HomeMy WebLinkAbout3.C Approving Resolution No. 2013-7, a Resolution Authorizing the Execution and Delivery of a Second Amendment to a Tax Increment pledge Agreement for the previously issued Tax Increment Development Revenue refunding Bonds for the River City Centre Consent Business 3. C.
SHAKOPEE
TO: Mayor and City Council
Mark McNeill,City Administrator
FROM: Samantha DiMaggio,Economic Development Coordinator
DATE: 12/17/2013
SUBJECT: Approving Resolution No. 2013-7, a Resolution Authorizing the Execution and Delivery of a Second
Amendment to a Tax Increment Pledge Agreement for the previously issued Tax Increment
Development Revenue Refunding Bonds for the River City Centre.(D)
Action Sought
Approving Resolution No. 2013-7, a Resolution Authorizing the Execution and Delivery of a Second Amendment
to a Tax Increment Pledge Agreement for the previously issued Tax Increment Development Revenue Refunding
Bonds for the River City Centre. (D)
Background
On November 19,2013,the City Council approved Resolution No. 7384 and No. 7385,resolutions authorizing the
issuance of Governmental Tax Increment Development Refunding Bonds. The EDA is now being asked to reaffirm
that approval with Resolution No.2013-7.
Recommendation
Staff recommends the approval of Resolution No.2013-7.
Budget Impact
No budget impact
Relationship to Vision
This supports Goal D, "Maintain improve and create strong partnerships with other public and private sector
entities."
Requested Action
Staff is requesting the EDA approve Resolution No.2013-7,a Resolution Authorizing the Execution and Delivery
of a Second Amendment to a
Tax Increment Pledge Agreement.
Attachments: Resolution No. 2013-7
ECONOMIC DEVELOPMENT AUTHORITY FOR THE
CITY OF SHAKOPEE,MINNESOTA
RESOLUTION NO. 2013-7
Authorizing the execution and delivery of a second amendment to a tax
increment pledge agreement
WHEREAS,the Scott County Community Development Agency(formerly known as Scott
County Housing and Redevelopment Authority) (the "Agency") has previously issued its Tax
Increment Development Revenue Refunding Bonds (City of Shakopee, Minnesota, General
Obligation-River City Centre Project), Series 2006E(the"Prior Bonds");and
WHEREAS, the Prior Bonds were issued to refund the Agency's Tax Increment
Development Revenue Bands (City of Shakopee, Minnesota, General Obligation - River City
Centre Project), Series 1997 (the "Original Bonds"), the proceeds of which were used to finance
the public improvements to the project known as River City Centre(the"Project"); and
WHEREAS, the Prior Bonds were secured by that certain City of Shakopee General
Obligation Tax Increment Guaranty Agreement (the "Prior Guaranty") and by a pledge of tax
increment pursuant to that certain Tax Increment Pledge Agreement by and between the City, the
Economic Development Authority for the City of Shakopee, Minnesota (the "EDA") and the
Agency; and
WHEREAS, the Agency proposes to issue its Governmental Tax Increment Development
Refunding Bonds (City of Shakopee, Minnesota - General Obligation ), Series 2013E (River City
Centre Project)(the"Bonds")to refund the outstanding principal amount of the Prior Bonds and to
reduce debt service requirements;
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Economic
Development Authority for the City of Shakopee,Minnesota as follows:
1. In connection with the issuance by the Agency of the Bonds, the EDA hereby
approves the Amendment to Tax Increment Pledge Agreement relating to the River City Center
project in substantially the form on file with the EDA on the date hereof.
2. The President and Executive Director, or in their absence or unavailability, any other
officers of the EDA, are authorized and directed to execute and deliver the Amendment to Tax
Increment Pledge Agreement on behalf of the EDA.
3452805.1
10319913v2
Adopted in regular session of the Economic Development Authority of the City of Shakopee,
Minnesota,held this 17th day of December,2013.
President
Attest:
Secretary
3452805.1 B-2
December 11,2013
1583006.03
Im19913.