HRA RES 1998-16 - 00001024RESOLUTION NO. HRA 16 - 1998
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF TAX INCREMENT
PLEDGE AGREEMENT RESPECTING $4,185,000 TAXABLE GENERAL
OBLIGATION TAX INCREMENT BONDS, SERIES 1998B
WHEREAS, at the request of the Housing and Redevelopment Authority in and for the
City of Fridley, Minnesota (the "HRA"), it is anticipated that the City of Fridley,
Minnesota (the "City"), will issue the City's Taxable General Obligation Tax Increment
Bonds, Series 1998B, dated as of October 1, 1998 (the "Bonds"), in the approximate
principal amount of $4,185,000, pursuant to Minnesota Statutes, Section 469.178,
Subdivisions 2 and 5, and Chapter 475, to refinance certain expenditures for certain
public redevelopment costs (the "Costs") undertaken and incurred by the HRA within
the HRA's Redevelopment Project No. 1.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the Board of Commissioners (the
"Board") of the HRA as follows:
It is necessary and desirable that the City issue, and the HRA requests that the
City issue, the Bonds in order to provide refinancing to the HRA for the Costs.
2. The Tax Increment Pledge Agreement attached hereto and made part hereof is
hereby approved, and the representations, covenants, and provisions contained
therein are hereby ratified and confirmed by the Board, and the officers of the
HRA are hereby authorized and directed to take such steps as may be
necessary to execute said Agreement, in substantially the form as attached (with
such amendments thereto as the officers executing the same shall approve, as
evidenced by their execution and delivery thereof), upon approval and execution
thereof by the City, and to carry out and fulfill the provisions and requirements
thereof.
PASSED AND ADOPTED BY THE CITY OF FRIDLEY HOUSING AND
REDEVELOPMENT AUTHORITY THIS 3RD DAY OF SEPTEMBER 1998.
LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
WILLIAM W. BURNS, EXECUTIVE DIRECTOR