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1980 06 11 Chanhassen Housing and Redevelopment Authority Meeting June 11, 1981 Minutes - Chairman Gullickson called the meeting to order at 8:00 p.m. with the following members present: Commissioner Bohn, and Horn. Commissioners Whitehill and Russell were absent. Minutes of May 21, 1981: Bohn moved, seconded by Gullickson, to approve the minutes of the May 21, 1981 meeting. Gullickson and Bohn voted in favor; Horn abstained, motion carried. Sorenson Property: Scott Martin, HRA Director, updated the HRA on the status of the Sorenson property. Appraisals for the Sorenson and Kurvers property have been ordered. A determin- ation of what alternative approach the HRA should take to resolve the problem of development of the Sorenson property can be made once the appraisals are available. Resolution #81-3: Craig Mertz, HRA Attorney, presented the proposed resolution requesting the City Council to authorize the issuance of bonds to finance the public redevelopment costs in the Downtown Redevelopment Project area. He also reviewed the proposed Tax Increment Agreement between the HRA and City Council. Horn and Gullickson expressed concerns that both documents were late in being presented to the HRA for their consideration. ~ Horn moved, Bohn seconded to adopt resolution No. 81-3 as presented. All voted in favor and the motion carried. The proposed revisions to the zoning ordinance were discussed and continued until the June 18, 1981 meeting. The meeting adjourned at 9:30 p.m. . e e . ~ -......,.... 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 8:00 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. 81-3 DETERMINING NEED FOR FINANCING: REQUESTING THE CHANHASSEN 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 ii"t. . ,,'" .- 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 e WHEREAS, the pledge of Tax Increments must be made by writteri 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 improve~ents costs reimbursable from special assessments; NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF CHANHASSEN, MINNESOTA, AS FOLLOWS: e 4. e 1. 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. 2. 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. 3. 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 may, and for the reasons'set 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. ,~ e STATE OF MINNESOTA ) ) COUNTIES OF CARVER AND ) SSe HENNEPIN ) ) CITY OF CHANHASSEN ) I, the undersigned, being the Secretary of the Housing and Redevelopment Authority of th~ 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 e 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 ~~d.~~' Housing and Redevelopment Authority City of Chanhassen, Minnesota e e e e 1. 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 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. 2. 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. 3. 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. 4. All series of bonds issued pursuant to this Agreemel1tshall ~ be on a parity one with the other, and the tax increments and other revenues pledged hereby shall be used solely fOr the purposes specified in this Agreement. e e -- -~ ~ ( SEAL) HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF CHANHASSEN, MINNESOTA c0/~~-;)JlJ ~a.~ Executive Director --.......