HomeMy WebLinkAboutResolution No. 2021-03 Authorizing Execution of Tax Increment Pledge AgreementRESOLUTION NO, 2021-03
RESOLUTION AUTHORIZING EXECUTION
OF TAX INCREMENT PLEDGE AGREEMENT
A. WHEREAS, the City of Edina, Minnesota (the "City"), has determined to issue its General
Obligation Bonds, Series 2021A, in the approximate principal amount of $14,505,000 (the
"Bonds"), pursuant to Minnesota Statutes, Chapters 429, 475, and Section 469.178, the proceeds
of which will be used, together with other available funds, to finance costs related to the City's
2021 street reconstruction projects, as well as public improvements supporting the Grandview 2
Redevelopment Tax Increment Financing District (the "District") in the City (collectively, the
"Project"); and
B. WHEREAS, on June 1, 2021, the City Council of the City proposes to adopt a resolution
authorizing the issuance and awarding the sale of the Bonds; and
C. WHEREAS, a portion of Bonds will be payable with tax increments (the "TIF") realized by the
Edina Housing and Redevelopment Authority (the "Authority") from the District; and
D. WHEREAS, the Authority administers the District; and
E. WHEREAS, Minnesota Statutes, Section 469.178, Subdivision 2 requires that any pledge of tax
increment for the payment of the principal of and interest on general obligation bonds issued
under the aforementioned subdivision be made by written agreement by and between the
Authority and the City and filed with the county auditor; and
F. WHEREAS, it is necessary and expedient that the Authority and the City enter into a Tax
Increment Pledge Agreement securing the Bonds with TIF from the District; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority, as follows:
1. Authorization to Execute. The Tax Increment Pledge Agreement, a form of which agreement is
now on file in the office of the Authority, is hereby approved in substantially the form submitted
to the Authority and the Chair and Executive Director are authorized and directed to execute the
same on behalf of the Authority,
2. Filina. The Executive Director is directed to file a fully executed copy of the Tax Increment
Pledge Agreement with the Hennepin County Auditor pursuant to Minnesota Statutes, Section
469.178, Subdivision 2.
The motion for the adoption of the foregoing resolution was duly seconded by member Staunton and,
after full discussion thereof and upon a vote being taken thereon, the following voted in favor thereof-.
Chair Hovland, Commissioner Anderson, Commissioner Jackson, Commissioner Staunton, and
Commissioner Pierce.
and the following voted against the same: None
4821-3472-6632\3 CITY OF EDINA
4801 West 50th Street - Edina, Minnesota 55424
www.EdinaMN.gov - 952-927-8861 4 Fax 952-826-0389
Passed and adopted this 21 day of May 2021.
Attest:
James Pierce Secretary
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS
CITY OF EDINA
CERTIFICATE OF EXECUTIVE DIRECTOR
1, the undersigned duty appointed and acting Executive Director for the Edina Housing & Redevelopment
Authority do hereby certify that the attached and foregoing Resolution was duly adopted by the Edina
Housing & Redevelopment Authority at its Regular Meeting of May 27, 2021, and as recorded in the
Minutes of said Regular Meeting,
WITNESS my hand and seal of said City this Z-1
day of May, 2021.
Exe&fi e Dire or
4821-3472-6632\3