HRA RES 1982-04 - 00014036��
RESOLUTION N0. HRA 4 - �982
A RESOLUTION OF THE HOUSING APdD REDEVELOPNENT AUTHORITY
OF THE CITY OF FRIDLEY TO R�QUEST THE FRIDLEY CITY
COUNCIL TO AUTHORIZE BOND SALES FOR TH� CCNTER CITY
REDEVELOPMENT TAX INCREMENT DISTRICT PHASE II
GdH�REAS, the Housing and Redevelopment Authority is the implementing
Agency for the Center City Redevelopment Tax Increment District; ar.d
WHEREAS, the Housing and Redevelopment Authority and the City of
Fridley have entered into a joint cooperation agreement; and
WHEREAS, this agreement allows the Housing and Redevelopment Authority
to request the City Council to audhorize the sale of General Ob1ip_ation
Bonds to cover project costs of the Redevelopment district, and
LJHEREAS, the first phase of the project was funded by $2,20D,000 of
General Obligation Tax Increment Bonds of 1981, and
WHEREAS, the Housing and Redevelopment Authority has concluded that
bond sales based on �xhibit A of this doca*nent would be in the best
interest of the City for development of Phase II of the Center City
Redevelopnent Pro�ect.
� NO�N THEREFORE BE IT P.ESOLV�D by the Housing and F.edevelopment Authority
of the City of Fridley that it is necessary and expedient that the
Fridley City Council authorize the sale of General Obligation Bonds
in the amount up to Six Hundred Twenty Five Thousand Dollars for the
second phase pro�ect costs related to the Center City Redevelopment
Tax Increment District which are estimated to cover the expenses
as set forth in Exhibit A. It is the HRA's current intent to acquire
these properties, but any and all expenditures will be �ursuant to
the Redevelopment Plan and pursuant to the Agreement of Cooperation
Between the Housing ar_d Redevelopment Authority and the City, dated
September 13, 1979, and attached hereto and made a part hereof as
Exhibit B. Such bond sale shall take place before ,
1982.
PASSED AIdD ADOPTED BY THE $OIISING A*dD RED�VELOPP'fENT AIITHORITY OF
THE CITY OF FRIDLEY THIS 17th DAY OF June , 1982.
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Ci�AIRM�N
HOUSIDIG AND REDEVELOPN�NT AUTHORITY
Attest:.�
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��XECUTIVE DIRECTOR
EXHIBIT A
� Parcel �1 - Lot 4, except the north 7� ft. thereof, all of lots 5-7 inclusive,
block 4 and west one-half of vacated 4th St, ad�acent to lot 4 except the
north 7} ft. thereof and all of lots 5-7 inclusive, block 4 of Rees' addition
to Fridley Park, Anoka County, Minnesota.
Parcel #2 -The �ast 5n ft. of Lots 1, 2 and 3 and the r�orth 7� ft. of Lot 4,
block 4 Rees' addition to Fridley Park and the west one-half of vacated 4th
St. adjacent to lots 1, 2 and 3 and the north 7; ft. of lot 4, block 4 Rees'
additton to Fridley Park, Anoka County, Minnesota.
�,
Parcel �3 - All of Lots 1, 2 and 3 in the north 7� ft. of Lot 4 excPpt the
east 54 f,t. of Lots 1, 2 and 3 in -the north 7; ft. of Lot 4, block 4 Rees'
� addition to Fridley Park, Anoka County, Minnesota.
Capitalization Schedule
Contract costs
Cost of tssuance
Subtotal
Plus additional interest
(discount)
Total bond issue
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$588,000
25,000
613,000
12,000
$625,000
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EXHIBIT B
pfF,�iff�� OI t'nI1f6RlITION
SI R'i[A L"° 90Iti1 L S�'UI1'I�OI'�r,l AL[iIUFIIY �NU PiJNCi^dLl'Cr
ThiIS AGcFS`li`T, naor ao2 c�t��cE inco [hIs f3th day of
Sept�mner , 19i5, 6y and Sz[s.ren Lhe Housing and Redevelopmcn[ s��thori[.
of [he CiCV oE F[idl��y, a puollc co-pora[ior organized under [he '_aws of
[he 5[ate o` °_^nzseta he4ing �CS of=ire in the C.ty o: Fridley (hercin
mCerr^d to as Autnnri[v)� xna [he Ci[y of Frxdl^y, Pne4c Co�.n[v, i�Lrn==o[z,
a v�nin pal co:poraCion or6.��izec under the law_= oF iha State of 'iizrvesoCa
(Serzin referxed to as C1*y)
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