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<br /> --..--.- <br /> TAX INCREMENT PLEDGE AGREEMENT <br /> by and between . <br /> CITY OF ARDEN HILLS, MINNESOTA <br /> and <br /> ARDEN HILLS ECONOMIC DEVELOPMENT AUTHORITY <br /> THIS AGREEMENT is made and entered into on or as of the _ day of <br /> , 1998, by and between the City of Arden Hills, Minnesota (the "City"), and <br /> the Arden Hills Economic Development Authority, Arden Hills, Minnesota (the "EDA"). <br /> WHEREAS, the City established Tax Increment Financing District No. 2 (the" TIF <br /> District") within Development District No. I (the "Project"), and on May 27, 1997 approved a <br /> modification to the Development Program for Development District No. I and a modification of <br /> Tax Increment Financing Plan for the TIF District; and <br /> WHEREAS, by resolution approved April 14, 1997, the City transferred control, authority <br /> and operation of the Project and the TIF District to the EDA; and <br /> WHEREAS, pursuant to authority conferred by Minnesota Statutes, Section 469.178, and <br /> Minnesota Statutes, Chapter 475, the City has agreed to finance a project to be undertaken by the <br /> EDA in the District through the issuance of general obligation bonds of the City in the principal <br /> amount of $3,100,000, designated the General Obligation Tax Increment Bonds, Series 1998A, . <br /> and hereinafter referred to as the "Bonds"; and <br /> WHEREAS, the EDA has agreed to pledge certain tax increment revenues to the City for <br /> the principal and interest on the Bonds; and <br /> WHEREAS, pursuant to Minnesota Statues, Section 469.178, Subdivision 2, any <br /> agreement to pledge tax increment revenues must be made by written agreement by and between <br /> the EDA and the City and must be filed with the Director of Property Records and Revenue of <br /> Ramsey County; <br /> NOW, THEREFORE, the City and the EDA mutually agree to the following: <br /> (I) The City will sell the Bonds, maturing in such amounts and in such years as the <br /> City determines, in accordance with the Program. <br /> (2) The proceeds from the sale of the bonds and the earnings from the investment of <br /> such proceeds will be made available to the EDA to payor reimburse certain <br /> public development costs paid, incurred, or to be paid or incurred in connection <br /> with the Project in accordance with the Program, including without limitation <br /> reimbursement of costs incurred by the City to acquire property in the District. <br /> . <br /> SJB132883 <br /> AR200-1 <br />