HRA RES 1982-05 - 00014042RESOLUTION N0. HRA 5-1982
� A RESOLUTI�N OF THE HOUSING AND REDEVELDPMENT AUTHORITY
DF THE CITY OF FRIDLEY TO REQUEST THE FRIDLEY CITY
- COUNCIL TO AUTHORIZE BOND SALES FOR THE CENTER CITY
RE�EVELOPMENT TAX INCREMENT DISTRICT PHASE II
WHEREAS, the Housing and Redevelopment Authority is the implementing Agency
for the Center City Redevelopment Tax Increment District; and
WHEREAS, the Housing and Redevelopment Authority and the City of Fr�dley
have entered into a joint cooperation agreement; and
WHEREAS, this agreement allows the Housing and Redevelopment Authority to
request the City Council to authorize the sale of General Obligation Bonds
to cover project costs of the Redevelopment district; and
WHEREAS, the first phase of the project was funded by $2,2�0,000 of General
Obligation Tax Increment Bonds of 1981, and
WHEREAS, the second phase of the project was partially funded by $625,000 of
C�neralObligation Tax Increment Bonds of 1982, and
WHEREAS, the Housing and Redevelopment Authority has concluded that bond
sales based on Exhibit A of this document would be in the best interest of
the City for development of Phase II of the Center C�ty Redevelopment Pro�ect.
� NOW THEREFORE BE IT RESOLVED by the Housin9 and Redevelopment 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 Thousand Dollars for the second phase project 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
�e pursuant to the Redevelopment Plan and pursuant to the A9reerrwnt of
Cooperation Between the Housing and Redevelopment Authority and the City,
dated September i3, 7979, and attached hereto and made a part hereof as
Exhi6it B. Such bond sale shall take place before November 1 , 1982.
�
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOBMENT AUTHORITY OF THE CITY
OF FRIDLEY THIS 27TH DAY OF AUGUST, 1982.
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CHAIRMAN
HOUSING AND REDEVELOPMENT AUTHORITY
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FXHIBIT A
Parce] �] - Lots 8-14. Block 4. Ree's Additioo to Fridley Park
Parcel !2 - Lots 6-12. Block 2. Ree's Addition to Fridley Park
Lapitalization Schedule
Project Costs $qgg 85g
Cost of Issuance $ 12,000
Sub Tota1 $510,858
Investment Income 3/4 year 10.5X
1984 TIF Receipts $ 23,033
Sub Tota1_____
Lapitalized Interest
$487,825
2.25 years @ 10.5X $100,425
� Sub Tota1 $588,250
2� Discount Atlowance $ 17,750
TOTAL BOND ISSUE $600,000
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EXHIBIT B
I�rart,�_rr oF cumtr,nrtu�
ffT'iLl 1'•F Il.11il:7. F Cl.LLl'f�nl'.1_Z Al71HMi77 ANll M:\CI►ALLSY
TI15 Af.tfF71[`T, �aAc �nd eetvcd lnto tAL 17th 4� ef .
fept�+ber , 1l79. !7 �nd becv�•cn tAe ibo�to� and Redevelop�cnc AueAority
�f [I�e Cit� of Fridln�, •,yuDlic eo:poracion or�ani:ed under tAe Lva et
tlx Sc�te of Minorio[a havin� fu olfic• Se tAe Ciq of Fridle� (Aereio
[eferrcd te as AuthoH[�). �nd thc C1t� of irldley, Anoka Count), XSnncsota,
•+unitipal corpontion or�anfted vnder CFe lsvc of the Sute of ![innesou
(Aereln refctred to as [!t�). _
TECITALS
YriERFAS, cLe Au[fiorit�, pursu�n[ to Minnesi■ St�tute�, Chapter
�62� haa desf�n�ted tTe are� deacrl+ed Sn EaFiblt A, •s � Aedevelopment
Are�, �nd the AutAorlq �nd cTe City Eave •dey:ed and approved a
Redevelopoeni }lro anQ Yrrjrct for sucT •re• (I+ereS�+feei referred te a�
�Leeter Cft] Tto�ec["). vh1cT are on file !n the![ resyective officc�; m
„ VMERGS. tAe Au[horlty T u dc[et�Sned [ha[ St Ss necrsaaz� a� �
EeairaD7e !or [he C!t) to er.1s; !t !n comple:lns the Leater Ciq ",ojecL,
�n: :he CSiy has oeterslned ttut su k�a�lftance 1s needed to ccaple[e
the Ccn[er CS[) P[ojrtt� fo[ tht orderly •nd ecenxSc de�rlrpmzn[ o[ the Cft�,
foi [he eli_Svtion af blSeht �nd fur ttie develop�ec[ of aEdltior.al rul
es[�te tat bese; �d •
t'HERLIS� by �Situt ot Ylar-sota 5 ututea, SrctSon L71.59, Sec[foe
�29.D67. S�bdlvLlon S, Srctlnc �62 5l1. psr+�rspt.� (b), (7), and (!),
SectSan f62.i45, Su6divlefon 1, parapraph (5). •rd S.+6di��lsion <, par+¢rapk
(2), tfie IulTot![s and the CS[p have [he potier to en:er lnto a rocprra[!ve
•
ajreeornt foi fhe uliny •nd yeife�2!n� such Smpro+ec.en!t as req�lreE in
ecrjleCing [he Certet CSLy lroject.
l.Lti� ShE�.EFORE� fot and Sn corsSdera[SOn of [}a sutual eovenants �od
apree.:ents hercSnaR a tonulnrd� ■�d otfier �aod and r�lwble
consSCrratlon� [2e ncSpt and •ufficlmc) �t�creo[ are ficrcby acknevledged
E7 escfi of the par[1.s 6ereeo, the Aut`orty and the Ciry do 6creby s�ree
•s fcllcvs:
1. The Av[korlty, !o !tt o✓n ra:e, a�n71 p:occrd afth aad
ec:p7rte the Cinler [1y P•o�rc[. l�c:od7ng ill Frcc�rLl�j■ t}.a! eay be
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r�erwcwr� [or �cqu1�IN.n, �� dlrc�l pur.luwr m!�y a�,ln.n[ d�aln e[ tAe
��cess.+r� .aw+ents and tl�htr fnr eenstructl�.a, �dw(nlatrattoa o[
eon�IrutU..a of �11 sf thc wrcr�vr� I�p�.w�+..rotr, lncludfn� rnt.rinp lnLo
dl necriser� �c`vlce aM cons[rvct[o� conxracts; �clectln� tAe dcvelopnr
�t clx plan atcer the tit7 W� h+d tbe oDP�rcuntt� to re•fev and �o�nc;
, and sAa11 do �11 tfiie�s tequlrcd, neccsaarr or deair�Dle to l�ple.ent tAe
kse]utlon �pprovSn� cAr Gn[er Ucy lrc�ect �nd co reeplet� tlr
Lprorc+cnts tAereby erdered, •t the e�rlic�c postlDle d�te. All thln=�
Qone 6y thc 6uthorfty �urswnt thereto rMll 6e Qonc fn comp!lance vith the
requSrenent� �nd re�ul�tlons is�pesed upon the Authorit7 by Kinnesota
St�tutee, Sertion �62.i11 to �62.711 Snc7usive (the ?Sunlcipal Nou�in� �oE
Redcveloymant AeC"). •
2. 1Te Authorit7 w� teque�t 'Ae Cit� to �d�ance [und■ [o t6e
Authori[y to coaplete tl�e project puraua�t te tarajrayT 1 herea[, upon
vrltten �uscifScKioe of such fundinr and •pprovd of the CS[r• Cpoe
eoap]etlon o! [hose pm�ect cosu fw Qed b� [Ae CScj, CAe Authozit� i6i1]
eAcuI�te the eoss� thereof and cerC fy [he ume to the Cicr ■o th�t tre
CSt7 r+) Proceed to �scess iho�e co•ts vfifth v1I1 be ��acased, purauant te
KSn�ecet� Sututes, Ch�pta. L:.. �? •��cL eva.t r..., w s;ac�crl Ey t:.�
C![� �iall Dt dcraed loancd to the'Aot�orl:� a� of the C�:es tfu[ web
non-�sseased eosts �ere •d.anccd to the Authoricy �nd �r�ll be re-p�id b�
"c •, �...
tLe Authoriq to the CSt�. .
�. %envStAstsn!Sn� iht ptovftlocs of Para�rayA 7�bove� oothfn�
���11 yrehSb2t the CS[7 frx eatin= [be l.eprwrenta, •s srqu3rrd D� [Te
prclect purauant to Fa-a�r�ph 3, oa be`.alf of the Au_A�rSt�, prcilded t5at
CTt Au[rorlCy request• [tt C1[y to rrke lhese lcpro�.rrnt� and [At Cit�
�yree�. So tfie evcn[ tfiat the CS[y e�1es ttese S;ro+rceats� the Uty mq
prxeed to �ssns thoer eotts v}ScA vSll be aeseeseC, purs�a�i [o Y.Sn.eeoC•
Scatutes, Ct.apce: �t9.
�. She A�thoirq shall fellea a11 necessary proce3urea •nd rzrcute
all docu:en[� as requ7red !y tre M.un:���al So��1nj and Rc:cvrlopsenc Act for
�n� flnancln= tl.at 1[ sq e.:ain tor tTe pro�cet.
S. 1Te dty uy p]c'pe ta: lnetr�n�i to the payeent e! the
prSn:ltal ef and lntcsesi on b•nd• ist�.[ Dy 7t ta lfn.vrce �ll or part ot the
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� p.n[cr City lmJ.c[ Mrw n�u�•s[cd co do w 6r a rewlutloe of tAc
Autl,..rlc�, an.i ilw• NrLa► �.mf.•rnd un ciw Clty IwreunJer slmll k anfarc�ab4
/y ibr Cit) e[ anr A.Mdh�,ldrr. in thc ercnt lhac [he Cllr io�s l�+uc an7
W�dc !a afd oi [Fr ProJ.:et:
•. YMe Authorit7. Pursu�nt to TtSnneso[a St�tuce�,
feccion i62.Sl5, a�rll follov �I1 necceaarY procedurr■ �od
etewtt �11 documen[s dete[cSned 4y ihe Clq to De neceia�r)
!or tFe [ollec[lon, �rRra►a[Son, and tran�fer of t�:
incrcemu [rom tAe Cent.r Clty Projec[ in tl+c �alnun
�mount permi[ted by 1��, une11 �11 bonds S�wrd b� [he G[y
for [Ae p�y�ent of �ro3ect eou� of vhich ��fd [u lncreoenes
have been pled�ed y�r�uant to [hi� atreeaent anA tLe
lnteres[ t}ereon, Lrve b�m pald Sn full.
►. TM City ahall •aree to pled�e +nd �pply �11 tu Sncrcaeet�
., ieceived f[om tht Au[horl[y pursu�nt [e [h1� ajreemm[ to
tLe p+smeo[ of s�ch Doodt �nd the fntereec LFereon.
e, SLe Authotity +nE tte CS[y �grre to file vic6 the Molu
, Coun[� Aulttor onr f�117 esecr�•a c�p7 0[ [hc •Qneme-t•
� �:c:1led Icr So T�c��raTe S. vt1cA �`vll conatltu[e
• - tLe reSursc +nE �u[�orSxa2fon of the Aut5or1t7 �nd the
d[� [o [hr Counry l+uditot and Trcecurer. to cacpute,
enlleet �nd ar�crta�e uid tax 3oer.senea So •eeortanet
vlth Y.fr.nesota Sututes An�ou:rd, Srction �6I.505.
6. All noticrs� re�or[s or deoanCs rrq�lsed or �ercit[rd [o be
jlven under ihis ajreenen[ sLll De Sn �+r1tSn= a�d s}all be decoed to be
�Svea vtirn dell�ered pr.co�slly to 007 offScer o[ [he part) to rfilch no[1te
Ss beSnj s1vm, e[ �co depvslted 3a [t.e Ln:ted States ea11 So • se�]ed
taveIope, v1tl+ rctfstet�d or ttt[f!1ed u71 postage p�epared thereon.
7. Th1■ �gsermcnt shall aere!nate upoc crp7e[Son of projret and
p�;i.cnts ef �n) ot11L'lcnc crteieG fnto � tM1e CS[j �nE tbe !1u[For1q fe
t�rty:r� out [he Gcntsr dtr Prc�eoe•
I� 41T`�f55 tidCxEOF� [hr partlts Y�eceto Aave uused thls instrux�C
te bt tulr eaecucor �c ef [6r day +^d ycu (ltst aS��e vrtt�en
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FRIDLEY, MINNE50TA
OfFICE PROJECT-TIF BOND ISSUE
Land Acquisition and Cost
Legal, Fiscal, Administrative
Less: 1984 Tax Increment Receipt
Plus: Capitalized Debt Service
(Offset by Investment Income)
5498,858
12,OD0
�510,858
23,033
;487,825
$100,425
$588,250
� Discount Allowance E 11,750
BDND ISSUE
$600,000
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FXHIE�IT — 1,OD TAX INCitFM[tdT f INAHCING PAGE 1 OF 2
GOMPUTER RllN FOR FRI[iLEY MN — fJFFiCE �IF PROJ,
iiE:P7 SERV7CF f'LANNING
F�Aa� VAl.UES--YEAR 19E32 HArE VFaLUE 144�0 MILL5 90.000
ASSESSED VAL.LI�S ASSUME %AGF INCREASFS AS FOI.LOW;
19F35 THROUGH 2O00 --- 3%
9/ 7/B�
��
A , 00% REIiUCTICIN IN INGREMENT AVATLAE+LE F'C1R CiFE�T SERVICE IS 5HOWN A5 "OTHER EXPENDITURE �"
PROJ, CAF'TURFLi -------------REVENUF---------------------- ---------EXPENPITURES--------- NFT
YFAR AV(000) AV(000) TAX ]NC LANI'� F,ALE OTFIER PQNi�S TUTAL CAPITAL OTHER TOTAI. F'ROCEEbS
] 9Ef �
] 9 f�13
1984
I 9 El5
] yt36
1 9137
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1990
1991
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1998
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EXHIHIT 1.00 PAGE 2 OF 2
CUMPUTER RUN FOR FRIL7LEY MN - OFFICE TIF PROJ. 9/ 7/82
FIRST INVESTMENT PERIO� 9 MONTFIS - RATE 10.SOX
RF.V� NFT INVEST OLD MAT � ----NEU---- ANNl1AL
YFAR REC EARNING 9 TOTAL DE6T 5 TOTAL YEAR PRIN P R I SUR/�EF COVER�
19�:.'
1983
Y964
1985
19�6
1987
1913EI
1987
1990
1991
1992
1943
1994
1995
i99e,
1997
1998
JBO�JO
—staesa
'�30d3
71690
73f7H0
76135
7B4S8
8 D 8;10
03315
85853
8�46�
91160
43934
96771
99734
10�765
lO5Q�6
0
45004
4591
351
831
11�0
17F10
1304
1�97
18�'3
2947
2113
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2437
3L79
508 �`.i 0
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72041
74711
77255
dQ.�.46
�.� 1 J�i
04612
87676
91415
93�73
95961
995l,4
10�'084
10`.i�U2
10956�
TOTAL PRINCIPAL 600000
TOT INTR R 10�500 771750
TOTAL P AND I 1371750
LAST YERR 2000 FINAL PRIN PAYMENT
FIRST YEAR 198� TERM 17 YEARS
AONG YEAR5 7350
AYE MATLIRITY , � 12.25
snozsa 19fl3
-k65774 19F14
27624 1Y85
7�041 19i3b
74711 1987
77�5.i 198f3
80�46 1989
EI.�SJ�L Lyy�
84612 X991
8767b 1992
91415 1993
93"_'73 1994
95961 1995
99,`�64 199b
102084 1997
10520� 1998
109565 1999
100000
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10000
25000
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50000
saouo
50000
inono
7500�
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10U000
is�sa
63000
60000
67475
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70900
84050
8�225
796U0
76975
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9N100
80850
1U3600
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93375
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PROGRAM COPYRIGHT EHLERu R ASSOC „ TNC, 1982 IIIIIII PROGHAM Ci11F65
s7�soo
-528774
-4037G
4566
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-71
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-927
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-4036
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1.00
1,06
1�14
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�99
1,U8
96
1.01
1.13
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[�ATA Ii I�F fA'
OPER, INCREMENT RE5ERVE CITY
EXPEN5E DI5TRIB, OR MILL AVi000)
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J72JOO
43726
33Stl
7916
10676
17031
12427
1.^3S6
17368
28069
2U133
19307
�6418
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23:15
35p42
34107
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