HRA Resolution 2004-01HRA RESOLIUTION NO. 2nn4_01
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CffTY OF MONTICELLO RELATING TO $945,000 TAXABLE GENERAL
OBLIGATION TAX INCREMEENT BONDS, SERIES 2004A
WHEREAS, The Housing and Redevelopment Authority in and for the City of
Monticello, Minnesota (the "HRA ") has established Redevelopment Project No. 1 (the
"Project "), and approved a Redevelopment Plan (the "Plan ") for the Project; and
WHEREAS, the HRA and City have established Tax Increment Financing District No. 1-
22 (the "TIF District ") within the Project in accordance with Minnesota Statutes, Sections
469.174 to 469.179; and
WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and
Minnesota Statutes, Chapter 475, the City previously issued its $2,150,000 Taxable General
Obligation Temporary Tax Increment Bonds, Series 2001 ( "Temporary Bonds ") to finance
certain public redevelopment costs to be incurred by the HRA or the City in the Project Area;
and
WHEREAS, the City has agreed to issue its $945,000 Taxable General Obligation Tax
Increment Bonds, Series 2004A (the "Bonds ") to pay at maturity the outstanding principal of and
accrued interest on the Temporary Bonds; and
WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City for
the principal and interest on the Bonds; and
WHEREAS, the there has been presented to the HRA a Tax Increment Pledge Agreement
between the HRA and the City providing for the pledge of tax increments from the TIF District
to payment of principal and interest on the Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board ")
of the HRA, as follows:
1. The Chair and Secretary of the HRA are hereby authorized to execute and deliver
a Tax Increment Pledge Agreement with the City of Monticello, Minnesota substantially in the
form on file with the City, providing for the pledge of tax increment derived from property in the
TIF Districts for the payment of the principal of, premium, if any, and interest on, the Bonds.
2. This resolution shall be effective as of the date hereof.
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MN 190-113
Adopted by The Housing and Redevelopment Authority in and for the City of
Monticello, Minnesota this\l�-"-!k"-day of , 2004.
Chair
Attest:
Secretary
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MN 190-113