2005-07-12MOUND HOUSING AND REDEVELOPMENT MEETING
JULY 12, 2005
The Housing and Redevelopment Authority of and for the City of Mound, Minnesota,
met in regular session on Tuesday, July 12, 2005, at 7:20 p.m. in the council chambers
of city hall.
Members Present: Chairperson Pat Meisel; Commissioners Bob Brown, Mike Specht,
John Beise and David Osmek.
Others Present: City Attorney John Dean, Executive Director Kandis Hanson, City
Clerk Bonnie Ritter, Community Development Director Sarah Smith, Sid Inman
1. Open Meeting
Chair Meisel opened the meeting at 7:20 p.m.
2. Approve Agenda
MOTION by Brown, seconded by Specht to approve the agenda. All voted in favor.
Motion carried.
3. Approve Minutes
MOTION by Beise, seconded by Specht to approve the minutes of the June 28, 2005
and July 5, 2005 meetings. All voted in favor. Motion carried.
4. Consideration/Action Approving the Tax Increment Pledge Agreement
Chair Meisel stepped down and Acting Chair Osmek presided over the meeting.
John Dean stated that the City has an obligation to make payment on the debt service
that will be acted on later at the Council meeting, in relation to the dump site clean-up
for the Mound Harbor Renaissance Development. The tax increment for this district is
the HRA's, not the city's, however. This agreement states that the HRA pledges to
make payments on the city's bonds. He recommends approval of this agreement.
MOTION by Brown, seconded by Beise to adopt the following resolution. The following
voted in favor: Brown, Specht, Beise and Osmek. The following voted against: None.
Mayor Meisel abstained from voting. Motion carried.
RESOLUTION NO. 05-08H: RESOLUTION AUTHORIZING EXECUTION OF A TAX
INCREMENT PLEDGE AGREEMENT WITH THE CITY OF MOUND RELATING TO
TAXABLE GENERAL OBLIGATION TAX INCREMENT TEMPORARY BONDS,
SERIES 2005D TO BE ISSUED IN AN AMOUNT NOT TO EXCEED $3,875,000.
Meisel Meisel returned to preside over the rest of the meeting.
MOUND HRA
RESOLUTION NO.OS-08H
RESOLUTION AUTHORIZING EXECUTION OF A
TAX INCREMENT PLEDGE AGREEMENT WITH THE
CITY OF MOUND RELATING TO TAXABLE GENERAL
OBLIGATION TAX INCREMENT TEMPORARY BONDS, SERIES 2005D
- TO BE ISSUED IN AN AMOUNT NOT TO EXCEED $3,875,000
WHEREAS, pursuant to a resolution approved by the City Council of the City of Mound (the
"City") on .July 12, 2005 (the "Bond Resolution"), and the authority conferred by Minnesota Statutes,
Section 469.178, and Minnesota Statutes, Chapter 475, the City has agreed to issue and sell general
obligation bonds of the City in an original aggregate principal amount not to exceed $3,875,000,
designated the Taxable General Obligation ~ Tax Increment Temporary Bonds, Series 2005D (the
"Temporary Bonds");
WHEREAS, pursuant to the Bond Resolution and its obligations under Minnesota Statutes,
Section 475.61, Subdivision 6, the City has covenanted to issue and sell definitive bonds (the "Definitive
Bonds") prior to the maturity of the Temporary Bonds if the Temporary Bonds cannot be paid at maturity
from tax increment revenues or other revenues derived from the TIF District or from other funds
appropriated by the City Council;
WHEREAS, the HRA has agreed to pledge certain tax increment revenues to the City for the
payment of principal and interest on the Temporary Bonds and for the payment of principal and interest
on the Defmitive Bonds; and
WHEREAS, there has been presented to the HRA a Tax Increment Pledge Agreement between
the HRA and the City (the "Pledge Agreement") providing for the pledge of certain tax increments from
the Mound Harbor Tax Increment Financing District within the Mound Harbor Project Area in the City to
the payment of principal and interest on the Temporary Bonds and to the payment of principal and
interest on the Definitive Bonds;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board") of the
HRA, as follows:
1. The Chair and Executive Director of the HRA are hereby authorized to execute and
deliver the Pledge Agreement in substantially the form on file in City Hall.
This resolution shall be effective as of the date hereof.
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Adopted by the Housing and Redevelopment Authority in and for the City of Mound, Minnesota
this 12 day of July , 2005.
air
Attest:
Exec 've Director
MU200-127(JAE)
265180v.1
HRA Meeting Minutes -July 12, 2005
5. Adjourn
MOTION by Specht, seconded by Beise to adjourn at 7:23 p.m. All voted in favor.
Motion carried.
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Attest: Bonnie Ritter, City Clerk
Chairperson Pat Meisel
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