HomeMy WebLinkAboutResolution - HRA 2021-05 - First Amendment to TIF Agreement for TIF District 23 - 12/07/2021CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
H.R.A. RESOLUTION NO. 2021-05
RESOLUTION ADOPTING A FIRST AMENDMENT TO THE TAX
INCREMENT AGREEMENT FOR TAX INCREMENT FINANCING
DISTRICT, NO. 23 -TRAIL PONTE RIDGE AND AUTHORIZING
ISSUANCE OF A NEW TIF NOTE
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority in and for the City of Eden Prairie (the "HRA") as follows:
Section 1. Recitals.
1.01. The HRA entered into that Certain Tax Increment Development Agreement dated
August 13, 2019, filed on October 11, 2019 with the Hennepin County Recorder's Office as
Document No. 10711170 and with the Hennepin County Registrar of Titles Office as Document
No. 5651865 (the "Agreement");
1.02. WHEREAS, the Agreement provides for the HRA's payment to Developer of Tax
Increments derived from the Development Prope1iy in accordance with the terms and conditions
of the Agreement;
1.03. WHEREAS, no Tax Increments were derived from the Development Property for
tax year 2020 and therefore no Tax Increments were available to be paid to Developer on August
1, 2021;
1.04. WHEREAS, the patiies wish to amend the Agreement to extend the first TIP Note
Payment Date to August 1, 2022;
1.05 WHEREAS, the parties desire that a new TIF Note in the form attached as Exhibit
B to the First Amendment be issued which incorporates the revised dates referred to in the First
Amendment and which will replace in its entirety the original TIF Note attached as Exhibit B to
the Agreement.
Section 2. Approval of the Modifications; Filing; and Delivery of TIF Note.
2.01. The First Amendment Tax Increment Development Agreement is hereby
approved.
2.02 Issuance of a new Tax Increment Note attached as Exhibit B to the First
Amendment To Tax Increment Development Agreement is hereby approved.
2.03. Upon execution by the Developer and by the Executive Director and Chair of the
HRA, the First Amendment To Tax Increment Development Agreement shall be filed with
Hem1epin County Registrar of Title and County Recorder.
2.04. The Executive Director and Chair of the HRA are hereby authorized to execute
and deliver the new Tax Increment Note to the Developer upon tender by the Developer of the
original Tax Increment Note which shall be marked as "Cancelled and Replaced''.
ADOPTED by the HRA in and for the City of Eden Prairie this 7th day of December, 2021.
Ronald A. Case, Chair
ATTEST:
Rick Getschow, Executive Director