Tax Increment Agreement with HRATAX INCREMENT AGREEMENT
THIS AGREEMENT, made and entered into this 20th day
September 1977, by and between the City of Hopkins, Minnesota,
a municipal corporation organized and existing under and by virtue of the
Laws of the State of Minnesota (the "City and the Housing and Redevelopmen
Authority of Hopkins, Minnesota, a governmental agency formed and existing
under the Laws of the United States of America and the State of Minnesota,
(the "Authority Amended to add underlined language, Sept. 7, PM.
WITNESSETH:
WHEREAS, the Authority has approved a certain redevelopment
project described in the attached exhibit entitled "the Central Business
District Project Area (the "Project and has, by appropriate action,
applied to the City Council for approval of the Project and
WHEREAS, the City has by resolution approved the Project and
WHEREAS, Minnesota Statutes, Section 462.585 authorizes tax
increment agreements between a Housing and Redevelopment Authority and
the Municipality within which such redevelopment projects are situated:
NOW, THEREFORE,'in consideration of the mutual covenants and
agreements hereinafter contained, it is hereby agreed by and between the
parties hereto as follows:
1. The Authority hereby expressly pledges than any and all tax
increment payments made to the Authority by the Hennepin County Finance
Director from the Project described in the attached exhibit, 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
0 bonds of the City which may hereafter be issued by the City for the
financing of public redevelopment costs in the Project described in said
Exhibit. Should tax increment funds be available in excess of the amount
required to retire principal and interest on outstanding bonded obligations,
nothin: in the fore:oin: shall be deemed to •revent ex•enditure of such
excess funds on authorized redevelopment programs approved by the Housing
and Redevelopment Authority and the City Council.
2. The City expressly agrees that it will from time to time
and at the request of the Authority issue its General Obligation Redevelop-
ment Bonds in separate series of Bonds to finance the public redevelopment
costs of the Project.
3. The City hereby acknowledges the request of the Authority
by its Resolution of September 12, 1977, to authorize and issue General
Obligation Redevelopment Bonds of 1977, in the aggregate principal amount
of not to exceed $400,000, and agrees that it will authorize and issue
such Bonds.
4. All series of Bonds issued pursuant to this Agreement shall
be on a parity one with the other, and the tax increments and other
revenues pledged hereby shall be used solely for the purpose of payment
of principal and interest on all series of Bonds.
5. The parties hereto do hereby mutually agree that it is
CO the express intent purpose of this agreement to utilize the provisions
of Minnesota Statutes, Section 462.585, commonly referred to as the
authorization for tax increment financing, for the Project described in
the attached Exhibit, and that all tax increments received with respect
to the Project shall be segregated by the Authority in a special account
on its official books until the public redevelopment costs of the Project,
including interest on all money borrowed therefor,. has been fully paid,
and the City has been fully reimbursed from the tax increments or
0 revenues from lands within the Project Area for all principal and interest
on general obligation bonds which the City has issued in aid of the
Project or has which it has paid from taxes levied on other property
within the City's corporate limits.
IN WITNESS WHEREOF, the parties hereto have caused this
agreement to be executed the day and year first above written.
Attest:
(SEAL
Attest:
(SEAL)
City Clerk
Secretary
CITY HOPKINS
By
Mayor
B y w c.
City Manager
8_3( gz_
HOUSING AND REDEVELOPMENT AUTHORITY
OF HOPKINS, MINNESOTA
By
Chairman
7"" j_0/
By UN—) „A„...,
Executive Director
A (te ,t i 6 t ieot 1-1(gA-