Resolution - #19-047 - 02/12/2019

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Councilmember Riley introduced the following resolution and moved for its adoption: RESOLUTION #19-047 RESOLUTION APPROVING THE ASSIGNMENT AND ASSUMPTION OF TAX INCREMENT FINANCING (TIF) AGREEMENT AND PLEDGE OF TIF NOTE WHEREAS, the City of Ramsey (the "City") entered into a Tax Increment Financing (TIF) Agreement, dated July 1, 2017 (the "TIF Agreement") with PSD, LLC, a Minnesota limited liability company (the "Developer"). WHEREAS, the Developer desires to assign its interest in the TIF Agreement pursuant to an Assignment and Assumption of Tax Increment Financing (TIF) Agreement (the "Assignment") by and between the Developer and BLIP II, LLC, a Minnesota limited liability company ('BLIP II") and has submitted to the City Council for its approval a draft of the Assignment. WHEREAS, BLIP II has obtained a loan from Bremer Bank, a national banking association, in connection with the acquisition of the Project as defined in the TIF Agreement from the Developer. WHEREAS, Bremer Bank is requiring that the TIF Note (as defined in the TIF Agreement) be pledged to Bremer Bank as security for its loan to BLIP II. WHEREAS, pursuant to the TIF Agreement the pledge of the TIF Note to Bremer Bank is subject to the consent of the City. NOW THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) The City Council hereby approves the Assignment in substantially the form submitted, and the Mayor and the City Administrator are hereby authorized and directed to execute the Consent and Acknowledgement of the City to the Assignment on behalf of the City. In the absence of the Mayor or the City Administrator, any document authorized by this resolution to be executed may be executed by an acting or duly designated official. 2) The approval hereby given to the Assignment includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City officials authorized by this resolution to execute the Assignment. The execution of the Assignment by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Assignment in accordance with the terms hereof. 3) The City Council hereby approves the pledge of the TIF Note to Bremer Bank and the Mayor and the City Administrator are hereby authorized and directed to execute the Consent and Acknowledgement of the City to the Pledge Agreement between Bremer Bank and BLIP II on behalf of the City. In the absence of the Mayor or the City Administrator, any document authorized by this resolution to be executed may be executed by an acting or duly designated official.