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HomeMy WebLinkAboutResolutionsx H �41W] rA � 0 w � , H 0 � � § m q 0 q k 2 ] \ 3 _ ) f ) \ R g § ta\ ))) \ \ \} \ § \\ \\ \2 {j }ƒ\0 Qa3= ®3 _ /})§ \ \j\ \ \ \ \\ cq kyyE@ EXTRACT OF MINUTES OF A MEETING OF THE BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ANDOVER, MINNESOTA HELD: December 4, 2012 Resolution No. R004 -12 Pursuant to due call and notice thereof, a regular or special meeting of the Board of Commissioners of the Economic Development Authority of the City of Andover, Anoka County, Minnesota, was duly held at the City Hall on December 4, 2012, at 6 o'clock P.M., for the purpose, in part, of authorizing termination of documents relating to a refunding. The following members were present: and the following were absent: Member Knight introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING TERMINATION OF A LEASE AGREEMENT, AND AUTHORIZING EXECUTION OF AN ESCROW AGREEMENT RELATING TO THE ISSUANCE BY THE CITY OF ANDOVER, MINNESOTA, OF ITS $17,400,000 TAXABLE V GENERAL OBLIGATION ABATEMENT BONDS, SERIES 2012C A. WHEREAS, the City of Andover, Minnesota (the "City ") proposes to issue its $17,400,000 Taxable General Obligation Abatement Bonds, Series 2012C (the "Bonds ") to finance the acquisition of the community center (the "Community Center ") from the Economic Development Authority of the City of Andover, Minnesota (the "Authority "); and B. WHEREAS, the proposed purchase price for the Community Center is an amount equal to the outstanding principal of and interest on the Authority's $10,000,000 original principal amount Public Facility Lease Revenue Refunding Bonds, Series 2006 (City of Andover Community Center), dated December 1, 2006 (the "Prior 2006 Bonds ") issued pursuant to a Mortgage and Security Agreement and Indenture of Trust dated as of December 1, 2006 (the "Prior 2006 Indenture ") and on the Authority's $6,865,000 original principal amount Public Facility Lease Revenue Refunding Bonds, Series 2007A (City of Andover Community Center), dated January 1, 2007 (the "Prior 2007 Bonds ") issued pursuant to a First Supplemental Indenture and Amendment to Mortgage dated as of January 1, 2007 (the "Prior 2007 Indenture "). NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ANDOVER, MINNESOTA, as follows: © 1. Callable Prior 2006 Bonds. $10,000,000 aggregate principal amount of the Prior 2006 Bonds which matures on and after February 1, 2015, is callable on February 1, 2014 (the 50496870 © "Callable Prior 2006 Bonds "), the refunding of the Callable Prior 2006 Bonds is consistent with covenants made with the holders of the Prior 2006 Bonds. H 2. Callable Prior 2007 Bonds. $6,865,000 aggregate principal amount of the Prior 2007 Bonds which matures on and after February 1, 2015, is callable on February 1, 2014 (the "Callable Prior 2007 Bonds "), the refunding of the Callable Prior 2007 Bonds is consistent with covenants made with the holders of the Prior 2007 Bonds. 3. Escrow Agreement. The Callable Prior 2006 Bonds and the Callable Prior 2007 Bonds shall be redeemed and prepaid in accordance with the terms and conditions set forth in the Escrow Agreement, dated as of December 27, 2012 (the "Escrow Agreement ") by and between the City, the Authority and U.S. Bank National Association, in Saint Paul, Minnesota (the "Escrow Agent "), in substantially the form submitted to the Board of Commissioners. The terms and conditions of the Escrow Agreement are hereby approved and incorporated herein by reference. The Authority hereby approves the execution of the Escrow Agreement by the President and Executive Director on behalf of the Authority. 4. Prepayment of Purchase Option Price. As provided in Section 4.6 of the Lease Agreement between the City and the EDA, dated as of December 1, 2006 (the "Lease ") to prepay the Purchase Option Price (as defined in the Lease), the Authority hereby determines and declares that upon the issuance of the Bonds and the funding of the Escrow Deposit as provided in the Escrow Agreement and the Lease Agreement shall be terminated and the Authority shall have no further right, title or interest in and to the Community Center. 5. Severability. If any section, paragraph or provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this resolution. 6. Headings. Headings in this resolution are included for convenience of reference only and are not a part hereof, and shall not limit or define the meaning of any provision hereof. The motion for the adoption of the foregoing resolution was duly seconded by member Trude and, after a frill discussion thereof and upon a vote being taken thereon, the following voted in favor thereof: Gamache, Bukkila, Howard, and Twistol and the following voted against the same: Nowak (absent) Whereupon the resolution was declared duly passed and adopted. 5049637v1 © STATE OF MINNESOTA COUNTY OF ANOKA ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF ANDOVER H S I, the undersigned, being the duly qualified and acting Executive Director of the Economic Development Authority of the City of Andover, Minnesota, do hereby certify that I have compared the attached and foregoing extract of minutes with the original thereof on file in my office, and that the same is a full, true and complete transcript of the minutes of a meeting of the Board of Commissioners, duly called and held on the date therein indicated, insofar as the minutes relate to authorizing termination of a lease agreement and ground lease agreement and calling prior bonds. so496s7vi WITNESS my hand on December 4, 201 ANDOVER ECONOMIC DEVELOPMENT AUTHORITY CITY OF ANDOVER ANOKA COUNTY STATE OF MINNESOTA RESOLUTION NO. R 003-1 �% RESOLUTION ADOPTING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1, ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 1 -5 THEREIN, AND ADOPTING A TAX INCREMENT FINANCING PLAN THEREFOR. WHEREAS, it has been proposed by the Andover Economic Development Authority of the City of Andover (the "EDA ") and the City of Andover (the "City ") that the EDA adopt a Modification to the Development Program (the "Development Program Modification ") for Development District No. 1 (the "Project Area ") and establish Tax Increment Financing District No. 1 -5 (the "District ") and adopt a Tax Increment Financing Plan (the "TIF Plan ") therefor (the Development Program Modification and the TIF Plan are referred to collectively herein as the "Program Modification and TIF Plan"), all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.090 to 469.1082, and Sections 469.174 to 469.1799, inclusive, as amended (the "Act "), all as reflected in the Program Modification and TIF Plan and presented for the Board's consideration; and WHEREAS, the EDA has investigated the facts relating to the Program Modification and TIF ® Plan and has caused the Program Modification and TIF Plan to be prepared; and WHEREAS, the EDA has performed all actions required by law to be performed prior to the adoption of the Program Modification and TIF Plan. The EDA has also requested the City Planning Commission to provide for review of and written comment on Program Modification and TIF Plan and that the Council schedule a public hearing on the Program Modification and TIF Plan upon published notice as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board as follows: 1. The EDA hereby finds that the District is in the public interest and is a "housing district" under Minnesota Statutes, Section 469.174, Subd. 11, and finds that the adoption of the proposed Program Modification and TIF Plan conform in all respects to the requirements of the Act and will help fulfill a need to develop an area of the State of Minnesota for affordable and high quality housing. 2. The EDA further finds that the Program Modification and TIF Plan will afford maximum opportunity, consistent with the sound needs for the City as a whole, for the development or redevelopment of the Project Area by private enterprise in that the intent is to provide only that public assistance necessary to make the private developments financially feasible. 3. The boundaries of the Project Area are not being expanded. 4. The reasons and facts supporting the findings in this resolution are described in the Program Modification and TIF Plan. © 5. The EDA elects to calculate fiscal disparities for the District in accordance with Minnesota Statutes, Section 469.177, Subd. 3, clause a, which means the fiscal disparities contribution © would be taken from outside the District. It is not anticipated that the District will contain commercial/industrial property. As a result, there should be no impact due to the fiscal disparities provision on the District. 6. Conditioned upon the approval thereof by the City Council following its public hearing thereon, the Program Modification and T1F Plan, as presented to the EDA on this date, are hereby approved, established and adopted and shall be placed on file in the office of the City Administrator. 7. Upon approval of the Program Modification and TIF Plan by the City Council, the staff, the EDA's advisors and legal counsel are authorized and directed to proceed with the implementation of the Program Modification and TIP Plan and for this purpose to negotiate, .draft, prepare and present to this Board for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. Approval of the Program Modification and TIF Plan does not constitute approval of any project or a Development Agreement with any developer. 8. Upon approval of the Program Modification and TIF Plan by the City Council, the City Administrator is authorized and directed to forward a copy of the Program Modification and TIF Plan to the Minnesota Department of Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. 9. The City Administrator is authorized and directed to forward a copy of the Program Modification and TIP Plan to the Anoka County Auditor and request that the Auditor certify the original tax capacity of the District as described in the Program Modification and TIF Plan, all in accordance with Minnesota Statutes 469.177. © Approved by the Board on May 1, 2012. ATTEST: C esident L HJ H CITY OF ANDOVER EDA COUNTY OF ANOKA STATE OF MINNESOTA RESOLUTION NO.R002 -12 A RESOLUTION APPROVING THE LAND SALE OF PARCELS LOCATED IN PARKSIDE AT ANDOVER STATION 2ND ADDITION WHEREAS, the City of Andover EDA has held a public hearing to gather public comments on the proposed land sale and to disclose the pending land sale in Parkside at Andover Station 2 D Addition to Capstone Homes, Inc. (Lots 1 -5, Block 1 and Outlot A and Outlot B, Parkside at Andover Station 2nd Addition), and WHEREAS, the findings substantiating that it is in the public interest to sell the EDA owned parcel to the buyer include the following: A. The land sales to the buyers noted above meets the original objective of developing the area with a diversity of housing opportunities that will meet the needs of the broader community. NOW, THEREFORE, BE IT RESOLVED by the EDA of the City of Andover, Anoka County, Minnesota, that the public hearing has been held and it has been found to be in the public's interest to sell EDA owned land to Capstone Homes, Inc. (Lots 1 -5, Block 1 and Outlot A and Outlot B, Parkside at Andover Station 2n Addition). Adopted by the EDA of the City of Andover this 17th day of April, 2012. Attest: �f, t icl elle Hartner — Deputy City Clerk CITY OF ANDOVER ED chael R. dauLaelfe, President ANDOVER ECOMONIC DEVELOPMENT AUTHORITY © CITY OF ANDOVER COUNTY OF ANOKA STATE OF MINNESOTA RESOLUTION NO. R001 -12 RESOLUTION REQUESTING THAT THE CITY COUNCIL OF THE CITY OF ANDOVER CALL FOR A PUBLIC HEARING ON A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR DEVELOPMENT DISTRICT NO. 1 AND THE PROPOSED ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 1 -5. WHEREAS, the City Council (the "Council ") of the City of Andover, Minnesota (the "City") established Development District No. 1 pursuant to Minnesota Statutes, Sections 469.174 through 469.1799, inclusive, as amended, in an effort to encourage the development and redevelopment of certain designated areas within the City; and WHEREAS, the Andover Economic Development Authority (the "EDA ") is proposing a Modification to the Development Program for Development District No. 1 and the establishment of Tax Increment Financing District No. 1 -5, all pursuant to, and in accordance with, Minnesota Statutes, Sections 469.174 through 469.1799 and Sections 469.090 to 469.1082, inclusive, as amended; and © NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners (the "Board ") of the EDA as follows: The EDA hereby requests that the Council call for a public hearing on May 1, 2012, to consider the proposed adoption of a Modification to the Development Program for Development District No. 1 (the "Program Modification ") and the proposed adoption of a Tax Increment Financing Plan '(the "TIF Plan ") for Tax Increment Financing District No. 1 -5, (the Program Modification and the TIF Plan are referred to collectively herein as the "Plans ") and cause notice of said public hearing to be given as required by law. 2. The EDA directs the Executive Director to transmit copies of the Plans to the Planning Commission of the City and requests the Planning Commission's written opinion indicating whether the proposed Plans are in accordance with the Comprehensive Plan of the City, prior to the date of the public hearing. 3' The Executive Director of the EDA is hereby directed to submit a copy of the Plans to the Council for its approval. 4. The HRA directs the Executive Director to transmit the Plans to the county and the school districts in which the Tax Increment Financing District No. 1 -5 is located not later than March 30, 2012. 5. Staff and consultants are authorized and directed to take all steps necessary to prepare the Plans and related documents and to undertake other actions necessary to bring the Plans before the Council. H ED] Approved by the Board on March 6, 2012. ATTEST: Secretary H air