A Resolution pledging a portion of the University’s sales tax
revenues from the College Hill Redevelopment District for retirement
of tax increment bonds issued by the city of Topeka
WHEREAS, Washburn University has been a participant in the redevelopment of the College Hill neighborhood and wishes to continue its support of the College Hill Redevelopment District by pledging a share of its sales tax revenues in the redevelopment district to retire the tax increment bonds issued for redevelopment;
NOW, THEREFORE, be it resolved by the Board of Regents of Washburn
1. The geographical area of the College Hill Redevelopment District shall be as described in the city of Topeka City Council Resolution 7759 adopted March 22, 2006;
2. Washburn University pledges, for use in the repayment of principal and interest on tax increment bonds issued by the city of Topeka, the incremental increase over the base tax year in the University's retailer's sale tax revenue collected from the taxpayers doing business in the College Hill Redevelopment District; and,
3. This pledge of sales tax revenues shall remain in effect until the earlier of: a period of twenty (20) years from date of issuance of said tax increment bonds; payment obligations under said tax increment bonds have been fully satisfied; or revocation of this pledge.
4. This resolution shall take effect upon its adoption.
BOARD OF REGENTS
The foregoing resolution was adopted by the Washburn University Board of Regents at a special meeting held _________________.
Secretary, Washburn Board of Regents
(date) Jerry B. Farley, President