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HRA Resolution 1989-06HOUSING AND REDEYELOPIM, ENT AUTHORITY IN AND FOR THE CITY OF M ONI iCELL0, MINNESOTA RESOLUTION NO. 1989 -6 RESOLUTION AUTHORIZING EXECUTION OF THREE SEPARATE AMENDED AND RESTATED TAX INCREMENT PLEDGE AGREEMENTS Be it resolved by the Housing and Redevelopment Authority in and for the City of Monticello, Minnesota (the "HRA") as follows: WHEREAS, the HRA has entered into the following three tax increment pledge agreements with the City of Monticello (the "City "): 1. Tax Increment Pledge Agreement, dated December 9, 1985, concerning the City's $350,000 General Obligation Tax Increment Bonds, Series 1985; 2. Tax Increment Pledge Agreement, dated April 27, 1987, concerning the City's $365,000 General Obligation Tax Increment Bonds, Series 1987A; and 3. Tax Increment Pledge Agreement, dated June 22, 1987, concerning the City's $155,000 Taxable General Obligation Tax Increment Bonds, Series 1987B; (such agreements are hereinafter referred to collectively as the "Pledge Agreement "); and WHEREAS, the City and the HRA desire to amend the Pledge Agreements. NOW, THEREFORE, be it resolved as follows: 1. The Pledge Agreements shall be amended and restated in substantially the form attached hereto as Exhibit A, and the Chair and Secretary are hereby authorized to execute the same with such necessary and appropriate variations, omissions and insertions as are not materially inconsistent with such form as the Chair, in his discretion, shall determine; provided that the execution thereof by the Chair shall be conclusive evidence of such determination. 2. An executed copy of each such Amended and Restated Pledge Agreement shall be filed with the County Auditor of Wright County. Adopted this 2 day of °" Atgus , X1989. Attest: Secretary 1� F Chair EXHIBIT A THIS AGREEMENT is made and entered into on or as of the 2 day of August , 1989, 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. 5 (the "District "), prepared the Tax Increment Financing Flan (the "Plan ") for the District, and approved the Dian, as modified, on January 3 , 1985; and WHEREAS, the City Council of the City approved the Plan, as modified, on January 23 , 1989; 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 the District through the issuance of general obligation bonds of the City, designated the $ 365,000 JT �] General Obligation Tax Increment Bonds, Series 1987A(the "Bonds "); and WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City for the payment of the principal of and interest on the Bonds; 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; and WHEREAS, on April 27 9 1.987 , the City and the HRA entered into a Tax Increment Pledge Agreement (the "Prior Agreement ") which the City and HRA now wish to amend and restate in its entirety. NOW, THEREFORE, the City and the HRA mutually agree to the following: (1) This Agreement replaces the Prior Agreement, which shall no longer remain in force and effect. w 71 &..__ .e a....v.4 .4.,.,n..t�4'�n.� 6,tr +hn Mgtrint from and after the �G) tilt ltIA ItkUL CMI- -IIL r3-cucl ci�c.0 v, _- _ - -- - -- - -- 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 Ponds, tax increment from the Project Fund in an amount equal to 105% of the annual principal and interest due on the Bonds. A -1 (3) 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 w _�_ ..P 4-4,.. L?�r.rie riennci4n� ;n tha nPht which interest is payable Irorn proceeds v� «�� u�Yu�•��� ••• - --- Service Account), then such excess amounts shall be available to the 11RA to pay or reimburse the HRA for public redevelopment costs paid, incurred, or to be paid or incurred, by the HRA in the District. (4) 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 FIRA in the District® (5) 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, (6) 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. TTE5T- CITY OF MONTICELL 22 By 11 A.d. inistrator Ma y° (SEAL), rrur untnctmr- ANT) RF.nFVF:L OPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA � -B y Secreta-ry A Chairman A -2 EXHIBIT A THIS AGREEMENT is made and entered into on or as of the 2 day of August , 1989, 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. 6 (the "District49), prepared the Tax Increment Financing Plan (the "Plan ") for the District, and approved the Plan, as modified, on _ January 3 , 19899 and WHEREAS, the City Council of the City approved the Plan, as modified, on January 23 , 19899 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 the District through the issuance of general obligation bonds of the City, designated the 350,000 [UMS &q General Obligation Tax Increment Bonds, Series lam_ (the "Bonds "); and WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City for the payment of the principal of and interest on the Bonds; 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; and WHEREAS, on December 9 1985 , the City and the HRA entered into a Tax Increment Pledge Agreement (the 1°Prior Agreement94) which the City and HRA now wish to amend and restate in its entirety. NOW, THEREFORE, the City and the HRA mutually agree to the following: (1) This Agreement replaces the Prior Agreement, which shall no longer remain in force and effect. In All 4--- rrnnnratnri KIT th:] M--triPt from and after the k6J LM AI lQA IIIVl G All Gta16 &T— IIN.au« v —J .� �— — --- ---- -- - ._ 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 105% of the annual principal and interest due on the Bonds. GI (3) 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 °-he 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 101-1e Bonds d °t.G' -. -- in t — - -- - 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. (4) 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. (5) 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 TIRA 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 I -IRA in the Project shall be reported to the County Auditor of Wright County. (6) 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. TTE$Tp CITY OF MONTICEL /JJlj- /'i By NO ii "dnistrator Mayor ( SEAL), rruv xxnri4zrur AND RF.DFF.VF_I,OPMENT 111, LJ L1V vvaa v AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA. L By Secretary Chairman M EXHIBIT A AMENDED AND RESTATED TAX 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 2 day of August , 1989, 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. 7 (the "District "), prepared the Tax Increment Financing Plan (the "Plan ") for the District, and approved the Plan, as modified, on January 3 , 1989; and WHEREAS, the City Council of the City approved the Plan, as modified, on January 239 1989; 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 the District through the issuance of general obligation bonds of the City, designated the $ 155,000 [Taxable] General Obligation Tax Increment Bonds, Series 1987B(the "Bonds "); and WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City for the payment of the principal of and interest on the Bonds; 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; and WHEREAS, on June 22 , 1987, the City and the HRA entered into a Tax Increment Pledge Agreement (the "Prior Agreement ") which the City and HRA now wish to amend and restate in its entirety. NOW, THEREFORE, the City and the HRA mutually agree to the following: (1) This Agreement replaces the Prior Agreement, which shall no longer remain in force and effect. (2) 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 105% of the annual principal and interest due on the Bonds. A -1 (3) 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 d' ab,�, 0^nrie rinnr%citerri in tho Tieht which interest is payable fro �rn proceeds of « ►c ""19.-4.7 ..��,�.. 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. (4) 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, 1-IRA or any other public body to finance public redevelopment costs paid or incurred by the f1R.A in the District® (5) 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 1-1R.A 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. (f) 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. ATTEST: CITY OF MONTICELLO____ -� By Ad- inistrator Mayor u Secretary A_2 ,ruv ur�tiglM O. AND RF.DPVF.I.OPMENT L 1L L1 A1�,/%.1- -v - -. �- - - - -- - -- - - AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA By - .- '' Chairman