81-03 EXTRACT OF MINUTES OF
HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF CHANHASSEN,
CARVER AND HENNEPIN COUNTIES, MINNESOTA
Pursuant to due call and notice thereof a special
meeting of the Housing and Redevelopment Authority of the City of
Chanhassen, Minnesota, was held in the Chanhassen City Hall
in the City of Chanhassen on Thursday, June 11, 1981, commencing
at ~:00 o'clock p.m.
The following members were present:
Gullickson, Bohn, and Horn
and the following were absent:
Russell and Whitehill
Member Clark Horn
introduced the following
resolution and moved its adoption:
RESOLUTiON-~~~
NO. BI-~
DETERMINING NEED FOR FINANCING:
REQUESTING THE C~ANHASSEN CITY COUNCIL TO
AUTHORIZE THE ISSUANCE OF GENERAL
OBLIGATION TAX INCREMENT BONDS TO FINANCE
PUBLIC REDEVELOPMENT COSTS IN THE
CHANHASSEN DOWNTOWN REDEVELOPMENT
PROJECT AREA
WHEREAS, pursuant to the requirements of Minnesota Statutes,
Sections 462.11 to 462.716 and Minnesota Statutes, Sections 273.71
to 273.78 (collectively, the "Act"), this Authority has applied
to the City Council of the City of Chanhassen (the "City") for
approval of a redevelopment project described as the Chanhassen
Downtown Redevelopment Plan, (the "Project Area"); and
WHEREAS, the City is authorized by Section 273.77 of the Act
to issue its general obligation bonds in aid of redevelopment projects
in the Project Area if this Authority pledges Tax Increments received-
from the Project Area for the payment of the principal of and interest
on bonds issued in aid of the Project pursuant to Sections 462.551 or
462.581 of the Act; and
WHEREAS, the pledge of Tax Increments must be made by writte~
agreement executed by the Authority and the City and filed with the
County Auditor, and when such an agreement is made and filed, the
City may issue general obligation bonds as provided in Minnesota
Statutes, Chapter 475, subject only to the conditions required for
bonds financing improvements costs reimbursable from special
assessments;
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF CHANHASSEN, MINNESOTA, AS FOLLOWS: -
le
This Authority hereby, and by the Tax Increment Agreement
attached hereto as Exhibit A, pledges and appropriates
all of the Tax Increments from the Project Area and all
revenues received from lands in the' Project Area while
owned by this Authority for the payment of the Public
Redevelopment Costs of the Project Area including
principal of and interest on general obligation bonds
when and if issued by the City in aid of redevelopment
projects in the Project Area.
.
The form of the Tax Increment Agreement now on file with
the Executive Director is approved. The Chairman and
Executive Director are authorized and directed to execute
the Tax Increment Agreement and to forward it to the City
Council with a copy of this Resolution.
·
The Authority hereby requests the City Council of the
City to authorize the issuance and sale of its General
Obligation Tax Increment Bonds to finance the
Public Redevelopment Costs of the Project Area and
other related Project Area costs as set forth in
this resolution.
·
The Authority further respectfully informs the City Council
that the Authority ~ay, and'for-the reasons's~t forth in this
resolution, request additional series of bonds in the
future to finance the public redevelopment costs of other
Projects within the Project Area, all in conformance
with the Plan. The Authority, therefore, requests
that each series of bonds issued in aid of the
Project Area, and pursuant to the Tax Increment
Agreement, be on a parity with each other series
of bonds so issued and be equally and ratably
secured by the pledge of the Tax Increment Agreement
and this Resolution.
STATE OF MINNESOTA
COUNTIES OF CARVER AND
HENNEPIN
CITY OF CHANHASSEN
.
)
) ss.
)
)
)
I, the undersigned, being the Secretary of .the Housing and
Redevelopment Authority of the City of Chanhassen, Minnesota, do
--
hereby certify that I have carefully compared the attached and
·
foregoing extract of a, special meeting of the Housing .
and Redevelopment Authority of said City held on Thursday,
June 11, 1981, with the original thereof on file in my office and
the same is a full, true and correct copy thereof, insofar as the
same relates to a request for the issuance and sale of General
Obligation Tax Increment Bonds of the City.
WITNESS My hand as such Secretary of the Housing and Redevelopment
Authority of the City of Chanhassen this 12th day of June ,
1981.
Secretary
Housing and Redevelopment Authority
City of Chanhassen, Minnesota
l·
·
·
·
The Authority hereby expressly pledges that all tax increment
payments made to the Authority by the Carver County Auditor
from the Project Area-and all revenues from land within the
Project Area while owned by the Authority, shall be pledged
and assigned to the City, for the purpose of paying principal
.
of, interest on and redemption premium, if any, of any and all
bonds of the.City which may hereafter be issued by the City for
the financing of public redevelopment costs in the Project
Area, provided, however~ that so much of such tax increments
and revenues as are needed by the Authority to reimburse the i
.
Authority for its expenditures for public redevelopment costs of
the Project (as identified in the Redevelopment Plan for the
Project Area) may be retained by the Authority.
The City expressly agrees that it will from time to time and
at the request of the Authority issue its general obligation
bonds in separate series of bonds to finance public
redevelopment costs in the Project Area, but the decision to
issue such bonds shall remain with the City Council.
The City hereby acknowledges the request of the Authority
by its Resolution of June 11, 1981, to authorize and issue
General Obligation Tax Increment Bonds to finance the Public
Redevelopment Costs identified therein, and agrees that it
will authorize and issue such Bonds.
All series of bonds issued pursuant to this Agreement shall
be on a parity one with the other, and the ~ax'--~ncrem~n~s
·
._
and other revenues pledged hereby shall be used~ solely f~r
the purposes specified in this Agreement. "
(SEAL)
HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF
CHANHASSEN, MINNESOTA
xecutive ~irec~or
STATE OF MINNESOTA COUNTY AUDITOR'S CERTIFICATE
AS TO FILING OF'AGREEMENT
COUNTY OF CARVER PURSUANT TO MINNESOTA STATUTES,
SECTIONS 462.585 AND 273.77
I, the undersigned County Auditor of Carver. County, Minnesota,
hereby certify that an agreement between the City of Chanhassen
and the Housing and Redevelopment Authority of the City of
Chanhassen, dated June ~i~_~_, 1981, relating to'the-issuance of
General Obligation Tax Increment Bonds of the City, has been
filed in my office pursuant to Minnesota Statutes, Sections
462.585 and 273.77.
WITNESS My hand and official seal this /~ day of
~ , 1981.
(SEAL)
County Auditor
Depu~;~ -