELLO By Mayor THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA By Chairman Secretary B-3 CERTIFICATE OF MINIITES City: '.Monticello County: Wright State: Minnesota Governing Body: City Council Meeting: A meeting of the City Council (the "Council") of the City of Monticello, Minnesota (the "City") held on the 13th day of November, 1990, at 7:00 p.m., at the Council Chambers, 250 Broadway, Monticello, Minnesota. Council b'Iembers Present: Maus, Anderson, Blonigen, Fair Council Members Absent: Smith Documents: A copy of the Resolution Authorizing Execution of Two Tax Increment Pledge Agreements Certification: I, the City Administrator of the City 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, which resolution was adopted by the Council at the meeting referred to above. Said meeting was a regular meeting of the Council, was open to the public, and was held at the place at which meetings of the Council are regularly held. Council member Fair moved the adoption of the attached resolution. The motion or adoption o the attached resolution was seconded by Council member Anderson A vote being taken on the motion, the following voted in favor of the resolution: Maus, Anderson, Blonigen, Fair and the following voted against the resolution: None Whereupon said resolution was declared duly passed and adopted. The attached resolution is in full force and effect and no action has been taken by the Council which would in any way alter or amend the attached resolution. Witness my hand officially as the acting City Administrator of the City, this 13th day of November, 1990. GlJ Qi~~~ Ci Administrator