HRA RES 2006-01 - 14832HRA RESOLUTION NO. 2006-01
AMENDING RE,SOLUTION AUTHORIZING EXECUTION nF A TAX
INCREMENT PLEDGE AGREF,MENT
WHEREAS, by resolution duly adapted by the Baard of Commissioners on June 2, 2005
(the "Authority's Resolution"), the Housing and Redevelapment Authority of the City of
Fridley, Minnesota (the "Authority"), the Authority was authorized to enter into a Tax
Increment Pledge Agreement (the "Tax Increment Pledge Agreement") with the City of
Fridley, Minnesota (the "City"); and
WHEREAS, by resolution duly adopted by the City Council on May 23, 20Q5 (the "Bond
Resolution"), the City Council of the City of Fridley, Miririesota (the "City"), issued
$4,645,000 General Obligation Tax Increment Refunding Bonds, Series 2QOSB, dated
Jlzne 15, 2005 (the 'Bonds"); and
WHEREAS, the Bond Resalution, and consequently the Authority's Resolution and the
Tax Increment Pledge Agreement, incorrectly pledged tax increments received froin Tax
Increment Pinancing District No. 6, heretafore created by the Authority within
Redevelopment Project No. 1, to the payment of the Bonds; and
WHEREAS, the Board hereby determines that the Authority's Resolution must be
amended to correctly identify the source of the tax increments which are pledged to the
payment of the Bonds, such tax increments specifically being t� increments derived
fram Tax Increment Financing Districts 1, 2 and 3; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Housing and Redevelopment Authority of the City of Fridley, Minnesota, as follows:
The Amended Tax Increment Pledge Agreement, a form of which is now on file in the
office af 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.
The Executive Director is hereby directed to file a certified copy of this resalution and
the Amended Tax Increment Pledge Agreement with the Office af Anoka County
Property Records and Taxation (the "County"), together with such other information as
the County shall require, and to obtain from the County the certificate that this Resolution
and the Ainended Tax Increment Pledge Agreement have been filed with the County,
pursuant to Minnesota Statutes, Section 469.178, Subdivision 2.
PASSED AND ADOPTED BY THE CITY COIJNCIL OF THE CITY OF FRIDL,EY
THIS 2nd DAY OF FEBRUARY, 2QQ6.
LAWRENCE R. COMMERS
HRA CHAIRPERSON
ATTEST:
DEBRA A. SKOGEN — CITY CLERK.