The URL can be used to link to this page

04/29/1985 CONF - 5174FRIDLEY CITY COUNCIL CONFERENCE MEETING APRIL 29, 1985 _1 �.� /, �'� � r3. �. .�_; , JOINT MEETING WITH FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY 1� PROPOSAL FOR IMPROVING UNIVERSITY AVENUE APPEARANCE 2� �NIVERSITY AND MISSISSIPPI IDENTIFICATION �OMPETITION 3. UNIVERSITY AND MISSISSIPPI INTERSECTION IMPROVEMENT PROPOSALS AND DEVELOPMENT CONCEPT IN SOUTHWEST u�UADRANT 4. DEVELOPMENT ACTIVITY IN FRIDLEY 5� HRA BoND REFUNDING 6� CHARITABLE GAMBLING �� E:� HUMAN RESOURCES COMMISSION WORKPLAN FOR 1985 I9g6 PRELIMINARY BUDGET 9. OTHER ti 3y , i �e t'`,� 3� 4 �6 s- � �'` : Honorable r;ayor i�illiam Nee GYty � of �ridley 6Q3� IIniversity Ave. h'. E. Fridley, Minn. 55432 Dear Mayor Nee: � March 19th I met with the conanittee at Raffaele's Restaurant relative to suggested improvements to upgrnde IIniversity Avenue. The folloiring people comprise a vinble cress section and Were in nttendance at this meeting: Rollie Benjamin, Richa.rd Ha.rris� Jerry Paschke & Dave Ha.rris; unable to attend: Jim Benson, Dua.ne Prairie, Don Dibos & John Gargario, but are very supportive of this project. The�e �s considerable discussion and input as to the best way to improve the c�verall image cf our community. There were many erees of agreement on the changes necessary to make IIniversity Avenue r�ore attractive for its citizens and those uho pass thrcugh eur c�mmunity. Our discussions included the pcssibility oP graphically sho�►ing the suggestions that have been mede and hew t".ey may be implemented. The committee then agreed te request from th� City an amcunt of u� tc �5,000 tc prepare the necessary plan to be presented to the Covncil. This �rould be completed by an independent eng►ineering Pirm. If the costs exceed the approved arlount, we as a committee Would make the necessary contributian to pay the difference. We Peel that this approach wotil.d have considerably more merit than itemizing the suggestions made and We wovld teke the responsibility to be accoun�able for the monies so spent. Upon receiving your response, it is my intention tc call tha c�mmittee together again to finalize the details nnd to forciulate e positive and wc�rkable plan. Yours truly, (' Bob Sc oer c ;�cF�. �� 's- i� � � , � CIVIC CENTER • QI31 UNIVERSITY AVE. N.E.. FRIDLEY, MINNESOTA 55�32 • P►IONE 16121 571-3150 April 5, 1985 1�9r. R�bert Sc�roer 4so Ri� Creek Boulevard N.E. FricIleY. IKinnesota 55432 Dear Mr. Sc�iroer: The (�ty ��cil has reviewed your letter addressed to the Mayor in which you represent vertain property owners in regard to making University Avenue more attractive and request funds to pcepare the neoessary plan to avoomplish this. �e doimcil would like to discuss this proposal further and request the attendanoe of you and menbers of the aanmittee at their Oonferenae lyeeting of Nbnday, April 29, 1985, 7:30 P.M., here in the Civic C)eriter. ❑nless we hear fran you to the oontraLy, we will plan on this being a discussion iten at that meeting. I`�"�2/ms OC: City Qo�ci.l Sinoerely, �Q'`S`"'` � ' ��- Nasim l�i. Qureshi City Mar�ager t�MO T0: John Flora� PuDlic Yorks Director MEMO FROK: Jim Robin�on, Planning Coordinator �MO DATE: /pril 22, t985 l�MO N0: 85-29 RE: Joint meeting of City Council and Housing � Redevelopment Authority. On April 15th xe received three entries in the Fridley Crossing Design Competition. Although xe Dad boped for a better response in numbera� the aubmittals received are diverse and intriguing. Submission concepts include: (1) A Cultural Crossing vith a French Connection. (2) Light Fountains. • (3) Fridley Center Sculpture. As the reviex and selection of the xinning designs ia of concern to both the City Council and the Housing � Redevelopment Authority, it would De advisable to have a �oint meeting for review of these aubmittals. Tbe acheduled April 29th Council Conference meeting vould provide Lhis opportunity. Also at this time it xould seem appropriate to discuss other related iasues of common concern. These other agenda items would involve: discussion of local Dusiness desires for the improvement of the IIniversity Avenue corridor, reviex of City interseetion improvements (i.e. atriping� aignage and curb cuts)� and reviex of a Restaurant/Theatre Bridge concept. It is hoped that by revieWing all these various interests in one 3oint meeting a more strategic plan can be arrived at. Included for your revieW at this time are: (e) concept descriptions for the three competition aubmittals� (b) competition guidelines, (c) intersection striping plans for all major crossings� and (4) illustrative sketches for the Restaurant/Theatre-Bridge concept. JLR/de 3/ 5/ 19/3 0 � FRlDLEY CROSSING DESIGN COMPETITONS t. A CULTURAL CROSSING WITH A FRENCH CONNECTION 2. LIGHT FOUNTAINS 3. FRIDLEY CENTER SCULPTURE 4. THEATER IN THE SKY � � �� 0 FFIDLEY CkOSSING DESIGN COMFETITION A Cultural Crossin With A French Connection A Bond of F�iendshi �etween Fourmies and Fridlev As Fridley begins a new era of qrowth and expansion it is cl�a� that �he is comm�tted to zt�engtheninq her ties with her French S�ster City - Fourmies. The new Fourmies Avenue that �uns by tMe main entrance to the Civic Centers the Fourmies Cafe with its posters, mzps and historic references to Fourmies and the Nord region, and the upcoming French Cuisine exposition; all bear testament to this endeavor. We feel that the perfect opportunity e:�ists to further strengthen that tie by continuing the re�erence to Fourmies in the desiqn of the Intersection and atter�dant Landmar�.s. Fortuitously, both Fridley and Fourmies have prominent civic b��ild��gs that are constructed out of masonary. Many of the latter'� buildings i� addit�on maGe playiul use of the contrasti�g effects of light colored bric�: against darl.er surrounds. Taling our inspiration from this style and some of Fourmies's mor-e distinctive architecture we have developed a series of useful and distinctive elements for placing in the four q��adrants bounding the Mississippi and University intersection. Const�ucted out of masonary they will be compat�ble with the oeneral materials used throughout the Development yet with the additional feat��re of the light on dark interplay will be iestive, energetic and hi ohl y vi si bl e. The Intersection The Four Tslands Qf the Cultural Crossina ,., The iour islands will contain ztylistically similar yet distinct st�uctures, inspi�ed by a house in Fourmies, that rei�fo�ce the gateway or crossing point. Each structure within its small protective courtyard will service the needs of pedestrians using the interchange by incorporating the following amenities: i. A bus Shelter.(The southwest corner). 1. � . 2. A Communi ty Y.i osl:. (The northwest corner ). 3. A Arch over the new entrance to the Rice Cree�. bicycle path.�The northeast corner). 4. An E�try Motif 4pr the Civic Complex and/or a compatible �eference to the Target Northern Operations Center. (The southeast corner). The area around each ornamental st�uctu�e �ill be surfaced with pigmented concrete pavers, �imilar to the "Uni-deco�" blocks used throughout the Civic Center. The edges oi the q��adrants would be framed with t� low masonary wall and vegetation to create a sm�ll o�sis around each of the iour ameneties. Highway Departments permitting we would recommend paving the enti�e interchznge i� order to n+a�:e a clear statement that this is a major pedestrian precin[t. Fadiating from the center of the i�tersection would be a circular design symbolizing a tree and qrowth. Bridoina the Intersection As University Avenue is a major tr��n4 high��ay it is unlit�ely th�t the Department o� Transportation will further inhibit traffic f l ow � or the benef i t of pedestr i an traf f i c. We ther ef or e s��ggest that the Ci ty of F� i dl ey ser i ousl y con=_ � der brid in the intersection. Tyces of eridae. � Clearly there exist a whole range of options: 4rom lightweight. single-function to elaborate multi-use structures. However, we feel that besides allowing pedestrians free and ��nhindered ac�ess to all four development areas, the bridging structure should strive to become an intriquing, central and hiqhly visible landmark/beacon that beckens to motorists as far away as the Freeway and across the River. ' Seve� Options. i. Four light-weight footbridges� with ram�s and �tairs , crossi ng over each of the four app�oaches perpendi ��1 zr t� traffic 41ow. • 2. T�►o bridges c�ossi�g diagonally over the center of the interchange thus meeting above the middle of the street, and allowing pedestrians three choices of dire�tion to ta�e. S. Concept N2 could be elaborated by enla�ging the intersection to 4orm a deck: area with seating rnd flagpoles. Fearing columns would rise from the four median strips. Fennants and banners spanni�g the light and flag poles would mak.e this a very visible feature. 4. Enlarging conceFt N� to fully e�:tend over the entire interchange, thus forming an elevated plaza or "Village Green. This latter allusion would help further the connection �o older European cities such as Fourmies. Fringed �ith vegetation and light fixtures this gathering place could serve as a place 4or special events such as mark.ets and ba�aars. It would allow 4or the erection of lightweiqht shelters and displays. 5. A permanent. weatherized mini-mall containing vital Servi ces that wo�_►1 d encou�age i ts use as a rende=vo�_�s. It coul d contain a Fost Office Substatio�. Newsagent. Cof4ee Shop. Shoe Fepair, Flo�ists. Barbers. 6. Above the mini-mall would be a true •'S►::ywaY" Cinema that would have elaborate outside �eon lighting and sig�nage faci�q up each a�enue thus providinq the "Landmark:/Peacon" function. 8y straddli�g the intersection it would be easily visible from the freeway. In addition� this cinema would feature a retracting screen that Mould "roll up" at the end of each nightly film and reveal, via a picture window, a spectacular view down over the lenqth of University Avenue. 7. Finally. of ceurse, a n►ulti-use highrise structure could be built over the interchange with elevated terraces and cou�ew:,�s :ervicing it f�om e�ch of the four quadrants. (The Hennepin Cou�ty Government Cente� a�nd Medical Center have clearly established a precedent). However� it must be stressed that �ny structure built over the interchanqe should be distinctively styled and ill��min�ted as it will undo��btedly become the Iandmark. centerpiece of the development. The Tower The F�idlev/Fourmies Clocktower and Glockenspiel Duri�g ou� search 4or a suitable site and design of a landmark for the F�idley Civic Center we were struck by the highly visible hose tower of the Fi�e Station. Here essent}•ally existed an already built pedestal, forty feet high, close by the road, just waitinq for the addition of a beacon that would be visible to ma t o.� i �t � . 3 In addition, as the fire station is attached to the the Hose Tower could easily be transformed to become Center's Clocktower; a familar symbol of the seat of in cities across the world. City Hall� the C�vic government We turned to Fourmies once more for a connectinq motif and found the Fost Office: a mani4icient early 2�th century �edbrick: buildinq. Once again the opportunity presented itself for fu�ther strengthening the bond between Fridley and Fou�mies by blending two well k:nown prominent public buildings from each comm�inity. The top of the Fourmies Fost Ofiice grafted to the top of the Fridley Fire Station Hose Tower. An architectural hyCrid literally cementing together the two townships. Bell b Clock The addition to the Hose Tower, (which is strong enough to bear the e:<tra weight), would contain an electronic chime that would announce time and could be programmed to pl�y m�_�sic on auspicious occasions and public holidays etc. The Chimes would ma�e the reference to more older cities such as Fourmies and more established cityhall clocktowers such as Minneapolis. An audible symbol of the City Hall. The Clock would be visible to motorists travelling alonq ; University Avenue who would frequently look to it 4or time during the rush hours and at niqht. Niohttime Illun+ination At night the entire tower would be lit with 4loodliqhts recalling similarly treated famous towers such as 8ig E+en i� Londen, and the Landm�rk Cen�er �itself once a post office). The brick detailinq and castellations Nould be outlined in neon creatinq a spectacular jewel-lite a�pearance �rom a distance. Locally. �eon has served ve�y successfully as a distant la�dmark/beacon for the top of the Uptown and the Hop4ins Four 7heaters. We hope that you find value in some of these ideas and look forward to the possibility of developinq them further with you. Yours si ncerel y, THE F�IDLEY C�OSSINGS DESIGN TEAM April 1985 4 � � 1 � � t , � ,r� • �^�s,.. - ,_ _ • Z. LIGHT FOUNTAINS For centuries many cities have been identified by their lovely fountains. Sculptors labored to design creative effects using variation on falling water - some bold, others subtle, dramatic. and even sensual. Today, most cities' budgets, maintenance and climate considerations have reduced or eliminated these lovely, visual displays. However, with current technology not available to these artists. a new form of fountain can De designed using both reflected and projected light which is both beautiful and dramatic as well as practical and affordable. DESIGN CONCEPT _ For the City of Fridley four tall, dignified light columns are proposed; one each would be placed at the four corners of the University and Mis- sissippi intersection. The sleek, simple column forms would be in strong contrast to the existing intersection information and clutter, while at the same time creating a sense of identity and place. The darker outer columns skin is also in contrast to the polarized mylar inter column. This inter column is illuminated by simple daylight as well as direct sun rays and headlights. Without glare, these inter columns will give off a full spectrum of changing colors to delight the people moving through the intersection. At night in addition to the reflected rainbows of light the columns can also produce a projected light creating some of the following effects: - On clear, dark nights four towering shafts of arc light - At other times these four lights can be deflected at angtes resulting in a giant light pyramid over the intersection which could be seen for miles - On misty, foggy nights sharp laser lights could cut geometric forms in the sky - On bright moon light or snowy, or special holidays - special light filters could create a soft dome of colored scattered light like a suspended dome over the intersection In other words, a spectacular new type of fountain not designed for people strolling through a park but for todays scale and movement patterns. . � ESTIMATED BUDGET - The basic structure is an inter steel column with a reflective mylar skin - the outer, aluca-bond aluminum column shell is structural attached to inter structural columns. They are supported on a simple concrete foundation 25,000 to 30,000/column depending upon final diam. and height 5100.000 - 120,000 - Optional projected light package 25,000 to 50,000 - 15X design fee 23,500 f145,000 - 200,000 Thouqhts on the Fridley Center Sculpture The intent is to visually create a sense of center from near and fa� away. From afar, the dancing structure (flesh), bouncing in the wind announces the approach of the center as one heads towards it. From near, the enclosu�e sense is generated by the circumferential poles and a network of overhead cables that describe the space as an important place. The palette is f�om the city scape of poles and wires such as: telephone lines, power cables, lights, signals, etc. A further development can be made to incorporate a more particular sense of Fridley by the use of signs and symbols attached to the flesh. 3. Definitely another level of design is desired to finalize the form and seek a harmonious relationship v+ith the present street elements, and possibly the intersection could be paved in such a May as to enhance the sense of place. - ESTIMATED BUDGET - Materiais (piers, tab'es, steel columns) 5125,000 - Labor 6 construction 5130,000 - 15X Design and Supervision Fee S 45.000 5300,000 � B J 1. PORPOSE OF COliPE?I?IOA Tbe purpose of this competition ia to design an urban landmark atatement tor the IIniversity Avenue (State Highvay 47) and Miasissippi Street (Connty Road 6) intersection� with special emphasis on the xi�i and tbe SE corners. All de�igna should create s atrong aenae of identity� e�cpre�airig growth and •itality. The aolution ahould activate t�e interseetion witb a aenae of a thriving and vlaDle community. In creating a landmark, consideration ahould be given to acale and a cohesiveness to tAe surrounding enviror�ment. Solutions ahould rork well both day and night and during all four aeasoas. 2. BACRGAOOND - AISTOR? Over the past five years the City o� Fridley and the Housing and Redevelopment Authority have been actively involved in the redevelopment of the City'a doxntown erea. This area is knarn as Fridley Plaza Center. Several ne� projecta aar in place have greatly improved the viability and image of the area. Along with a clinic� two neW office Duilding� and a ner+ly remodeled ahopping center, the City has constructed a Community Plaza addition to Lhe Civic Center. This plaza has become a strong focal point for tbe dor;ntown area and the community in general. Zn addition, the plaza has set the theae and established a consistent landscape motif for tbe entire Fridley Plaza Center. Phase I of tbe Fridleq Plaza Center redevelopment is naw substantially eomplete. Yitb over �0,000 vehicles per day passing through the intersection of University Avenue NE and l�ississippi Street, the potential for an improved a�rareness of the Plaza Center is gre�t. At this time the City is looking for design eolutiona for tbe four corners Lo further enhance the Plaza Center. 3. SCOPB OF !'BE CONPETI?IOR Participaots vill be responsi•ble for all components of tbe atreet acape within the designated intersection. Paving� lighting aad landscaping have Deen left unprogrammed (for the eorners only) to allow participanta Lo utilize these elementa to Dest eompliment LDeir individual designs. The lcvel of detail provided for tbe aDove mentioned elements ie up to the individual. Tl�e primary ooncern is expression of concept for the designated apaces. Although apace is provided on each of tDe four cornera, other poasibilities are not precluded. Dse of the sir apace over tbe roadvaya or •anipulstion of the paving testure or color are other possibilitiea. ilater� aewer� gas and electricity are available for the designated apaces. �. S1.IGIBII,I1? This is an open competition. Participation Dy qualified professionals and atudenta tritA associated faculty aponsora are encouraged. Individual faculty membera may aponsor more tban one studeat aubmission. Individual or teas entries are acceptable. Hulti-disciplinary team euDmissions are encouraged. 5. CO!lPETITIOIV PACRET The following materials have been enclosed to assist you in your efforts: a. Plaza Center Site Plan Scale: 1"=50' b. Photographio Base Nap c. Photographic Analysis Sheets d. Coopetition Base t�lap. Scale: 1•=30' e. Zoning Hap of Fridley f. Application For� g. Diacover Fridley Brochure. � M1 6. MZI�IINQ!! SUBMISSION RBQIIIRB!lEATS Aa s sinimum requirement the City ia reque�ting tbat design aolutions be expresaed on a minimum of three 2�" s 36" boarda and in the follariag ■anner: a. ,sonometric ot Dniveraity/Miaaiaaippi interaection oornera - Scale: Open - Include a brief narrative description of your concept on the Doard. On the back of this board affiz the application fora aa indicated in item �7• b. Illustrative aite plan �00' z 400' area (aee base aap). Plan to relate concept to it'a immediate aurroundings. Scale: t* = 30' - Include aections (minimus of tWO) detailiag key elements of the design. Scale: Open c. Perspectives beat eommunieating the intent and the effectiveaess of tbe design aolution include any other detaila which will tully explain the concept. d. On 8 1/2 z 11 aheets, provide a complete narrative description of your concept. Include any information needed to support your deaign aolution. Also include itemized estimate oP coata to include design fees �aterial and construction co�ta� etc. e. Mbdels are optional and may De substituted for axonametric. (item 'a") Board Board 8oard No. 1 No. 2 No. 3 3 6' 24' 24' 24" 0 , 7. SHIpPINC U�ID P�CbIIiG OF StJBHISSIOBS All Doarda ahall be double wrapped aAd received as one package. The interior paper ahall De ur�arked and of aimple opaque paper. � plaia opaque e rnrelope, containing the coQp2eted application form ahall De aecurely affized to the reverse aide of Board f1. Thia envelope vill be opened Dy the City only after the Selection Panel deliberations have been completed and final aWard selections have been aade. This will be done in the presence of the Seleetion Panel. 8. DELIVERY OF SUBMISSIORS All aubmissions shall be addressed to: Fridley Crossing Desiga Competition 1985 . e/o City Planning Department City of Fridley 6431 Oniversity Avenue N.E. Fridley, l�A1 55�32 All aubmissions ahall be received Dy April 15. 1985 no later than 5:00 pa, eentral atandard tiQe. Neither the aponsor nor the City ahall bear any re�ponsibility vhatsoever for tbe safe and timely delivery of Lbe competitors' submissions. 9. CNNERSHIP OF SDBMISSIONS All submissions shall become tDe property of tbe City oP Fridley. The City of Fridley reserves the right to exhibit and/or reproduce any and all aubmissions. 10. B111M.D�IATIOK OF SDBMISSIOAS The City vill examine all eubmissions to ascertain whether they comply vith the auDmission requirements. tny instances of tailure to oompl� vitb these requirementa will De reported to the Selection Panel vitb aqy recommendationa for disqualification of thoae aubmissioas. 11 Ui0A7MIT? OF SIJBMISSIOAS The aubmissions ahall Dear no name or nark that �ight aerve to identiiy tbe autbor(a) of the entry aor ahall any competitor directly or indirectly reveal tbe identity of their designs. Any aucb identification ahall result in immediate disqualification of entry. 12. COt4�lONIC�?IONS — QDESTIO�IS All Questiona ahall De aubmitted in writing and directed to tbe Planning Department addressed to: Fridley Crossing Deaign Competition 1985 e/o City Planning Department City of Fridley 643� �niversity Avenue N.E. Fridley� !�I 55432 No questions will be accepted after Harch 4, 1985. The ansxers to all questions will be mailed� first class, to all applicanta on or about March 7� 1985• Once the submission has been received� no contact which reveala the identity of the competitor may be made Witb the City or the me�bers of the Selectioa Panel. �i � \�i�. � c�.'-�^� .�`- d a +' ,� I`� a � I � � � ,�� :� � �� 3 � � �� ,� �� --� � � � � � � �� ,w `.., rx � `l.�' r ( � L � �j '� i� � f^�� i � F , �.�., (' t '� ..�ia �..;..� ts+' �- 1 �� :`3' VJ L�1 � !,� I`w%,. �.) �p \ 1,.. PURPOSE OF COMPETITION The purpose ot this competition is to design an urban landmark statement for the Universiry Avenue (State Highway 47) and Mississippi Stree[ (Counry fload 6) intersection, with special emphasis on the N W and the SE cornera All designs Should create a strong sense ot identity, expressing growth �nd vitality. The solution should activate the intersection with a sense of a thriving and viable community. In creating a landmark consideration should be given to Scale and a cohesivaness to the surrounding environment. So- lutions should work well both day and nigAt and dunng all four seasons. BACKGROUND - HISTORY Over the past five years the City ot Fridley and the Housing and Re- development Authority have been actively involved in the redevelop- . ment of the Citys downtown area This area is known as Fridiey Plaza Centec Several new projects now in place have greatly improved the viability and Image of the area Along with a clinic, lwo new office build'+ngs, and a newly remodeled shopping center, The City has constructed a Community Plaza additton to the Civic Center. This plaza has become a strong tocal point for the downtown area and the communiry in generel. In addition, the pfaza has set the theme and i established a consistent landscape motif far!ha entire Fridiey Plaza Centec / �� Phase I of the Fridley Plaza Center redevelopment is now substantially complete. With over40,000 vehides per day passing ihrough the inter- section of University Avenue NE and MississiAP� Street, the potential for an improved awareness of the Plaza Center is considerable. At this time the City is looking for design solutions for the four corners to further enhance the Plaza Center. SCOPE OFTHE COMPE7ITION Participants will be responsible for all components of fhe street scape within the designated intersection. Paving, lighting and landscaping have been left unprogrammed (for the corners onty) to allow participants to utiliYe these elements to best compliment their individual designa The level of detail p�ovided for the above mentioned elements is up to the individual. The primary concem is expression of Concept for the desig- nated spaces. Although space is provided on each of the four cotner& other possibilities are not precluded. Use ot the air space over the roadways or manipu- lation of the paving texture or color are other possibi6ties Water, sewer, gas and electricity are avai�able for the designated spaces. �� rzrrter �,;«.'�3'vl :%�;1,. I ELIGIBILITY This is an open competition. Partici- pation by qualified professionals and stutlents with associated faculry sponsors are encouraged Individual faculty members may sponsor more than one student submission. Indi- vidual or team entries are acceptable. Multi-disciplinary team submissions are e�couraged COMPET1710N PACKET The Complete program packet will be mailed first class fo all registrants. Mailings will commence on or about Janusry 29,1985. Competition packets will include the following: a Plaza Center Site Plan with Photo Kev. Scale: 1 "=50' b. Photographic Analysis Sheets a Competition Base Map. Scale: 1 "=30' d Ciry and neighborhood map. e. Application Porm f. Discover Fridley Brochure THEJURY The Jury wifl consist of Ciry Council members and HRA members �M/s ,/ 55�Pa STR%FT � , AWARDS Awards shall be in cash amounts totaling $2,20o. Prizes wiil be awarded as iollows: 1. FrstPlace- $1,500 2. Second Place- $ 500 3. Third Place- $ 200 Separate good faith negotiations may be utilized for commissio�iag of the submission setected for constructton. REGISTRATION Ali interested parties may obtain an application and complete competition packet by sending a written request along with a check or money order for 3!i_ maAw oxvnAlP tn CiN nf Frfrllwv� t�; Fridley Crossing Design Competitlon 1985 c/o City Planning Depertment City of Ftidley 8431 University Avenue N.E Fridley, MN 55432 Note: Application fee is nofr refundabla SCHEDULE January 29, 7985 Registration Opens - Competition Materials Available March 4, 1985 Ouestion Period Cloaes Marc� 8, 1985 � Answers Mailed April 15, 1985 Submission Due Apri125, 1995 Review of8ubmission May 15, 1985 Announcement of Winners � � � � � 1 � \ � � \ � , � �� 1 � � T y � r � . --�— � - - - - -___ � � UNNERSITY 8 53RD AVE. � - ' l��/ �� , T ' + . - P \ �� . H �� M „ � � v J v � . � m ' U� � � � Z � Q H N W 2 v � _ � I � �� \ 7 r r�� i f, �, , , _ .�-� 1 i e � I � 1 � � � , � � b� o�, £'S l � . i � � � � � '" � � 1� �� : � ' i �� _�• i � � 1 , � . I ; � i . i ! I i ( 0 � Q � ! � I � , u] l cn , Q ' � Z a � � ` V � ♦ � � � \ \ \ � T - - ---- --- - - „- 0 •O . � V : il �� i � I� UNIVERSITY 8� 5TTH AVE. � _ �� > I � IT . � � . � � � � �� — . � � � , /_� i . J . `�- m � `r _ � � �� i / � � - -., '-- __, _ � — a'�'"vj7 =�ri►o,� . ,�� j,� . 1 y �,,jl 7 � � i` � � , , , � � � .!�'--d ', UNNERSITY b 61ST AVENUE NO. .\ � ` � � � � � � � f � ,t � r� r } � Z, DI� . � MI � I � � . . � —I - �� a. M� �, � � V �' Z � � � � � � � � l� �.__ � 'pN 3� h�� ` --- -- �L1�T� �. . ��.�,�+ r �� ; i � � _ � _, _ ( � 1 � � I ' i . �! ' � .1 r_- __- � � �� T Z 0 � ; � ._' �' ;ddl� SISSIYi -- ----- - � ___________� � :� I � � � UNIVERSITY 8 MISSISSIPPI ST. i � i . �-, i �y . � � + . ' � ( � Z � d' i �. H .. , ,i �� ., - . ,,- � � ..y v O� m � � �� . � �° � � • � O,L �� '� � �� . , � ` � � � � + � � _" Z . � 1�� !�� J; � i�� c,+ 3 �� f) � � , ' � i i , � 1 � ► ♦ � .: i I . W Oc � e oc 0 � � � � O � Z � v � � � � �� M, 1 � C c U �� t � 1 ; M �N 1 w J Q V � _.� _ �.�� . .�-�_�_ � t { � rtl. I i � I i ' � 1 ► `�� 1 � , � ! �� V � � � , _� V � ` � � 0 0! � Q UNI VERSITY E� 69TH AV ENUE �� ' � � r ' �' +� T .� �' � � �v � �� I � I �► z ;�, �. �) � � U= ,o,�T ! M� I � . � 1 tj^ 1 v, , o � � s 0 �v�� . � _ .�^ � r� t � I �� - 1 �� j '. • y...�,s�o.m��.. �s � �-ds��rv � I � � i � ' � � � ``� I � � I , Q� � �� cW G' �` i vl Z . � � � .. 1 � � .� � 1 � '� . �/ I_� �� I � /J y � i � ' ' � ��1;I , � � I � � � � 1 � � � � �� ` � i `� ' ` � � i - \ i � 1T ; ' 1 - { Q � � � � �� N �� Z � t�� .. I _ !� I � j � J �� ' V � � C� � - " � �� — i �, , i c� _ ,� � I � _ T � � \ • � �- �/ � • 3� b� � � UNIVERSITY 8� 73RD AVENUE 1 i�, f � . , _� � ;_��:�� or ci g � � � � ar��L �[��TT�'_ � �� -- .,�, 1 � � � ,� � �:� � ,f�, . 3!%•` y" �- r .�sa-: , i � � � � � . \ � ` \ �� . O � v� � 1 .i.i J 6 �? v �3 � ,, [� ,, � - T .'l � �. � �� ' �� ' _ ,. unuvERSir�r 8� osBO�n � � . ` � _ T M � � � � � �, � , ,- � . , � . I . � � 'd�f s i 1 � � � i x � .a� � r � ��'�' ��5� �- �� i � . t 'I i L � � � � \ � I �II � �s: � i� " � r u r r � 0 � � � i � � • ` � � � ` �� `� `` ` � ' T— �' ! � �. Z � • � � O � � � � : � .• 1 V Cn `�'] �� %J�" � i� 1s UN��ERSITY � 81ST AVENUE i 1 a� . c� T� y�� ! � 4 .,tt � � � � � � { � Y I ' u� � — P : � ,� - �-' 1 � / � � �� T . .. - �ar �i n J 4 : � � 0 Z S i � I 1 I � .� �� C�. 'Z ( ! I I• � i 1 � b � � i � � � : � o°� : ? Z � a :a � �e �, J �` _- u Q ` � � �. �.i .�..�a�.'�`� l �Es � � � � � `i � • � � � � � !� � � I `+ 4 I �� -�- � - � . � � � � ! � -..�- � --�- r � ;`� 1 ' � ' 1 � � � . 1 � � r i � � -� " _� i � - _i - __ �; , � � o- - ' 1 / • ! N� � � � �j - � � � � -.f � V ,) - � • 1 NGHWAY 65 � 52ND. AVEN E. , � � � � � I � a � � w , ;► ,� I� ;� �; �� , j�; ! � f f ' " �I i '� � � �_� '� _�.�- ; :� ° � � � �, , _ ,.� - _ _ _ •�.:�_.� ; _ �1� - ' - - `_� � V'� 1 � ' � (J : � � � '� �'- � , o , oi . I , � � ( � � ( , ` � �1 � 1 �% Z 4 M, _ �� _� ., w J � U (1� � � ! � - - __ . _ � '- � _ t T i � � , i . Fr m z � .-- . � � � - ' �. i -., '1 T - )� � . � � � = W �_ F= oc � , — — �+ t - l.�U � HIGHWAY 65 � 53F�. AVENUE N � 1 . — — — I 0 ` c t � � � � z 0 � � `� , �� .3 . � .� .,�. 1 _.._- � -.--- ---- -- 1 � �� : _ _ ,_ � i � iQ ! �� ; ;_ � i � � 0 h, _n lU J � � / F � P� V �4�./� // t ;� - � _ - -, ,�-�' �� T � � � _ -� � � -. � �4 ' � ?� T a . � `� � __ ��_ � O '/� � b� 0� � �� ___ �� OI �1 ' HIGHWAY 65 8 WEST MOORE L�KE DR. �i . � � � � � i � � 1 Z � .� � / � , � � r / � � �5� ,//� � � / z � � � n i '� � � � �� i�' 'T `� T � / � I ,�� . � �/ M /� \ * � W $ ! � � � � V a°c � � I I � � ' � . � �� /1� � ' ' � i 1 �IC ��'1 3b �Ji�t � -- --- -- .� O v t � � � a � Z � c 4 � � J �g � � � i i � � �� -, ` � I 1 d . � ; t� � _. HIGHWAY 65 � WEST MOORE LAKE �R.lRIC� CR�EK RD. , i I g !; I � . � _ '� 4 � ' � � (� f ,: ., a�o� xs3�;. 3�t�! 1 • I '�� ► � ' r� � � ( I � � �� . i �j , ' � ��: � ��l j � / 'i; � , .� 'i � ,� � i ,' LL � � � I , , � I � i � � i � �� . � � ♦, � , T / � � � ♦ . � i ' i Oi / � -� �1 - � � I •• � \ � � � 1 .: ! J. �1 � , I ,- � �, ; U � (' ' U) � . �. , s 5�� ' � - _ _ _ —.-«� - -- —� � � h � �_ . � �� '�' f' . ., . e � � ti � � �; � j � � c or � 1 � , ��•-�. i_��; J=— --- -- ----- S 'H'� 'S '� J� IcdISS �SSIW «� � �a : � � � c� v � O J � Q i � , 0 � p . � l HIGNWAY 65 � MISSISSIPPI ST. _--i y� � � � � � � � � � i C F L'QEEK �� . , . , ., HIGHWAY 65 � RICE CREEK TERRACE/68TH AVE. e � � �ST"�4�E 0 Z I t � r� , , rT , . �. , ,. , , .��_\ � ,� . � . M u � W �� 4 �, � � � �n f---t v. � V 1� 3i i�.�,..,: Q�! �L r- —�. — . --�- HIGHWAY 65 b 73RD AVENUE 4 � � � 4 Q e � � E� , J O t 0 o � � . _ -. � � + �qi �� a° W c; � � � i � I-�; �� " / ' , �..1 �, � I � � � � � �� V l� i�l � � z � n � _ H , _ ,—' .� L 1 � � � , � � � � � r� � � + I i 1 �i I ` 1 1 � - ` \ Z � �' � �� ' � � I , . � . �� 4 HIGHWAY 65 8� OSE �. . � � n � _ � � -� � , � � �^ � ` � f1 y ' � � V , �, . . � .. T� W �v � __ _ ' i ��'r V � _- � .,: � — � i � �n (f� `� � T ' �.. � ;� � —_�►i �s��i ` \��t� �Q� ��L��J�, . w �t �� . Y _ �� w 0 s � � � �r � � � � � � ac � � 0. ,�O �C c ' r i i � m 30RNE RD. � ' ` „�' � L5! � �l+ '-• \ � ~ - R — - �7!''!�' 7..n'. -L � _ - — !^ � � � � � • W ` ` ( �'``�� . � � ' � i I � � � � �i I r L- � � � � � � , � ;. � � Z >. � � �. �. � FRIDLEY PLAZA OFFICE BUILDING A 30,000 square foot three story office building provides rentable office space in a pleasant environment at a convenient location. I COLUMBIA PARK I MEDICAL GROUP FRIDLEY PLAZA CLINIC A 32,750 square foot medical building housing 56 clinical rooms with plans for further expansion by approximately 75%. TARGET STORES, INC. NORTHERN OPERATIONS CENTER A 75,000 square foot compiex which provides working space for Target's 350 Northern Operations Center employees is presently under construction. � � � � .. � �` ` �� . � - - — ___, �___-- � � � :`, � � � � �.. � FRiDLEY HOUSING AND REDEVELOPMENT POTENTIALS Currently in Plaza Center there are two properties available for development, which could offer you an outstanding investment opportunity. PARCEL ONE This commercial property is located on the SE corner of University Avenue NE and Mississippi Street. Because of it's size, a full 8.8 acres, it offers a variety of possibilities for high density mixed use development. These possibilities include the potential for multi family housing, office and retail development. 00 Oo ` o0 o ❑❑ ❑�o 0 0 ❑ o �� ❑ Holly Csnter Remodeled �^` r � ° � � ��.- C.7 & � , ��, � :�'�, �.7 ti .,� 1 � �, - . '��, Q.O� 1� '� _ ' `.� G��d� C°- C� C°�� C° � MISSISSIPPI PARKWAY �� a;� �,, � d� �� 0 .ra„y — — — — .��o�a�oo�� j�� - � E--- ssa'---� i' � �� ; PARC£1,TW0 ` �z :..I . . ',�.4 �ACRES AYAItAE�E� r+OiK �--�� LOOIO�OIO�� w > 0 � �•%° � ,,' �w,&«. ..0 �.„t, ��:,a:&�*�o- .��-�t"'t;�" PARCEL TWO This parcel is located on the NE corner �of University Avenue NE and Mississippi Street. It is 2.4 acres of �development property waiting for residential development or new stores, office complexes, businesses,and quaint littie shops to move in. � I � MISSISSIPPI Frldley � � Q Stats BaNt " �� PARKWAY �;�a4; �� tr*'T�`" �';� � ,�, Erfilts�, �nol�a ; � tlbrer�r a t;; DEVELOPMENTAL POSSIBILiTIES These parcels offer many commercial opportunities and may be rezoned by special plan to accomodate desired and innovative development. It is only a matter of time before these properties will be redeveloped. If you are interested in discussing developmental possibilities, please direct your plans and questions to the Fridley City Manager and Director of H RA. Nasim o.ureshi Director of HRA Fridley Civic Center 6431 University Avenue NE Fridley, MN 55432 (612)571-3450. � {�"�"r �YUh4�'.GnuY � %�; � EYdsr� HousGig � �};�� .,. s� � �, �� ,; � � ,. f� � ��,°(�e � ��% �� ..� VIIIS9e Gr��n � x�`�. F 7own�om�� "y;�. �u3;�-r'. 4 Y�k., �"v y ,��; `� �� F�.� z> � 4 �p � �� z."%y� 4+,� #� -� _' ' :.£. b�� ,, ��.�`�d*� L ; A .�'+�,<}a'. � ,��,` �� 5+.'�r�"a�.� � � � � � � �''�, , , �� ` � \� �--- �o��r� mo ,—.— � i � � � � i � i ------� � �I i \ 1, i i� i \\� � i \� a I I � � �� I C I �� I � �� I / 1 i / f--_J I / ' 1 I I i ----_--_J " � � � , � �-------------"--J FRIDLEY PLAZA CENTER Frid�ey, Minnesota is a first ring Minneapolis suburb situated on the east bank of Mississippi River in southern Anoka County. Plaza Center is located less than one mile from I-694, provicJing easy access to the Metropolitan freeway system. Plaza Center is within a fifteen mile radius of the central business districts of either of the Twin Cities. Plaza Center is served and bisected by the two major thoroughfares of University Avenue NE (State Highway 47) and Mississippi Street {County Road 6). Plaza Center lies within one mile of a population of 10,000, and within two miles of a 30,000 population base. Plaza Center is a major city service center offering prime redevefopment sites for residential/commercial/ � retaif/office and entertainment use or any combination of the above. � �, �:: ��,, ,� ' � ;:a � � �.:. � �* ,.� � : ";�, t ,�'�'$�,�,as`�' � �" '�� a,*�x��";��-�; 2xt�.,..,?: � �':��'; "�'t �'i kp� t�`4s t"� # � t�" ;�'}�: �4'��2 ..�,'t�` � w�„�..,. ,.,:. e � -�% �, 3r; � ,. � fi:; �.: {P � 3 �V 3 �x' `�,,.{* `i� d` �e �y � "� % ti �E_ .�� ..�..s �r. 'S�` +` .a €x.,,,.'. (Construction phase on Target"s Northern Operations Center.J The heart of Fridley has come alive... with opportunities for investors, developers and businessmen. Five years ago the Fridley Housing and Redevelopment Authority had established the Center City Tax Increment District, located at the intersection of University Avenue NE (State Highway 47) and Mississippi Street (County Road 6). In July of 1983, through a strong public-private partnership, this new and developing district now known as "Plaza Center", began to take shape. Fridley Community Plaza, a dynamic urban park, set the tone, the design and the environmental standards for a{I future developments. The Plaza, is the focal point for the downtown district, and has been instrumental in attracting the following developments: Columbia Park Medical Group - Fridley Plaza Clinic; Fridley Plaza Office Building; and Target Stores, Inc. - Northern Operations Center. In addition to these impressive new developments, the existing Holly Shopping Center, which is a major retail outlet, is undergoing remodeling to bring it in line with the Community Plaza theme and the other buildings within the district. For further information contact: * �� FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY Nasim O.ureshi Director of HRA Fridley Civic Center 6431 University Avenue NE F�idley, MN 55432 (612)571-3450. i .. �_C ,� I ! _ � - 3�— '��,� `\ � ' -- - - --- - - ;� _ � ,� � _ _ _ ..�.:� .,,� �;. . _ _--_ _ - - - - , _ r�.�.-` - -- ., ,� . + � � � , _ _ - � - -- ...._. , — a - -- =-- -_ �--- - •�a � �� ; __ �� , � �' �..�.,.. .��e --- °°"" ..�.�� , � ' _ � . _ °.- = 1 �ti _ `` _ __ � °"_,_=,,,_T„ ��.J j� I � � ' i ,\ ', - - � ,_ ' _ _.` _ , � �«,.. :.� i f,'� I � � �1 � � � `� `` ` � _ � -- �t � :i O . � e� -- _ �� — � ,�, � r- O ' ' '� , ---- — i Q Mr�.r r.c f / � , - � �� I Z 1 � � � j � '-�"��_ . � �1 " � �% , � � , i ,`y D g _ --' � '�.- `� �I � � %� ' �tM1CN NL .. � O � �?! % ,�' p� .•• j �� 1A � � e : : .• �+ ----- -------�-., , w �I • ` , ' 'i '�. / -- � , ! ; I ' � i � . � • � ti/ --- g a —�� - ' . t • 1 : � - -- - - �- z -1 ,� ,� � -�--.=1 _ ` _ J : :.� S � � .... g � � . � -_._"___,_, J. _, s.� ..; a•.. � I s ' _ � �+ � _�•ti � � �,`- , �! �� ; � ._._._.T .._, ;: ;Sr::• � �,•.. � . --- � ; > �«�.K. :. T.. .s- �.i ' a • •: : : : . �,, — , I -- _ _ � . .; .� -- z 0 _ �� ` � - • � — . i i ��i � p -.. �_ -. .... , • � a :__ ," � - . _ �_— � � ' ' � _ ------- ----- . �cT wa. — ' � : - . r----- _'_T� , � i I � � s � - _- '� - — : '�-� ''IV Q -` `_----�..� � .�� - -- - — _ � � � , - > --- . ....a ..�. i ' � --_„+.----� � . . . , �, i . . , , _ , . .. . .. .'""r�--r I 1 . � . -- '� i _ . , ' I t i _ i � O m � � � D � \ �� I . . wt�tuir r[. '� ' j . , ---� � -�---�r------- r"-'�� i �� --- ,— = p N — � ----� . �1 � — � 'RLfMlft �l. ____ . . � � _ ��, � '' � � -�---� � fi � � _ � �� wturworn� rc � < � , � , . . . � .'--�r-�'ti ; � � a i < . � � � i . ��. ' � �u�sotu rc � � � � I' I �— — � _ �� — — — ; �. � �, 1 ,. -�.� , = T,_ MICOLL[i �Y[. - �\ '.` `, • ; � ---� `� `;�:y _ . ; � - �,.�,,,�,,: � � , `\ .—. r_ _ � , : c � �'_` � \ � \� ----- - ��n \\ 1� — ' ,''� � ' _ -- -- -- � : �, ' � � ^ _ ` -_ __ � _ __ ____ snvc�s �vc. � —� . - --- �- .._--- --- � . . � �;I . _ -- .. � � — — . � ' � a .i _'�____ ___ —___�_.._-. ___ '._._ -,✓ f N Y[. * LYNDALE / HUB / NtCOLLET x!'� :� - COMMERCIAL IMPROVEMENT ��" � � �`PROCRAM RICHFIELD, MN � � � � m � � m tA O m < m r O v m G C Z O m � v m < � � m � v m � s n � r z 0 n 3 � > _ e< f• • i �? 3 �D �� om 3� mr oN >D � �� m � � � ;£ �� n .- , :-_ �� . �FS�� ;:_:� I ! ;; - ��: .:c � � � � � � �� 1 ,' � i ; ✓ �__/ AVE. gp. � _ > . � *\ 1 � a 1 � �` �1 , � �� , � � 1 � � °W' .� �I+ � �" ' r� .� I � y I � '; _I I I ., \ I I \� - I \. N .� � - rn; � Z' i i a r: , _�`� \ \� +1 � � R ' ' ,.�� '''� ♦ i + +� s;� ��.!. ♦ � t t i � � -' i�. ♦t�t • � � . ♦ 4 ♦ -� i � t t i � �� `" �� t � 1 � _ ; k � %y�r.l. ♦ � � _ ��,} �i � r�. � 1 — '�11 ' � . ♦ 1 — ��yy� ��' /' �' •� a ' . �'i � 'i/ � • % ; t� /' �. � �t � 'y�� % _ ./`. '/ �1.� / � — V X�'�� ,/: /, . �rif� ; �'=' I � ? �E� ° _ � �-� ., _ > >,••�. .�� = � - � . � _ ,.i _o�r .. - � r �_ f "' �►_--c�a _ ._`_`�_ ....�oo +itsa oeo•• �sv�e a>>ss »� a w � w S � °� : +• s •' O O • • 7 w '� ��, .\ � \ \��:-�� =• � a� � �� sa•�e.�^ o .�m wwowW� �o � � � �� $m � � � � � 9 9 ' N � ! � � � • � n = � �;�.� o �� -� > o �� 8 � � > > � � � � � ■ � p O O O �� a � • � e � Y V i � ��. .� �� Q ! � w »�o N Y O � � � � � � i � � t � O � s �i° m A� � � m� � N i � LEGEND �,►E�� . � O usT t s �arrMs � � � IN0. REY. �OMOt APPitOYEO lROP91� a01�#0 � � ��l:a --- 11►dO�ME�/T YpO� � l :.J � �o�e�►�� I 2 [ 1711EET YU-CITr Oi FRIDLEY � �•� ..�. � � { �� s i� �':�,Li _ ��i��:�' M _� ; ' 0 ��Ss � �r • ��. � � �� a_r A�.. � ...�e.�.. w �....�..._-. - �=r � � ':� '�..� ;;r�� r. . �.., a `!.S_5��.1' '�:=at.c. � � �•. _ '., /�a`:�.,� �i � �: y •�aor� e.. / '�� .� � n�w� 1�_''��i�L�Gs� �•�� C • � �� C�w �l4� � � �[�P.'» � FEB. 1 !� � v w • - n� �► � MEMdRANDOIr! ti ; , . '10: QTY OF FRIlg,EY kFiO�'1: SID ]rII"AN, DIFtDQ�OR OF (�1'TRAL �RVI�'.S STJB�7ECT: HRF, RE�JI�II� �ATE: APRII, 23, 1985 , t As you were asaare, there were two si''tuations regarding the HRA Refunding that requirc� resolving before tt,e HfiA oould take final action on the boncis. �e first was the tine rec,uired by the insurance conpanies to respono on a request for bias. I have been ir.formed that the insuranoe aun�nies have made a f inal review of the infornation prwicsea to then ano they are now ready to m�:e a bid to r:iller & Sct,roeder. 7he other situation revolved aro�d the issues raised by Ehlers and Associates regarding the refunding. This issue was resolved at the March 18, 1985 Cb�cil meeting (meno attached for your review) . hith both these issues resolved, we are naa reaay for f inal approval by the HFA at their regular neeting on May 9, 1985. �e only probler� that naa exists is the amenchent that the HRA made to the original motion authorizing the bonas at their I�;arch 14, 1985 n�eeting. Zhis aa��enc�ent states "there will be no of fer of the bonas imtil further appraval by the Housing anci Reaevel og7ent Authority." As you recall, ttiis amenc�nent was designed to ensure that the issues raisec] by Ehlers and Associates was resolved prior to r;iller & Schroecier offering the bonds. rs.iller & Schroe6er wouln like to offer the boncis for sale on riay 6, 1985 and have all ita��s finalizeo at the regular HFcA �r�eeting on l�iay 9, 1985. I was oonoerned whether or not the a:!endnent would reo,uire two ser�arate meetings. 7hst being (1) to authorize Kiiller & Schroec.�r to offer the bon6s ann (2) to authorize final action on the bonds. I discussed this issue with I�ir. Rent Richey, attorney for O' Cbnnor ano Hannan. He suggesten that since the HRA would be at the conference meeting on A�ril 29, 1985, we could get their aonsensus and that would satisfy the purpose of the ��enct�ent. Therefore, I an asking that this item be discussed by the HRA at the �nferenoe meeting anc if we receive their appraval we will offer the bonas on Iriay 5, 1985 ann have thei r f inal action on the ref uncling on Thur sday, May 9, 1985. SQ : sh Attactunents 3/0/2,/19 �! : � CITT OF FBIDLE? MBMOit��DON T0: XIlSI1"1 M. QIIRESHI� CIT? MAAIGER FROH: SZD INJ�SAN, DIRECTOR OF CFJBTRAL SER9ICES SUBJECT: BR1 SCHEDIILE DiTE: IPRII, 2� 1g85 Tl�e folla+ing is a aynopsis of tDe activities regarding the HRA Aefun�ing and an update of tbe aex achedule. As you are aWare� tbe activities Dy Miller i Schroeder regardSng the Refunding were put on bold at the tide tbe conflict betxee� Ehlers � Associatioa and Miller � Sebroeder developed. On Nareb 18, 1985. vhen the City Council passed a resolutioa directing tLe atat'f to vork xith Lhe iRA and aell tbe Refunding Bonds� ve Dy a,emorandum (copy attacbed) notified Niller � Schroeder to continue processing. They have rerun tLe nu�bers and presented tbem to Lhe insurance companies on April 1� 1985. Based on tLe im�ediate response from the Snsurance companies� Nr. Graves bas informed ne that they viJ.l not be aDle to aake the April 11� 1985 meeting. This is due to the Lime tbe Snsurance companies ceed to evaluate and negotiate over Lhe interest rates. Therefore� ve should plan to bave the tinal resolutions on the Hay 9� 1965 �� meetir.g agenda at vt,ich ti¢e ve �ill fir,alize thE entire process. , SCZ:ab 3/0!4/t . � � `f \ ~ * CITZ' OF PRIDLB? MsMO��Da� T0: �I�.SIM M. QDRB3flI� CI?T MJ111108� P7tOM: 3ID IIiMAII, DiABCT01t Op CE�T81lL SBRi►ICBS SUBJBCT: HE1 BOiD 1tBFUYDI�G D�TB: M1�c� 19� 1985 1t tbe Marcb 18� 1985 Council lleeting, tbe City of Fridley took under adviaement tDe queationa revolving around the decisioa to refund the HRA Bonda. Tbe Council vaa told that •t tbe present, a vindov in tbe intereat ratea e=iata vhich vould allo� tor G.O. (General Obligation) Aefunding of tGe HRA Bonda. In revieving tbia vit,h boLb M111er and Schroeder, and Ehlera •nd �saociatea, Doth parties agreed t6at there ras tDe potential to do such a ref undiag vitb C.O. Bonda. Thia type of a refunding xitD G.O. Bonda could potentially aave the City of Fridley HRA from =50�000 to =80,000 la preaent day dollara. It should De pointed out tbat the asaua ption of tLe �50,000 to =80�000 aaviaga ia baaed on projected intereat rates and neitDer party oould or rould guarantee thia f igure at the time of aale� or guarantee how Iong the windox would De available. Therefore� t6e City of Fridley ras left ritt� b+o cboioes. 1. Aefinance tDe eiistirig BRA debt vitb G.O. Refunding Bonds whicb could poteatielly aave tbe HRA =50,000 to �60�000 Dut xould eontinue the G.O. reaponaibility to the City of Fridley Laxpayera. 2. Aefund uaing Revenue Bonda vbicb potentially doea not aave any IDoney or might cost a amall amount of =10�000 to =20�000� but due to tbe insurance feature it removes the General Obligatioa attac�ment to the City. After revie�ing tbese issues, tbe City Council made it very clear that it vas their inLent to remove the G.O. requir�ent even though it �ay cost more. They vere additioaally ooncerned that tbe vindox tbat aa+ ezists may not De available at the time of sale and that ve vould Dave lo�t valuaDle time uaing tbe G.O. proceaa. Therefore, tbey did pasa tbe resolution autborizing the atatf to work witb the 8RR on oontinuing tbe negotiations for the Aevenue Bonds. �t the HRA �eetiag, tbe HRA directed ua to send Hiller and ' Schroeder•a evaluatioa of Ehlera �,ssociates' iatorwation to Ehlera ' i�ssociates and alla+ them three daya to review the informatioa. Since the only in2'ormatioa Nr. Ehlera presented Mas regarding G.O. Aefinancir,g aad considerit�g Lbe Council'a opinion againat tb aL ty pe of refinancing, it appeara to ae tbat we nov bave a nute ianue. Tberefore� LDe HRA'a only decision at tbis time ia to refund uaing Aevenue Bonds or to not refund at all. Since they bave made it very clear it ia their intent to refund� I tLinY it Sa obvious that ve oontiaue on vitb Lhe refunding effort. ' � ' T0: �ASIN !!. QDRFSBI� CI?T M1V1►�iBE SIIBJECT: flR� 8011DLi�3 ' DITE : !s,►jt CH 19 � 1985 PIGE TtiiO It appeara to �e that Mr. �lera can still aerve a purpoae to the City and LDe HRA by belping ua reviev aome ofecificallymrevievrall Miller. I recobmend tLat ve aak him to ap •asociated expendtitures of tbe refunding to determine �rhethei o�r� not they are in line with induatry averages ia tbat •rer. aasuaing tDia vould coat ua leaa than a=1 , 0000 and I bigbly recoc�end the HRA doing tbia. llao, I have aaked Dick Gravea of Miller and Schroeder� •nd ��n�aiallyactionCaeeded�by Dotb t e prepare a final acbedule of a� City Council and tDe HRA tor reviev. I bave reQuested this De doae aa aoon aa Doasible. SCI : ah cc: Mr. BoD Ehlera M1r. Dick Gravea yr. Lent Ricbey 3/0/6/6 't ; . 1 a.. - � *.� CITY OF FRIDLEY HOUSING 8 REDEVELOPMENT AUTHORITY MEETING MARCH �4, 1985 CALL TO ORDER: Chairperson Commers called the March 14. 1985, Housing & Redevelopment Authority meeting to order at 7:04 p.m. ROLL CALL: Menbers Present: Larry Comners, Elmars Prieditis, Carolyn Svendsen. Walter Rasmussen - Me�bers Absent: Duane Prairie Others Present: Nasim Qureshi, HRA Director Sid Inman, City Finance Director Dave Newman, City Attornev Kent Richey, 0'Connor b Hannan Dick r,raves, Miller b Schroeder APPROVAL OF FEBRUARY 14, 1985, HOUSINr, b REOEVELOPME�dT AUTHORITY MIt�U7E5: INOTION BY 1►1R. RASMUSSEN, SECONDED BY 1YR. PRIEDITIS, TO APPROVE TNE FEB. 10, I985, XOi1SING 6 REDFVELOPMENT AUTHORITY 17INUTES AS WRITTEN. UPOh A VOICE VOTE, ALL VOTING AYF.� CHAIRPERSON COMMF.RS DECLARED TAE NOTION CARRIED UNANIMOUSLY. 1. COIJSIDERATION OF RESOLUTIO�� N0. HRA 5-1985 AUTHORIZItJG THE DEVELOP"IENT aF PLA�iS FOR IMPRO�IIE't�EWT AND CHAf�tlELI TI t� OF liE �t'U�JK HIGHNTAY 65 �UJ ET( Sg 90 RE :E : E�CE�l`I'�T.�E�E�V�E S�E I: Mr. Qureshi stated that since the aroposal for the 100 Twin Drive-in proeprty about a year ago, there was some concern that this intersection at West tloore Lake Drive/Highway b5/Old Central was already congested at certain times; and if there was going to be some substantial development on ti�is property, what additional impact would this have on the intersec- _? tion? At that time, the City Council authorized an initial preliminary =� study of the intersection and what improver�ents coulcl possibly be made to � alleviate potential future traffic problems. That study was completed, presented to the City Council, the City Council held a public hearing noti- fying the neighborhood for input, and met with the two major property owners, the owner of the 100 Twin Drive-in and Mr. Jerry Johnson�for their invut. After the public hearing and meetings. the City Council decided on a plan that the City should be working with Qnoka County and the State Highway Dept. to facilitate further development of the plans and the intersection. HOUSIt�G b REDEVELOPMENT AUTHORITY PIEETI��G, MARCH 14, 1985 PAGE 2 Mr. Qureshi stated what was being brouqht to the HRA was essentially the development plan the City Council has approved in this area in a concep- tual way. After the HRA's approval, the City will go into more detailed plans which would require them to work out plans regarding what kind of riqht of way was needed, what kind of additional mon�es are going to be needed to include the intersection, and how the contribution between Anoka County, the State, the HRA, and the City should be divided uo. Mr. Qureshi stated that at this time, he was requesting that the HRA authorize the aparoval of the plans in concept and authorize the City to enter into an agreement with the consultant to draw up the detailed plans. Mr. Commers asked how much money had already been spent on the study. Mr. Qureshi stated the study authorized by the City was �7,000, so the _ City has already oaid �7,000. The proposal before the HRA was for the HRA to pay up to 530,7�a for preparing the plans. Mr. Cocmers asked if there was any reason why the HRA could not negotiate this cost with the City. Mr. Qureshi stated there was no reason why the HRA could not, but the City - has already contributed a certain amount. Now the total impact of the development is creating this potential traffic situation; and. as the HRA knew, this was one of the reasons why the HRA created these districts. They have not used any money up to now from the increments in this area. If the HRA is going to continue to collect increments, they have to start spend- ing money. That might be some justification for the need for this kind of activity; and, if there is a need, the HRA should start spending money so they can justify activity that retains their increment capability. MOTION BY l�lS. SVEhDSEN, SECONDED BY I�t. RASMUSSEN, TD APPROVE RESOLUTION N0. HRA 5-1985, "RESOLUTIOtT AUTHORIZING THE DEVELOP.MEA'T OF PLANS FOR THE IMPROVEMENT AND CN.ANNELIZATION OF THE TRUNK NIGHWAY 65 A11VD WEST MOORF. LAY.E' DRIVE/CENTRAL AVENUE INTERSECTION~. Ms. Svendsen stated she would like to again request that the NRA receive the minutes of the City Council when the City Council has a public hzaring or discusses an issue that the HRA will be dealing with in the future. UPON A VOICE VOTE, ALL VOTING AYE� CXAZRPERSON CDI�MERS DECLARED THE MOTION _� CARRIED UNANIMOUSLY. :i • ��2. CONSIDERATIOt� OF RESOLUTIOW N0. HRA 6-�985 P?OVIDING PRELIMINARY APPROVAL . llJ��tJfiDi�fi�' AbUSIN� � R�E'VELO`- P�N� i 0 1 Y OF HE CI v F I ; I�I� ;� r � � F � Mr. Conmers stated that. in addition to the information in the agenda, the HRA members had recetved at the meeting a memo from Sid Inman to Mr. Qureshi dated March 13, 1985, which apparently related to some correspondence and discussions with gob Ehlers relative to the appropriateness of the proposal. HOUSIt�G & REDEVELOPMENT AUTHORITY MEETI�iG, MARCH 14, 1985 PAGE 3 Mr. Inman stated he would continue to recommend that the HRA pass the Resolution because (11 1t can be stopped within the next few days by the City CouncflAr Housing and Redevelopment Authority; and (2) He still thought it was the appropriate metho�ology for the Housing and P.e�eveaopment Authority. Mr. Inman stated the information was reviewed partially by Mr. Newman and himself last eveninq. Mr. Richey of 0'Connor 8 Nannan and Mr. Craves of Miller b Schroeder had worked on it that day. As stated in his cover memo, of three different proposals he has received, there was still a question of the le�ality of the method in which Mr. Ehlers is asking the City to evaluate. He had not had much opportunity to review the th9rd or major proposal he had received from Mr. Ehlers only that afternoon, but he did know there were sorie definite mathematical errors in the oro�osal. Mr. Graves stated there was certainly nothing that couldn't be sto�ped if the HRA passed the resolution. Mr. Richey stated he could only address the legal issue as he understood it; he could not address the numbers or errors in the numbers. The legal issue that was raised bv Mr. Bob Ehlers was whether or not the tax increments from Center City are locked up in the fund to pay off the bonds. It was their position that they would not be willing to agree that you can take those tax increments other than keeping them for ex�stin, bonds� wnich was perceived by the City to be a waste of increments. That opinion was con- curred by Dick Ehlers. wF�o is the son of Bob Ehlers, and was associated with Ehlers & Associates. Dick Ehlers has left the firm and now Bob Ehlers has taken over the HRA's account. Bob Ehlers has now reviewed the inatter and has come to a contrary conclus�on from his son, Dick Ehlers. Bob Ehlers views the issue as follows: The bond resolution says that tax increments, including excess increments, shall be deposited in sinking fund which pa,ys the bonds. Bob Fhlers somehow believes that that language doesn't say "tax increment", meaning all increments, but only excess increments, and that if it is excess increments, you can spend them all on something else before they become excess. Mr. Richey stated he found it difficult to follow Mr. Bob Ehlers' argument, but he did disagree with Mr. Ehlers' conclusion, He stated that was the legal issue being raised by Mr. Ehlers' memo which he had seen about an hour before this meeting. Mr. Richey stated the effect of Resolution No. HRA 6-1985 was to preliminarily :t authorize the refunding bonds. authorize staff to work with the bond counsel '` and underwriter to go forward, and to request the City to authorize staff `� as we]1. That did not mean the bonds are sold. The bonds cannot be issued without a final resolution from the HRA. At any time up until that point, legally the HRA can prevent the bonds from being sold. If the HRA went that far, however, and made no conditions on the resolution, there could be an awkward situation for the HRA in that the underwriter could offer the bonds HOUSINr, 5 REDEVELOPMENT AUTH4P.ITY MEETING MARCH 14 1985 PAGE 4 to the market as indicatior of interest so that everybody thouqht the bonds were going to be issued. but when they came back for final resolution, the HRA said they Nere not going to issue the bonds. However. what the HRA could do was put a condition on the resolution that the bonds cannot even be offered without the consent of the HRA. Mr. Newman stated he also had some real problems with what Mr. Ehlers was tryi�� to do. He stated that proceeding with the resolution would not hurt the HRA. MOTIOti B�' MR. RASMUSSEN, SECONDED BY MR. PRIEDITIS, T0.11MEND RESOLUTION NO. HRA 6-1985 TO ADD THE STATEMENT THAT THERE WILL BE ND OFFER OF BONDS UNTIL FURTHER APPROVAL BY THE HOUSING � REDEVEIAPMENT AUTHORITY. UPOb' A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED TXE INOTIQN CARRIED ?INANIMDUSLY. NOTION BY INR. RASlNUSSEN, SECONDED BY MS. SVENASEN, TD APPROVE RESOLUTIQN NO. HRA 6-1985 AS AMENDED. UPON A VOICE VOTE, ALL VOTING AYE, CXAZRPERSON COMMERS DECZARED THE !�lOTION CARRIED UNANIMOUSLY. The HRA agreed to instruct Staff that once Staff has the information from Miller & Schroeder and 0`Connor b Hannan that they give Mr. Ehlers three working days to respond. Once the resoonse is received from Mr. Ehlers. the HRA will call a special meeting. If Mr. Ehlers does not respond. the HRA will still move forward. 3. CONSIDERATION OF RESOLUTION N0. HRA 7-1985 AUTHORIZING THE IMPROVEMENT OF 5T H S�R E E��E��7c E��S T�iND��VE NU : Mr. Commers stated he did not understand one statement in Mr. Flora's memo to Mr. Qu�eshi dated March 7, 1985: "Total cost of this improvement is estimated at �145,300.00 and �27,500.00 is to be assessed to the adjoining property owners." , Mr. Qureshi stated they feel the investment originally made by the property owners, if properly protected, can be saved. The proposal is not to tear up the existing st"reet but to build on the existing road, widen it, and provide coticrete curbing. They feel this improvement will be beneficial i to the total area of the redevelopment. :� '� Ms. Svendsen asked how much na ne would be assessed :� y per property owner. - . Mr. Qureshi stated the cost per property owner was approximately �75a. Ms. S��endsen stated she questioned whether it was necessary to assess the property owners at all. HOUSIr�G b REDEVELOPMEt�T AUTHOP.!TV MEETING, MARCH 14, 1985 PAGE 5 � _; :. _� Mr. Qureshi stated they way they justify the assessment was that the property owners were getting a high level of improvement. The Citv's standard is now to provide aSphalt paving and concrete turbing. This street was improved before that standard was ado�ted so they would be bringing this street up to that standard. They were merely charging the homeowner the difference of the cost for the curbing alone. He stated the City Council has already approved this assessment. Public hearings were held, and the property owners had accepted this as a reasonable assessment. Mr. Comners stated he was not sure there should be an assessment to the property owners either. Mr. Prieditis stated he did not quite understand where the need was for this street improvement. Mr. Qureshi stated the existing road is in a sha!�e that if they do some cosmetics and surfacing, they can save the existing base and matte. The homeawners made an investment in their properties and the raad. There is a high level of use and activity on this road. It was prudent to save that investment and build on it than to go back later and have to rebuild the whole road. Mr. Commers stated that 5th Street was a state aid road. Were there any state aid funds available to help with this cost? Mr. Qureshi stated they could certainly apply for state aid funds. Mr. Commers stated he had a little bit of a problem in that all of a sudden this comes up, and there has been no input, no decisions, no information given to the HRA as to the priorities of the HRA's funds, where thev should be spent, how necessary this was, what the homeowners think, and now the City is asking the HRA to fund it. Mr. Qureshi stated they have talked all along about the improvement on Mississippi St. and 5th St, and better traffic flow. They had a traffic study done. They have gone through public input to r�ake sure the public was reasonable acceptable to bearing some cost. He did not think there was any question as to wfiether the improvement should be done. If the question was whether the HRA should pay or the City pay, that was negotiable. Mr, Co►nmers stated he was not saying thfs was not a good thing, and they shouldn't do it; but he was just a little concerned about the manner in which this has come up. He stated they discussed Mississippi St. and 5th St, in front of the Center City development, and the HRA stands ready to do what they have to there, but they have never discussed anything about 5th St. farther down a couple of blocks. Now all of a sudden, the NRA is being asked to pay the bill, Ms. Svendsen stated she really had some trouble assessing the property owners for this street improvement. A lot of people are not too appre- ciative of the plaza and now they are deinq told their street is �art of the whole area and they have to pay 527,500. HOUSING b REDEVELOPMENT AUTHOP,ITY MEETING, MARCN 14 1985 PAGE 6 Mr. Rasmussen stated maybe they could get some other kind of help to pay the $27,500, rather than having the taxpayers pay that assessment. He felt they should take the burden off the taxpayers. Mr. Qureshi stated he did not have a problem with having State Aid pick up that share of the cost. hOTIDN BY 1�2. RASMUSSEN, SEC�NDED BY M5. SVENDSEN, 1b APPRO�B RESOLUTIDN N0. ATc.�, 7-1985 WITH THE AMENDMENT TNAT TXE XRA i►'ILL PAY 5195�300 OF TAE STH STREET IMPROVEMENT COST, CQtiTINGENT UPON THE PLAh THAT STATE AiD PAY S?7�500 50 THERE WILL BE NO ASSESSMENT TO TAE PROPERTY Oh►NERS. UPON A VOICi VOTE, ALL VOTING 11YE, CHAIRPERSON COMMERS DECLARED TXE MOTION CARRIED UNANIMOUSLY. 4. APPROVAL OF AUDITOR FOR YEAR ENDING DECEMBER 31. 1984: It was the concensus of the HRA to approve the auditor� George M. Hansen Co., P.A., for the year ending December 31, 1984. 5. ESTIMATE - RENOLLET TRUCKING FOR THE DEMOLITION OF STRUCTURE AT S MO^'IDA' BY !�lR. RASMUSSEN, SECOA'DED BY IYR. PRIEDITIS, TO APPROVE TXE PAYMENT TO RENOLLET TRUCKING IN THE AMOUIvT OF 54,104 FOR TNE DEMOLITION OF STRUCTURE AS MISSISSIPPI ST. J4Ib'D U1ti31�ERSITY AVE. IIPON A VOICE VOTE, ALL VOTiNG AYE, CHAIRPERSON COMMERS DECLARED TNE MOTIDN CARRIED UNANINOUSLY. 6. CHECK REGISTER: MOTIO�'� BY MR. RAS.MUSSEN, SECONDED BY MS. SVENDSEN, T10 APPROVE THF, CHECK REGISTEP. DATED MARCH 8, 1985, AS PRESEIJTED. UPOb' A VOICE VOTE, ALL VOTING AYE, CHAIRPERSQN COMMERS DECLARED THF. MOTIDN CARRIED UNANINOUSLY. ' ADJOURt�1ENT• MOTIDN BY J�t. PRIEDITIS, SECONDED BY AlS. SVENDSEN, T1� ADJOURN TNE MEETING. �UPO:'� A VOICE VOTE, ALL VOTING AYE, CXASRPERSON COMMERS DECLARED THE MAR. 14, 1985, : HDUSING 6 REDEVELOPMENT AUTHORITY MEETING ADJOURNED AT 9:00 P.M. �� . Res�pectfully submitted, �C- �"X xQ L"ynrte Sa a Recording Secretary � � ~ ^ r CitY of Frid3ey, Minnesota �4.06@, @00 Tax Increment Revenue Refur�c+inc Ponds c�f i985 Sc+urces: 1985 Ref ur�d i r�c �evenue P�+nds Less: P�nd Disc�unt (3X> Ac�: Accrued interest t�� 5/s�/85 Total Saurces ��ses : DeFeasar�ce escr,ow securi}ies Pecinnino cash �r�a �ect costs Est irnatec iss�.+ance ex��r.ses �st imated insurar�ce exoer�ses (. 9Z►%) Accr�.�ec interest ta ��n� f��r�d Bal ar�ce avai la�le ti� City Total Uses 4. 060, �02. �Q f :�1, 8+c�?. i�2) c6. ?�63. 82 3. 964, 563. 62 3. 3+Z�c'. .��Z+O. �Q 185. �� 0. Z►�tr. s2 �a. az��. sa 5�. 94�. Q!0 �5. 3c�. 8� _. 7�8. 61 3. 964. Sb3. 8� 0 G f � CITY OF FRiDLEY. MINNESOTA f4� 060. QQ+O Tax I r,crement Revenue Ref und i nc Ponds Estimated Issuance Exoer,se Detail Pc�nd Counsel Ur�der�writer's Counsel Escr�w Aeer�t Fees Trustee Fees Accountant's Verification Off icial Statement Pr-ir�t ino bond Printino Miscellaneo�s costs Tc�tal ��►. �t�0 15, �@0 1 Q. 0�0 3, ��0 4, a+�ra 6, @�+Q 2. ��1� 9. 60Q 70. @0Q � * * These cc+sts are assumed be be directly related to the advar�ce refur�din� � .. Issue Date: Set � 1 ernent Dat e s First Couaon: .r.ITY OF r�ID! c'Y. MINNESOTA Tax Increment Revenue Refundir�n bonds cf 1965 Debt Service Schedule 5/�i/65 5/3@/85 8/0!/BS Date Princi�al C�u�on Interest DeSt Service ____ _________ ______ ________ ____-_______ 2/01/66 le@s d��0. Q+0 5. S�Q 245. 456. 25 4c5. 456. 25 2/al /67 19Q. �+�0. ��+ 6. 0�0 317, 375. Q0 5Q7, 375. 0� 2/01 /BA 2�a. 0�2. aa 6. 5�d0 305. 97�. QQ 5�5. 975. 00 2/01 /B9 215. 0�0. 0a 7. Q00 29�. 975. 00 5��. 975. 0Q 2/01/90 ��5. �+OQ+. 00 7. 250 �78. �75. Q0 503. 275. 0@ 2/al /91 �45. ��►�+. �0 7. 50� 251. 962. 50 �06. 96�. 5Q 2/01/92 26�. QO�+. 0Q 7. 75� �43. 587. SQ 5+�3. 567. SQ 2/Q�1/93 c8�+. ��►. �a 8. �Z'�0 2.?3, 4�7.5� 5�3, 437. SQ 2/01/94 �z5. �Z��. �+� 8. 2�@ �01. 0's7.5Q 5�6, r37. 50 2/01 /95 33�. 0�0. �� B. ��0 175. 87�. 00 J�J� 675. 0�► 2/01 /96 .�6�, �Z+QO. �Q� 8. 750 147. 8c5. Q�0 5�7, 8�5. 00 �/01 /97 39s, �Z��. Z+S 9. �� S 1 ib. 's��. Q� 505, 3�5. �►� 2/01/98 4�5, �Z+Q+..'�@ 9. 10@ 61, 2�5. 00 Ss6� i25. Q►0 2/01 /99 460. O�Z�. �Z►0 9. 25iD 4c. 5.`.►0.1Z�Q� .`.+��. .`�5�• QQ __________________________________________________________________ TOTALS 4. Q6�. �►�+�. �►0 2. �33, A8l. 25 6. 9�3, 881. 25 Accrued Inte��est to Total P�nd Years = 6rass Interest Cost Averaae Cc+uoon NIC = Averaoe Life = Discaur�t C� 97.00a 5/sQ/85 = �6.363.82 34�3s. = f 2, 933. 661. 25 8• JJEX B. �11% 8.45 Years 121, 8�@. 0Q Files fridref.dbt �r•e�ared by MI�LE� 6 SCi�RO�AE� MUNiCPA�S: 4/20/95 0 . Descriotion Defeasance escrow securities Direct c�sts of refundino Pro �ect costs Underwr�ter• s discount t3%> Issuance exoenses Insurance exoenses Balance Balance Totals CITY OF FRID�EY, MIN?V�SOTA ' i4.060, t�QO Tax Increment Revenue Refundino 8c►nds Allocation of R�nd Proceeds Refundino lvew Money . Portion Portion Total 3, 30�. 486. 39 . 00 3. 3Q�. 4B6. 39 14. QOQ. Q0 . 00 14, 0012�. 00 . 00 5Q0. 0�►0. 0Q SQQ+. Q�Q. Q0 105, 642. 91 15. 957. 09 121, 800. Q0 4B, 66s. 41 7. 336. 59 56. @00. 00 54. 698. 54 8. 246. 46 62� 945. 0@ 2, 4Q5. 89 362. 72 2� 768. 61 1. 9Q�2. 66 t 1, 9�c. 86) • 0Q ------------- ------------- ------------- 3, S�@, Q+�O. Q0 5�0. 0s0. 00 4. �5�+, Q+Ot�. QQ Preoared by MILLER � SCHROEDER MUNICIPALS: 4/; 0/8� I55U@ Date: Settlement Date: F�rst Couoon: CITY aF FRIDLcY, MItiNE50TA Tax Increment Revenue Refundinc Bonds of 1965 Ref unding Portion Only . Debt Service Schedule 5/01/BS S�JQ�85 8/01/85 Interest Debt Service Date Princioal Cou��n ________ ____________ ____ ------___ _____= 213. 390. Q@ 368. 3�Q. QQ 2/01/86 155. 00@. 00 5. 500 275.995. �Q 4.4�, 995. Q� 2/01 /87 165, 000. 0� 6. QQQ 266, @95. �Q 441, �95. Q0 2/Q1 /BB 175, �00. 0Q 6. 500 254, 7�@. Q�@ 4�9, 7c^�. 00 2101/B9 1g5, @�a. 00 7• QQ� 241, 771�. @0 441, 77�. 0@ 2/Q1/9Q 2@�, 0Q0. �0 7. 250 227, 270. @0 437.:?7@. QQ 2/01 /91 21Q. QQO. @@ 7. 5Q@ 211.520. 00 436, 52Q. Q0 2/01/92 2�5. 0Q0. �Q 7. 750 194.082. 50 439. �82. 50 �/01 /93 245. QQe. Q0 8. �00 439, 482. 5@ 2/01/94 265, QQQ. Q0 8. 250 174, 482. �0 152, 62Q. 0Q 437. 62�. 0� 2/01 /95 �85. ��Q. �� 9. 500 1`g, 395. @0 438. 395. 00 2/01/96 310. 0�+0. 0a 6. 750 101, 27�. 00 441, 27@. 00 2/01 /97 34Q. Q�O. @0 9. �@0 7Q,, 670. �@ 44Q. 67Q. 00 2/01/9B 370. QO�. Q0 9. 1�0 37� @QQ. @0 437, �QO. 00 2/@1/99 40@,�a0.0a 9.250_________________________________ --____________________________________2 549,Z80 00 6,�79.�8Q.00 TOTALS ` 3, 5sQ+. 000. 00 � ' Accrued Interest to Total Pc�nd Years = Gross Interest Cost Averaoe Couoon NIC = Averaoe Life = Discount C+ 97.Q00 5/�Q/85 = 22,919.67 2�798. _ � 2, �49, �80. @Q 8. 555% 8. �11% 8.44 Years 105, 90Q• 00 File: fridrefr.dbt` Pi,eaared by MI1-LER � SCHROEDER MUNICPALSs 4/�@/85 � � . COMPARISON OF D=FT SERVICE RECUIR�McNTS ON OUTSTANDIhG DEBT WITH REFUNDING BONDS DATE OUTSTANDING REFUNDING � SAVINGS DEBT BOIVDS 8/Q1/85 144, 986.25 48� 210. 33 96, 675. 92 - 8/01 /96 371, 646. 75 435, 257. 50 �63, 606. 75) � 8/01 /87 370, 175. 00 436, Q45. 00 (65, 67Q. 00) 6/01 /88 397� 022. 50 435, 4Q7. 5� (39� 385. @0) 8/01 / 89 401. 777. 50 433. 245. 00 � 31. 467. 50 ) 8/ 01 / 90 424 � 328. 75 434, 52Q►. 00 t 10 � 191. 25 ) 6/�►1 /� 1 414. 927. SQ 429, 395. 00 � 14. 467. 50 ) 8/@1 /92 404. 770. Q0 427, 621. 25 t23, �31. �5) 8/01 /93 441, 755. 00 429, c^82. SQ� 12, 472. 5@ 8/�1/94 459.205.00 426.551.25 3�,653.75 8/�+1 I95 439� 083. 75 425� 5@7. �0 13, 576. 25 6/01 /96 465. 6��. 00 424, 632. 50 40, A62. 50 8/ a 1! 97 453. 307. 50 42�. 97a. @0 27, 337. 50 8/01 /98 45�, 790. 00 423. 83�. 0@ 28, 955. 00 8101 t 99 4�9, 547. 50 418, S�Q�. 00 11, Q47. 50 ----------------------------------------------- 6. @70. 9�0. �2 6, 056� 360. 33 14, �59. 67 Savings Include Accrued Interest 22,919.67 Pre�ared by MILLE� d SCH�OEDER MUNICIPALS: 4/20/85 DATE 8/01I6� 2/01/86 8/Q1/86 �l01/87 e�0i�e7 2/01/88 6/01/88 2/01/89 8/ai/89 2/Q+i /90 8/01/90 c/Q1/91 8/01/91 2/Q+1 /92 8/01/92 2/01/93 8/Q1/93 2/01/94 8/0�/94 2/01/95 8/01/95 2l01196 8/A1/96 2/01/97 8/01/97 2/0i/98 8/Q1/98 2/�+1 /99 COMPUTATION OF PRESENT VALUE OF SAVINGS IN TOTAL DEHT SERVICE REQUIREMENTS OUTSTANDING D'eBT 144� 886. 25 229, 8A6. 25 141, 762. 50 231,762.5Q 138, 412. 50 263, 412. 50 133, 6 2 0. Q0 273, 610. 00 1 �B� 167. 50 303. 167. 50 121, 161.25 301, 161. 25 113, 766. 25 298. 766. 2S 1 Q6, 003. 75 346,003.75 95, 751. 25 375, 751. 25 83, 453. 75 36A, 453. 75 70, 630. Q►0 410,630.00 55. 065. 00 415, 06�. 00 38. 242. 50 433, 24�. 50 19. 547. 50 429. 547. 50 REFUNDING BONDS 48, 210. 33 297, 260. 00 137, 997. 50 3�+�, 997. 50 133� 047. 5� 30B, 047. 50 1 �7. 360. 00 312, 360. QC 120, 865. @0 3�0, 685. Qa 113, 535. 00 323. 635. 00 105. 76Q. 00 33Q+, 76Q. 00 97,041.25 342, 041. 25 67. 241. 25 352, 241. 25 76, 310. Q0 361, 310. 00 64,197.50 374,197.50 50. 635. 00 3'30, b35. 00 35, 335. Q0 405. 33�. 00 i e, s�rs. a0 418. 50Z�. 00 SAVINGS 96. 675. 92 (67, 373. 75) 3, 765. QQ� t71.235. �0) 5, 365. @0 t4k, 635. 0Q) 6, 25Q�. �0 (38, 750. 00> 7. 282. 50 (17,717.50) 7, 526. 25 (�2, 473. 75) 8, 006. 25 t31,993.75) 8, 962. 5@ 3, �62. 50 8, 510. Q+0 23. 510. QQ 7,�43.75 7. 143. 75 6, 432. 50 36,432.50 4� 430. 00 24, 430. 00 2, 907. �0 27, �07. 50 1, 047. 50 11, 047. 50 PV FACTOR 0.984158982 Q.938862718 0.895651232 0.854428569 0.815103193 0.777587782 0.74179�031 .0. 707657470 0. 675�+87286 0.644Q16156 0.61437�Q86 0. 566098256 0. 559122878 0. 533369Q+51 0. 5�+8833632 Q.48�420109 0.463076479 Q,441765128 0.42143�733 Q.4Q��36143 0. 363532268 0.36�880�80 0.349�40320 0.332975617 0. 317650��7 0. 3�►��+3Q�330 0,289r83253 0.275778094 PV SAVINGS l! 9.64�16X 95, 144. 47 �63, 254. 69: 3, 372. 13 t60, 66�. 21) 4, 373. 03 t34, 7�7. 6�) 4� 636. 24 �27,421.72) 4, 916. 32 (11,41@.35) 4, 623. 94 �13,171.821 4, 476. 48 t 17. Q65. 11) 4� SbO. 4B 1. 9z3. 49 3. 94@. 90 10, 3A5. 90 3, �+:0. 61 2. B72. 05 2, 467. 07 13,329.93 1, 546. 25 8. 134. 5� 9�3. 57 8. 456. 82 302. 81 3, 046. 66 ------------------------------------------------------------------ 6� 070. 920. Q0 6, Q56. 360. 33 14� �59. 67 Valuation Date: 5/30/85 oreoared by MILLER � SCHROEDER MUNICIPAL�: 4/20/65 ( 41, 452. B'3 ) ` , r KER/fzidley Fridley Refunding O'Connor i Hannan Draft RESOLUTION OF THE HOU5ZNG REDEVELOPMENT AUTHORITY � i� FO�THE - CITY OF FRIDLEY Approvinq sale and providing form, terms, pledge of tax inczements and findings. covenants and directions re ating to Tax Zncrement Revenue Bonds of f the Housinq and Redevelopment Authority � the City of Fridley; and authorizing execution and delivery of a Bond Purchase Agreement, Escrow Agreement and Amendments to Cooperation Agreement � RESOLVED BY THE BOARD OF CO .ISSIONr."FtS OF THE HODSING AND REDEVELOPMENT AUTHORITY ,�Q� THE CITY OF FRIDLEY: SECTZON 1. AUTHORIZATION, FINDZNGS AND DEFINZTIONS 1.01. The Districts. By resolutions duly adopted, the City of Fri ley, Minnesota (the "City" at the request of the Housing and Redevelopment Authority ' the City of Fridley (the "Authority") has puzsuant to Minnesota Statutes 462.422 through 462.716 and 273.71 through 273.86 created zedevelopment projects known as the Redevelopment Project No. 1, Moore Lake Redevelopment Project and North Area Project, all of which have the same coterminous area and are collectively referred to as the "Project". Within the Pzoject are five (5) tax inczement districts (the "Dis- tricts"). Schedules of the real property comprising the Districts from which Tax Increment, as defined in Section 1.03 hereof, is or may be cerived are on file and of record in the office of the Anoka County Auditor. 1.02. Ou standing Sonds. To finance public redevelop- ment costs o edeveiopment Project No. 1 the City has here- tofore issue its general obligation bonds (the "Outstanding Bonds") described as follows: Description of Outstanding Bonds $2,200,000 General Obligation Tax Zncrement Re- develoDment 3o�cs o_` 1981, datec as of February l, 1981, $2,075,000 outstancir.g ("�981 Bonds"). 1 S625,000 General Obligation Tax Increment Aedevel- opment Honds of 1982, dated as of Auqust 1, 1982, $620,000 outstanding ("1982 Bonds"). $600,000 General Obligation Tax Zncrement Redevel- opment Bonds of 1982, Series II, dated as of Novem- bez 1, 1982, $595,000 outstanding ("1982 Bonds, Series II"). � 1.03. Additional Public Redevelo ment Costs. Tbe Authority has determine that it is esirable to undertake additional redevelopment in the Pzoject and has incurred or, based on reasonable estimates, expects to incur Public Rede- velopment Costs, within the meaninq of Minnesota Statutes, Chapter 462 for the following purposes in the following amounts, all which are to be financed by proceeds of the Bonds: Pur se Total Amount 1.04. Tax Increment. At the time of czeation of each District, the City requested the Anoka County Auditor to certify the assessed value of all taxable property in each District as of the preceding January 2, which assessed value as adjusted in accordance with law applicable to tax incre- ment computation is hereinafter referred to as the "Original Assessed Value". The assessed value of all taxable property in each District as determined for each yeaz, after exclu- sion of any f�scal disparity commercial-industrial assessed valuation increase required under Minnesota Statutes, Sec- tion 273.76. Subd. 3(b), is hereinafter referred to as the "Captured Assessed Value". The ad valorem taxes derived from such property by applying to the Captured Assessed Value the aggregate mill zate levied by all governmental entities having authority to levy taxes on such property are hereinafter referred to as the "Tax Increment". IInder ap- plicable law and subject to the limitations thezeof, the Anoka County Auditor is required to pay to the Authority the Tax Increment for each District in each year. 1.05. Cooperation Ag:eement. The Au�hority and the City aze parties to a ce:tain Ag�eement of Coop ation da�ed September 13, 2979 whezeby the Tax Incre�^.ent o ��` �^ D�s- tric�s is authorized to be pledged to the payment of Out- standing Boads. There has been presented to the Boazd of Comr,t:ssioners of the Authc: ity a form of A*nended ar.d Re- - 2 - � stated Agreement of Cooperation which will amend and restate the original Agreement of Cooperation in ordez that the Tax Inczement of each such District will be pledged to the pay- ment of the Bonds hereinaftez described to the extent re- quired hereby, subject to the pzior existing pledges to the Outstanding Bonds to be paid from the esczow established under Section 4.01 bereof, but not subject to any pledge to additional obligations issued for such Districts. 1.06. Authorization. Dnder Minnesota Statutes, Section 273.71 through 273.86, and in particular Section 273.77(c), the Authority is authorized to issue and sell revenue bonds to pay public redevelopment costs under Minnesota Statutes Chapter 462 and to refund the principal of and interest on the Outstanding Bonds. IInder Minnesota Statutes Section 475.67, general obligations of the City may be refunded in advance of their r�demption or maturity for the purpose of relieving the City� �f restrictions on the application of tax increments or for other purposes authorized by law. It is hereby found and determined that the application of Tax Increment is zestricted by the Outstandinq Bonds and that it is in the best interests of the City and the Authority to effectively release the City and the Authority from such restrictions through the issuance of the Bonds and execution of the Escrow Agzeement hereinafter desczibed. SECTION 2. TERMS AND FORM OF THE BONDS. 2.01. Award. The Board of Cominissioner of the Author- ity hereby determines that the offer of Miller & Schroeder Municipals, Inc. (the "IInderwriter") to purchase the Bonds at a price of $ plus accrued interest is a reason- able offer and shall be and hereby is accepted. The form of Bond Purchase Agreement propased to be entered into between the �nderwritez and the Authority is hereby approved and shall be executed by the Chairman and secretary in substant- ially the form on file, with such changes therein not incon- sistent with law as the officers executing the same may approve, which approval shall be conclusively evidenced by the execution thereof. 2.02. Bond Terms � n$ r� of Housing and Redevelopment Authority ..f2•. the City of Fridley Tax Increment Revenue Bonds of 198� dated , 1985 (the "Bonds"), shall be issued in denom�nations o` 55,000 or any integral multiple thereof not exceeding the principal amount maturing in any year, sha?1 be numbered from R-1 upwards in order of issuance ox such other ozder as the Bond Registrar hereinafter described may determine. The 3onds shail bear interest at t�e zates pe: annum according to yea:s of sr.atur- ity, payable on August 1, ? 985 and se:rianr.uaZly the:ea".er on February i and Augus � 1 of eaci: yea: aad s::a' : r�a �::: e or February 1 of each year in �:ze yea=s aac amcuats as fol?ows: - 3 - Interest Interest Year Amount Rate Year Amount Rate All Bonds maturing on or after February l, , shall be subject to redemption and prior payment in whole or in part in inverse order of maturity and by lot within a maturity at the option of the Authority on February 1, 19 , and any interest payment date thezeafter at paz and accrued interest in accordance with Chapter 475, Minnesota Statutes. All Bonds due on February l, shall be redeemed in part by lot on Februazy 1, an3—on each February 1 thereafter to and including February 1, at par plus accrued interest in the principal amounts on each such mandatory redemption date as follows: Mandatory Redemption Date February l, February l, February 1, February l, Principal Amount S S $ S Notice of any such redemption shall be given in accordance with Chapter 475, Minnesota Statutes. In the event of re- demption by lot of Bonds of like znaturity, the Bond Regis- trar shall assiqn to each Bond of such maturity then out- standing a distinctive number for each 55,000 of the princi- pal amount of such Bonds and shall select by lot in the manner it determines the ordez of numbers, at $5,000 for each number, for all outstanding Bonds of like maturity. The order of selection of Bonds to be zedeemed shall be the Bonds to which weze assigned numbers so selected, but only so much of the principal amount of each Bond of a denomina- tion of more than $5,000 shall be rec3eemed as shall equal 55,000 for each number assigned to it and so selected. IIpon partial redemption of any Bond, the same shall be surren- dered in exchange for one or more new Bonds in authorized form for the unredeemed portion of principal. 2.03. Registzar and Paying Aoent. The Bonds shall be payable as to principal upon presentation at the main office of , in Minneapolis, �:innesota, as Bond Registraz ana Paying Agent, or at the o:fices of such other successor agents as the Authority may herea�ter designate upon 60 days �r�ailed notice to the reg- is�e:ed owners at their regis�ered addresses. Inte:est shall be paid by check oz dra�t mai:ed to �ze rec�s�erec owaezs at their acc:esses shown or, the rea'_strat'_o� booiss. - 4 - 2.04. Bond Form. The Bonds shall be in substantially the following �orm, which iaay be printed on the face or on the back or paztially on the face or back, with the neces- sary variations as to number, CUSIP Number, denomination, rate of interest and date of maturity, the blanks therein to be properly filled in, to-wit: - 5 - (Form of Bond� IINITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA H SING AND REDEVELOPMENT AUTHORITY FOR THE CITY OF FRIDLEY No. R- S TAX INCREMENT REVENUE BOND OF 1985 Rate Maturity Date of Original Issue CDSIP 1, 1985 The Housing and Redevelopment Authority�in and ,fo, z th+ � City of Fridley Ithe "Authozitv"1 L in the Citv of Fridlev .Ithe "Citv"). in the County of Anoka and State of Minnesota, for value received, hereby certifies�that it is indebted and hereby promises to pay, but solely fzom amounts on deposit in its Tax Zncrement Revenue Bonds Debt Service Account described below, to or registere assiqns, the principa swa o Dollars ($ � on the maturity ate speci ie above, upon the presentation and surrender hereof, and to pay solely from such source to the registered owner hereof interest on such principal sum at the interest rate specified above from 1, 1985, or the most recent interest payment date to which interest has been paid or duly provided for as specified below, on February 1 and August 1 of each year, commencing August 1, 1985, until said principal sum is paid. Principal and the redemption price is payable in lawful money of the IInited States of America at the office of , in Minneapolis, Minnesota, or at the offices of such successor agents as the Authority may designate upon 60 days notice to the registered ownezs at their registered addzesses �b„e :'Aon� Re�istrar"�_ Intezest shall be paid on each February 1 and August 1 interest payment date by check or draft mailed to the person in whose name this Bond is zegistered at the close of business on the preceding January 15 and July 15 (whether or not a business day) at the registered ownez's add:ess set fozth on the registration books main- tained by the Bond Registrar. Any such inte:est not punctually pa�d or provided for will cease to be payable to the person in whose name this Bor.d is :egiste:ed on such recu�ar record da�es and such de�aul�ed i::teres� may be pa'_� to the person in whose r.a:ne �i:is �cnd s:�a�� be reg:s�ered a� Z� the close of business on a special record date for the pay- ment of such defaulted interest established by the Bond Registrar. has issued its Insurance Policy No. with respect to the payments due for principal o an inter- est on this Bond to the Paying Aqent. Additional provisions of this Bond are contained on the revezse side hereof and such provisions shall for all pur- poses have the same effect as if set forth here. The Bonds of this series maturing on or after February 1. , are subject to zedemption at the option of the Autho-iity, in whole or in part in inverse order of maturity and by lot within a maturity, on February 1, and any interest payment date thereaftez at par and acczued inter- est. The Bonds of this sezies maturing on February 1, shall be redeemed in pazt by lot on February 1, an�on each Febzuary 1 thereafter to and including February l, at par plus accrued interest in the principal amounts on each such mandatory redemption date as follows: Mandatory Redemption Date February 1, February l, February 1. February 1, Principal Amount S S S S Thirty days' pzior notice of prior redemption will be given by mail to the Paying Agent and to the registered owners. and published notice or prior zedemption will be given in the manner provided by Chapter 475, Minnesota Statutes. This Bond is one of a series of special obligation Bonds in the aggregate principal amount of Dollars ($ ), all of like date and tenor except for nutnber, interest rate, denomina�ion, date of maturity and redemption privilege, and is issued pursuant to and in accordance with Minnesota Statutes Sec- tions 273.77 and 475.67, for the purpose of providing funds to (1) pay certain public redevelopment costs to be incurred in redeveiopment projects c:eated under Minnesota Statutes Sections 273.71 through 273.86 and 462.411 through 462.716, and (2) zefund in advance of maturity ceztain of the C�ty's ou�stand:ng geaeral oblioation bonCS heretofore issued foz the purpose of financing the pubiic redevelopment costs of a zecevelopmer.t p:oject, :elieving ti:e City and the Au��ority - 7 - of certain restrictions on the application of tax incre- ments; all as set forth and described in Resolution No. of the Board of Commissioners of the Authority rel� a g to the issuance of the Bonds of this series adopted , 1985 (the "Bond Resolution"). � This Bond has been issued by the Authority/l in aid/1p�.,� �ro�ects under Minnesota Statutes Sections 273.71 through 273.78. This Bond shall not be payable from nor charged upon any funds other than the revenues and property pledged to the payment hereof, nor shall either or both of the Authority or the City be subject to any liability hereon or have the power� to obligate itself oz themselves to pay or pay this Bond from funds other than the revenues and properties pledged and no holder or holders of the Bonds of this series shall ever have the right to compel any exercise of any taxing power of the Authority, the City or any other public body, other than as is permitted or requized by law - and pledged therefor hereunder, to pay the pr�incipal of or intezest on the Bonds of this series, nor to enforce payment thereof against any property of the Authority, City or any other public body other than that expressly pledged for the payment of the Bonds of this series. The Bonds of this series are payable solely from amounts on deposit in the Tax Zncrement Revenue Bonds Debt Service Account created by the Bond Resolution, into which the Authority is required to deposit ceztain tax increments with respect to the taxable real property within the boundaries of certain Districts described in th Bond Aesolution to be received by the Authority. Refer ce is hereby made to Minnesota Statutes, Sections 273.7 throu h 273.78 and to the Bond Resolution and ceztain Amended Redevelopment Plans of the Authority for a description of the Districts, the tax increments from the Districts pledged to the Bonds, the zeserve required to be maintained in the Debt Service Ac- count, the conditions undez which the tax increments derived from all or portions of certain Districts may be released from the pledge of the Bond Resolution, the conditions under which additional bonds may be issued on a parity with the pledge of tax increments from particular Districts t� the Bonds of this series, ceztain rights of [INSIIRANCE COMPANYj and covenants of the Authority as tc the application of the proceeds of the Bonds of this series and the moneys pledged to the payment of the Bonds and interest thereon. This 3ond is trans°erable, as provided in the Bond Reso- lution, only upon books of the Authority kept at tY:e of:ice of the 3ond Registrar by the registered owner hereo� in �e:son o: bv the reciste:ed ownez's dulv authorized attor- ney, upon suzrender of this 3ond for :ra::s�er at the c�fice - 8 - of the Bond RegistTar, duly tndozsed by, or accompanied by a written instrument of transfer in form satisfactory to the Bond Registrar duly executed by the registered owner hereof or the registered ownez's duly authorized attorney, and. upon payment of any tax, fee or othez governmental chazge required to be paid with zespect to such tra�sfer, one or more fully registered Bonds of the series of the same prin- cipal amount and interest rate will be issued to the desig- hated transferee or transferees. The Bonds of this series are issuable only as fully registered bonds without coupons in denominations of 55,000 or any integral multiple thereof not exceeding the principal amount maturing in any one year. As provided in the Bond Resolution and subject to certain limitations therein set forth, the Bonds of this series are exchangeable for a like aggregate principal amount of Bonds of this series of dif- ferent authorized denominations, as requested by the regis- tered owner oz the zegistered owner's duly authorized attor- ney, upon surrender thereof to the Bond Registrar. It is Hereby Certified, Recited and Declared that the Districts have been duly czeated as required by law and the �tax increments therefrom are duly �ledaed to the vavment Qf nrinci�al f�premium, if anv, and interest on the Bonc�s to the extent and in the manner orovided in the Bond Resolu- t�ion;-�that the proceeds of the Bonds of this series, othez than the portion thezeof appropriated for issuahce expenses or depo,sited in the Debt Service Account ,�nd a vo=tion de�osited in a Proiect Account �ursuant to the Bond Res�1u- tion for vavment of �ublic redevelopm�nt cDSt�i have been deposited gursuant to an esczow agzeement in an irrevocable escrow account maintained with a qualified bank; that the proceeds deposited in the escrow account have been held as cash or invested in obligations of the IInited States of America or agencies thereof sufficient for, and irrevocably appropriated to, the payment when due of the principal of and interest on the obligations being refunded by the Bonds of this series; that all acts, conditions and th�ngs required to exist, happen and be performed precedent to and � in the issuance of this Bond do exist, have happened and have been performed in regular and due time, form and manner as required by law; and that this Bond, and the series of which it is a part, is within every applicab2e debt and other limit prescribed by the Constituti�n and laws of the State of Minnesota. This Bond shall not be valid or become obligatory for any purpose until the Authentication Certificate he:eon shall have beea s_gned by t�e 3ond Reg�s�raz. - 9 - In Witness Whereof, the said Authority, acting by and through its Board of Commissioners, has caused this Bond to be executed with the facsimile signatuze of its Chairman, and attested with the facsimile signature of the Seczetary, and a facsimile of the corporate seal of Authority to be imprinted hereon, all as of the Date of Original Issue specified above. Dated: (Facsimile) Seczetary (SEAL) HOUSING/� AND REDEVELOPMENT AD- THORIT�``N ND FOA THE CITY OF FRIDLEY By (Facsimile) Chaizman - 10 - 0 Bond Registrar's Authentication Certificate This is cne of the Bonds described in the within men- tioned Bond Resolution. Bon Reqistrar By Authorize Signature ASSIGNMENT FOR VALIIE RECEIVED, the undersigned hereby sells, as- signs and tzansfers unto (Please Print or Typewzite Name an A ress o Trans eree� the within Bond and all rights thereunder, and hereby ir- � revocably constitutes and appoints attorney to transfer the within Bond on the books kept for registra- tion thereof, with full power of substitution in the prem- ises. � Dated: Please Insert Social Security Nus.ber or Other Identifying Number of Assignee Signature Guaranteed: Notice: The signature to this assignment must correspond with the name as it appears on the face of this Bond in every par- ticular, without alteration or any chaage wr.atever. Sianatures must be guaranteed by a r.ational bank or trust cor�:gaay or by a brokerage firm which is a me^:�er c: a majcz stock exchange. - 11 - (Form of Ceztificate) CERTIFICATE AS TO LEGAL OPINION The unders' ned, Secretary of the Housing and Redevelop- ment Authority ' _,�QZ the City of Fridley, Minnesota, hereby certifies that except for the date line, the above is a full, true and compared copy of the legal opinion of O'Connor i Hannan, of Minneapolis, Minnesota, which was delivered to me upon delivery of the Bonds and is now on file in my office. (Facsimile) Housing n Ae evelopment Au- thority n and ��, the City of Fridley, Minnesota - 2.05. Registration. As long as any of the Bonds issued hereunder shall remain outstandinq, the Authority shall maintain and keep at the offices of the Bond Registrar an office or agency for the payment of the principal of and interest on such Bonds, as in this Resolution provided, and for the registration and transfer of such Bonds, and shall also keep at said office of the Bond Registraz books for such registration and transfer. Opon surrender foz transfer of any Bond at the office of a Bond Registrar with a written instrument of transfez satisfactory to the Bond Registrar, duly executed by the registered owner or the registere.d owner's duly authorized attorney, and upon payment of any tax, fee or other governmental charge required to be paid with respect to such transfer, the Authority shall execute and the Bond Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more fully zegistered Bonds of the same series, of any au- thorized denominations and of a like aggregate principal amount, interest rate and maturity. Any Bonds, upon surren- der thezeof at the office of a Registrar may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same maturity and interest rate of any authorized denominations. In all cases in which the privilege of exchanging Bonds or transferring fully reoiste:ed Honds is exercised, the Authozity shall execute and the Bond Registrar shall deliver Bonds in accordance with the provisions of this Resolution. For every such exchange or transfer of Bonds, whether temporary or definitive, the Authority or the Bond Registrar may rr,ake a cha:ge suf�icient to reimburse it foz any tax, fee or ct'�er governmental chazge requized to be paid with zes�ec� t� svch excaange or �ra�sfer, whic� su.:, oz sums s::a�l be - 12 - C paid by the person requestinq such exchange or tzansfer as a condition precedent to the exercise of the privileqe of making such exchanqe or transfer. Notvithstandinq any other provision of this Resolution, the cost of preparing each new Bond upon each exchange or transfer, and any other expenses of the Authority or the Bond Registrar incurred in connec- tion therewith (except any applicable tax, fee or other qovernmental charge) shall be paid by the Authority. The Authority shall not be obligated to make any such exchange or transfer of Bonds during the fifteen (15) days next pre- ceding the date of the first publication or the mailing (if there is no publication) of notice of redemption in the case of a proposed redemption of Bonds. The Authority and the Bond Reqistrar shall not be required to aiake any transfer or exchange of any Bonds called for redemption. 2.06. Record Dates. Interest on any Hond which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the pezson in whose name that Bond (or one or more Bonds for which such bond was exchanged) is registered at the close of business on the preceding January 15 or July 15, as the case may be. Any interest on any Bond which is payable, but is not punctually paid or duly provided for, on any interest payment date shall forthwith cease to be payable to the registered holder . on the relevant regular record date solely by virtue of such holder having been such holdez; and such defaulted interest may be paid by the Authozity in any lawful manner, if, after notice qiven by the Authority to the Bond Registrar of the proposed payment pursuant to this paragraph, such payment shall be deemed practicable by the Bond Registrar.� Such payments shall then be made to the persons in whose names the Bonds aze registered at the close of business on a spe- cial record date established by the Bond Registrar. Subject to the foregoing provisions of this paragraph, each Bond delivered under this Aesolution upon t:ansfer of or in ex- change for or in lieu of any other Bond shall carzy all the rights to �nterest accrued and unpaid, and to accrue, which were carried by such other Bond and each such Bond shall bear interest from such date that neither gain nor loss in interest shall zesult from such transfer, exchange or sub- . stitution. 2.07. Owners. As to any Bond, the Authority and the Bond Registrar and their respective successors, each in its discretion, may deem and treat the person in whose name the same for the time being shall be regis:ered as the absolute owner the:eof for all purposes and neither the City noz the Bond Regis�rar nor theiz respective successors shall be aFfected by any notice to the contra:y. Payment of or on accouat cf the prir.cipal of any sach B�^d shall be made oniy *o or upon the order o� the zegiste:e� cwr.er the:eof, bu� - 13 - such zegistration may be changed as above provided. All such payments shall be valid and effectual to satisfy and dischazqe tbe liability upon such Bond to the extent of the swn or swas so paid. SECTION 3. EXECUTION AND DELIVERY � 3.01. Bonds. The Bonds shall be executed by the re- spective facsiile signatures of the Chaizman and Secretary and facsimile of the corporate seal of the Authority as set forth in the form of Bond. The text of the approving legal opinion of O'Connor i 8annan, of Minneapolis. Minnesota, as bond counsel, shall be printed on the revezse side of each Bond and shall be certified by the facsimile signature of the Secretary. When said Bonds shall have been duly exe- cuted and authenticated by the Aegistrar in accordance with this Resolution, the same shall be delivezed to the Dnder- writer in accordance with the tezms of the Bond Purchase _ Aqreement upon payment of the purchase price, and the re- ceipt of the to said purchasezs thereof shall be a full acquittance; and said purchasers shall not be bound to see to the application of the purchase money. The Bonds shall not be valid for any purpose until authenti- cated by the Bond Reqistzar, which is hereby appointed au- thenticating agent in accordance with Chaptez 475, Minnesota Statutes. 3.02. Official Statement. The Preliminary Official Statement dated , 1985 relating to the Bonds, on file with the Secretary and presented to this meeting, is hereby approved, and the use thereof by the Dndezwriter is hereby ratified and confirmed, insofar as the same relates to the Bonds and the sa2e thereof. The IInderwriter shall pzepare a final Official Statement incorporating the final terms of the Bonds in substantially the same form as the Preliminary Official Statement, with all such changes therein as may be approved by the , and the IInderwritez is hereby authorized to istribute the same. 3.03. Certificates. Zf such officers find the same to be accurate, the �hairman of the Authority and the Secretary are authorized and directed to furnish to the purchasers at the closing a certificate that, to the best of the knowledge of such officers, the Official Statement does not, at the date of closing, and did not, as of its date, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. IIn?ess litigation shall r.ave been coruTenced and be pen�ing questioning the Bonds, pro- ce�dinas for the Dis �: icts, Tax Zr.c: ement plec�ged for pay- mer.t of the Bonds, or tze organizatior. o� the Authoz�:y o: - 14 - �ncumbency of its officers, at the closing, the Chairsnan shall also execute and deliver to the successful bidder a suitable certificate as to absence of matezial litiqation, and the shall also execute and deliver his certi icate as to payment for and delivery of the Bonds, togethet with the arbitrage certificate referred to below and the signed approving legal opinion of O'Connor i Hannan as to the validity and enforceability of the Bonds and the exemption of interest thereon from federal and Minnesota income taxation (other than Minnesota corporate franchise and bank excise taxes measuzed by income) under present laws and rulings. SECTION 4. REFUNDING OF OUTSTANDING BONDS; APPROPRIATION OF FUNDS 4.01. Escrow A reement. The form of Escrow Aqreement proposed to be ma e an entered into between the Authority, the City and of Minneapolis, Minnesota relating to the Outstan ing Bonds is hereby ap- proved and shall be executed by the Chairman and attested by the Secretary in substantially the form on file with such changes therein not inconsistent with law as the officers executing the same may approve, which approval shall be conclusively evidenced by the execution thereof. The Escrow Agreement is irrevocable and the Authority hereby covenants to perform the tezms and conditions thereof as long as the Outstanding Bonds are outstanding. The Authority hereby agrees to pay the reasonable charges of the escrow agent for acting as such. 4.02. AD�ro riation of Funds. The proceeds of the Bonds (which inclu ing accrued interest to the anticipated date of delivery of the Bonds are currently estimated to be S ), together with such additional sums as may be required for the purpose (currently estimated to be $ ) fzom amounts on deposit in a fund maintained for the Outstanding Bonds and the Districts, are hereby appropriated as follows: (a) An amount sufficient to fund the Escrow Fund pursuant to the Escrow Agreement (currently estimated to be s ) shall be deposited in such Escrow Fund and applie in accordance with the Escrow Agree- ment; (b) the amount of $ shall be deposited in the Debt Service Account established under Section 6.01 hereof; (c) the amount of $ shall be deposited in the P:oject Account established under Section 5.01 he:eof, and (d) an amount eqval to the ex�enses of the transaction and the insurance premium (currently est�mated to be S ) shall be applied to the payment thezeof. The amount approa:iated fzom sources othez tha^ Bond proceeds shall be de=ived from the s�ecif:ed funds aad accounts and appro�riated to either the Esc:aw Fund o: Deb� Service Ac- - 15 - count in the following manner: (a) all amounts on deposit in the sinking fund maintained for the Outstanding Bonds shall be deposited in the Escrow Fund pursuant to the Escrow Agreement, except that odd amounts of less than $1,000 shall be deposited in the Debt Service Account. 4.03. Accountant's Re ort. The firm of , in epen ent public accountants an consult- inq actuaries, is hereby authorized and directed to verify that the deposits in the Escrow Fund for the Outstanding Bonds will be sufficient to meet the requirements of Section 475.67, Minnesota Statutes, and to make such calculations as may be necessary for the purpose of determining compliance with Section 103(c) of the Internal Revenue Code and the regulations thereunder, 4.04. Redem tion of Al1 Outstandin Bonds. All Out- standing Bonds shall be calle for redemption and prior pay- ment on their earliest redemption dates set forth below at paz, plus accrued intezest, al� in the manner provided by the Escrow Aqreement: Bonds 1981 Bonds 1982 Bonds 1982 Bonds, Series II SECTION 5. Redemption Date August 1, 1990 February 1, 1994 February 1, 1994 PROJECT ACCOCJNT 5.01. Creation of Project Account. The Authority hereby establishes and covenants to maintain as long as fun�s are held therein a special account designated as the 1985 Tax Increment Revenue Bonds Project Account (the "Proj- ect Account"). The Authority shall deposit $ of the proceeds of the Bonds into the Pzoject Account, any other funds appropriated thereto and deposited thezein, and all income received from the investment of amounts in such account. 5.02. Application of Project Account. Amounts in the P:oject Account shall be applied only (a) for "public rede- velopment costs" of the Project, including adrninistrative expenses of the Authority allocable to the Project, all within the meaning of that term as used in Minnesota Stat- utes Chapter 462, (b} any puzpose pe:mitted by Minnesota Statutes Section 273.75, Subd. 4 or (c) as may be otherwise pe:mitted by law. - 16 - SECTION 6. TAX INCREMENT AND DEBT SERVICE ACCOUNTS �� 6.01. Debt Sezvice Account; Pled e of Tax Increment. The Authority hereby establishes an covenants to maintain as long as the Bonds are outstanding a special account de- signated as the 1985 Tax Increment Revenue Bonds Debt Ser- vice Account (the "Debt Service Account") which, together with all Tax Increment received by the Authority to be de- posited therein in accorda�ce with this Resolution, is hereby pledged to the payment of the principal of and inter- est on the Bonds. The Authority shall deposit $ of the proceeds of the Bonds or other funds appropriate under Section 4.02 hereof into the Debt Service Account as the initial Basic Reserve Requirement defined below. Promptly upon the receipt by the Authority of an installment of Tax Increment from Anoka County which has been derived from the Districts, other than Districts or portions thereof released in accordance with Section 6.03 hereof, the shall, subject to Section 6.04 hereof, de- posit into the Debt Service Account such portion thereof as shall be necessary to pay any due but unpaid principal or interest on the Bonds and to restore or maintain a balance therein equal to the Basic Aeserve Requirement, as defined below, plus (a) with respect to installments of Tax Incre- ment received from February 2 through August 1 of each year, that portion of the Tax Increment received as shall, to- gether with amounts then on deposit in the Debt Service Account in excess of the Basic Reserve Requirement, equal at least one-half of the principal matuzing or required to be redeemed on the next February 1 pzincipal payment oz manda- tory redemption date plus the.amount of interest due on the Bonds on the August 1 interest payment date falling on the last day of such period, and (b) with respect to install- ments of Tax Zncrement received from August 2 of any year after 1984 through Febzuary 2 of the following year, that portion of the Tax Increment received as shall, together with amounts then on deposit in the Debt Service Account in excess of the Basic Reserve Requirement, equal at least the principal and interest due, whethez at maturity or by manda- tozy redemption, on the February 1 principal and interest payment date falling on the last day of such period. At the time of receipt of each installment of Tax Incre- ment, the shall record the same in the app:opriate fund or account maintained for the receipt of Tax Increment with respect to a District and simultaneously shall debit each such account up to the amount of the Tax Increment installment for such District then cred�ted thereto such that the aggregate amoun� cha:ged to such ac- counts for all Dis�ricts equals the a�,ount then reqLi:ed to be de�osited in t�e Debt Sezvice Accour.�. The remainder of any Tax =nc:ement ir.s�al�meat r.ot req�.:i:ec Lo be sc t=ar.s- - 17 - ferred to the Debt Service Account shall not be deemed pledged to the payment of principal of cr interest on any Bonds and may be retained in the funds or accounts main- tained for the payment of public redevelopment costs of the Project or applied to debt service on bonds or other obliqa- tions issued on account of the corresponding Distzi�t, or. if so directed by resolution of the Board of Commissioners, the shall transfer the remaining funds to the Anoka County Au itor for payment to othez taxing jurisdic- tions in accordance with law or apply the same to other purposes authorized by law. The Board of Commissioners may from time to time by resolution direct the as to the relative portion of each Tax Increment installment which is to be charged to each District, but in the absence of such direction the determination shall be made by the . In the event installments of Tax Increment from Anoka County are at any time received in a manner which does _ not combine the Tax Increment from all Districts in a sinqle installment or in a�anner which results in multiple in- stallments in any six month period, the Board of Commis- sioners may direct the to make appropriate bookkeeping transfers among the accounts maintained for each District to accomplish the Authority's objective of specify- ing the source of payments to the Debt Service Account. All income received from the investment of amounts on deposit in the Debt Service Account shall be credited to such Ac- count. From amounts on deposit in the Debt Service Account the shall cause to be paid the principal of an interest on the Bonds. Money in the Debt Service Account shall be used for no other purpose. In addition to the foregoing deposits, the Authority hezeby covenants to maintain from amounts pledqed hereunder. so long as any of the Bon�ds are outstanding, funds and in- vestments on deposit as a reserve in � he Debt Service Ac- count in an amount at least equal to 125$ Qf tbe aver�oe annual princi�al and interest pavable on the Bonds_and_ anv r=� assumina ma:�Catorv reCem�tion oi �rincinal ln accoraanc authorizina issuance o� such bonds oz oblig,ationsl (the_ �iax�mLm ReGe:ve Req,�i��ment"1: p�ovided, h�wevet�_ t at if �he aaQreaate Tax Increment derived in the precedinq calen- �r_j�eaz fzcm all Dis:r�cts which re:nain �ledaed hereunder ,�vals at least the 1�Lx'mun: Re,,ge*ve Requirement, such amount may be, if less than the Maxisrum Reserve ReQUirement. the maximum principal and interest due on the Bonds ,�r.d any, `paritv oblications issued in a�co_,�ance with Sectic*; 6.0� in any succeecing one year peziod com.�neacing on Februa:y 2 (ass .'�ing �r�andatozy redemption of principal i^ acco:caace with �la_� schedule �e_eto* se� foTt�: in ti:e resalu�ion �„ut:;criz'_:�a � ssuance o_° suc*! boncs cr o��ica.��.^.s ) (�ne - 18 - t"). Th im m R serve Aeouire ent is herei eferred to as the "Basic Resezve Requirement' 6.02. Investment of Funds. Any moneys held as a part of the Debt Service Account shall be invested or reinvested by the , to the extent then permitted by law, in (a) direct obligations of (including obligations issued or held in book entry form on the books of the Department of the Treasury of the �nited States of America), or obliga- ticns the principal of and intezest on wbich are uncondi- tionally guaranteed by, the United States of Ameri�a; (b) bonds, debentures or notes or other evidence of indebtedness payable in cash issued by any one or a combination of any of the following federal agencies whose obligations zepresent the full faith and credit of the IInited States of America: Export Import Bank cf the Dnited States, Federal Financing Bank, Fazmer's Home Administration, Federal Housing Admini- stration, 1�4aritime Administration, Public Housing Authority, Government National Mortgaqe Association; (c) certificates of deposit with commercial banks, savings and loans associa- tions, and mutual savings banks properly secured at all times by collateral security described in (a) and (b) above; (d) the following investments fully insured by the Federal Deposit Insurance Corporation oz the Federal Savings and Loan 2nsuzance Corporation: (i) certificates of deposit, (ii) sav�ngs accounts, (iii) deposit accounts, or (iv) depo- sitory zeceipts of commercial banks, savings and loan as- sociations, and mutual savings banks; or (e� investment agreements approved by ("Qualified Investments"). All Quali ied Investments in the Debt Service Account, other than Qualified Investments com- prising the Basic Reserve Requirement, shall mature on or prior to the next February 1 or August 1 payment date. �j. _Qualified Investments com rising the Basic Reserve Revuire- ment shall matuze in twelve 12 months or less. Investment o funds pursuant to this Section shall be limited as to amount and yield of investment in such manner that no pazt of the outstanding Bonds shall be deemed "arbitrage bonds" under Section 103(c) of the Internal Revenue Code and regu- lations thereunder. 6.03. Release. The Authority may by resolution of the Board of Gommissioners determine to reZease from the pledge of Tax Increment provided by this Resolution any or all of the Tax Increment dezived f:om any District or Districts or specifiec portions the:eof, provided that (a) the Tax Incre- ment derived in each of the �wo preceding caZendar years fro� the Districts or por ons the:eof which remains p'_edged here�.:nder eqvals at leas� 25$ of the maxi:num princigal and interesL on the Bonds (assLminc man6atory rede:�pt:�n of p:inc_p�l in acc��dance w:�h �::e sc::edu'_e se= f�:t�: ::: Sec- - 19 - tion 2.02 hereof) (and any outstanding parity obliga:ions permitted by Section 6.04 hereof) due in any succeeding calendar year, after reducing the amount of principal and interest due on the next interest payment date by any amounts then on deposit in the Debt Service Account in ex- cess of the Basic Reserve Requizement, and (b) the �. shall have furnished the Board of Commis- sioners a written estimate that the Tax Zncrement which will be zeceived by the Authority for the remaining period over which Tax Increment may be received from remaining Districts or portions thereof, based upon the most recent determina- tion of Captuzed Assessed Valuation for the zemaining Dis- tricts or portions thereof and application of the most re- cent mill zates for property taxes Alevied on such property, will be sufficient to pay when due/112�$ of the principal of and interest on the Bonds (and any prior or parity obliga- tions permitted by Section 6.04 hereof) to their scheduled maturity or mandatory redemption dates. - 6.04. Parity Obligations. To the extent permitted by Law, the Authority may by resolution of the Hoard of Commis- sioners pledge or permit the pledge of the Tax Increment to be derived from any District or Distzicts or specified por- tions thezeof to the payment of principal of and interest on any obligations of the City or the Authority issued on a parity with the pledge of Tax Increment from such District or Distzicts to the Bonds, provided that (a) the sum of (i) the Tax Increment derived in the preceding calendar year from the District or Distzicts or portions thereof which are subject to a parity Tax Increment pledge less the maximum annual debt service on such parity obligations, and (ii) the Tax Znczement derived in the preceding calendar year from the Districts oz portions thereof which are not ubject to a parity Tax Inczement pledge, equals at least �,�,$ of the maximum principal and interest on the Bonds due in any suc- ceeding calendar yeaz (assuming mandatory redemption of principal in accordance with the schedule set forth in Sec- tion 2.02 hereof), and (b) the shall have furnished the Board of Commissioners a written estimate that (i) the Tax Increment which will be received by the Author- ity in each year for the remaining period over which Tax Inczement may be received from the Districts or portions thereof which are not subject to a parity Tax Zncrement pledge and (ii) the Tax Increment which will be received by the Authority in each year for the zenaining period over which Tax Increment may be received from the Districts or portions thereof whic:� are subject to a parity Tax Znczement pledge zeduced by the annual debt sezvice on such parity oblications, computed on the basis of the most recent de- termination of Captuzed Assessed Valuation for such Dis- tric�s or ��:t:ons t�e:eof and aa�lication of the mcs_ re- cent mill za=es fc: �:ope:ty taxes lev:ec o� such prope*ty, - 20 - will be sufficient to pay when due 25$ of the principal �of and intezest on the Bonds to their scheduled maturity dates or mandatory redemption. The Authority or the City may grant a pledqe of or lien on the Tax Increment of any Dis- trict or portion thereof which is subordinate to the pledge to the Sonds under this Resolution. The Authority shall not pledqe or permit the pledge of any Tax Increment (other than Tax Increment zeleased pursuant to Section 6.03 hereof) from a District or portion tbereof which is prior to the pledge to the Bonds hereunder. 6.05. Cooperation Agreement Amendments. The form of Amended and Restated Cooperation Agreement proposed to be entered into between the City and the Authority is hereby approved. The Amended and Restated Cooperation Agreement, with appzopriate insertions and formal revisions as shall be necessary or appropriate shall be executed by the Chairman and attested by the Secretary in substantially the form on file with such changes thezein not inconsistent with law as the officers executing the same may approve, which approval shall be conclusively evidenced by the execution thereof. The Amended and Restated Cooperation Agreement shall be filed in the office of the Anoka County Auditor prior to the issuance of the Bonds. SECTION 7. TEE BOND INSJRANCE. 7.01. Acceptance of Proposal. The proposal of ("Znsurer" ) to insure the payment of prin cipal of an interest on the Bonds under its standard form of � Policy (the "Bond Insurance") is hereby accepted and the Authority shall pay the premium therefor as an expense of the issuance of the Bonds. 7.02. Concerning the Bond Insurance Policy. the Bond Insurance shall be in full force and Authority shall recognize the subrogation rights under the Bond Insuzance Policy. SECTION 8. MISCELLANEODS. As long as effect, the of Insurer 8.01. Arbitrage. The Authority covenants and agrees with the purchase:s and holders of the Bonds that the in- vestments of proceeds of the Bonds, including the investment of any :ax Inc:ement or other revenues pledged to the Bonds which are considered proceeds under the applicable regula- tions, and accumulated sinking funds, if any, shall be lintited as to amount and yie2d in such �ranner that the Bonds shall no� be arbitrage bonds within the meaning of Sec�ior. 103(c) of the Internal �eve:�ue Code of I954, as a:aended, ar.d :egu'_a�_;,as ��ere�nde_. Or ��e bas_s o� �::e ex_s�ing facts, - 21 - estimates and circumstances, includinq the foregoing find- ings and covenants, the Boazd of Commissioners of the Au- thority hereby certifies that it is not expected that the �proceeds of the Honds will be used in such manner as to cause the Honds to be arbitraqe bonds under Section 103(c) and regulations thereunder. The shall furnish an arbitraqe certificate to the purchaser embracinq or based on the foregoing certification at the time of de- livery of the Bonds to the purchaser. 8.02. Ae istration. The is hereby au- thorized an� irecte to certify a copy o this Aesolution and to cause the same to be filed with the Anoka County Auditor, in accordance with Section 475.63, Minnesota Stat- utes, and to obtain his certificate as to registration of the Bonds. 8.03. Defeasance. When there shall have been deposited at any time with a qualified bank or trust company in an irrevocable escrow account for the purpose, cash or direct obligations of or obligations fully guazanteed by the IInited States of America desczibed in Section 475.67, Minnesota Statutes, the principal and interest on which shall be suf- ficient to pay the principal of any Bonds (and premium, if any) when the same becomes due, either at taaturity or other- wise, or at the date fixed for the redemption thezeof and to pay all interest with respect thereto at the due dates for such interest or to the date fixed for redemption, for the use and benefit of the holders thereof, then upon such de- posit all such Bonds shall cease to be entitled to any lien, benefit or security of this Resolution except the right to receive the funds so deposited, and such Bonds shall be deemed not to be outstanding hereunder; and it shall be the duty of the escrow agent to hold the cash and securities so deposited for the benefit of the holders of such eonds and from and after such date, zedemption date or matuzity, in- terest on such Bonds thereof called for redemption shall cease to accrue. In the event that the principal and re- demption price, if applicable, and interest due on the Bonds shall be paid by pursuant to a policy referred to in Section 7.01 hereo , the pledge of the Tax Iac:e:nent and all covenants, agreements and other obligations of the Authority to the hoiders of t:�e Bonds shall continue to exist and shall be subrogated to the rights of such holders. 8.04. Cettification. The Chairman, the Secretary and other officers and empioyees of the Authority are he:eby authorized and dizected to furnish to the attorneys approv- ing the Bonds, on behalf of the purchase:s of the Bonds, certified copies of all proceedings and certi:ications as to facts as shown by the bocks anC records of the Authority, to - 22 - � � � show the proceedings taken in connection With the Districts � and the Bonds, and the right and authority of the Authority to issue the Bonds, and all such certified copies and cer- tifications shall be deemed representations of fact on the part of the Authority. � 8.05. Effective Date. This resolution shall take ef- fect and be in orce from and after its approval. - 23 - e t _ i s f4,060.000 Tax1IncrementcRevenuenRefund3n� Ponds of i9gS Inoex to Scheoules 1� f�. cOQ, 00Q G. 0. Tax Increment Receveloament Bonds of 196: A) Debt Service Sc�edule H) Defeasance Reouirements Lo Call Date C) Summary of State and local G�vernment Securities D) Defeasance Escrow Cash Flow E) Defeasance cscrow Interest Cash Flow II) f625, 00Q+ G.O. Tax Increment Redevelocment B�nds of 1982 A) De�t Service Schedule b) Defeasar,ce Reouirernents to Call Date C) Sumrnary of State and Local G�vernment Securities D) Defeasance Escrow Cash Flow E) Defeasar�ce Escrow Interest Cash Flow IIS) t6Q0,0Q0 6.0. Tax Increment Redevelocment Ronds of 19BP , A) DeSt Service Schedule . P) Defeasance Recuirements to Call Date C) S��mmary of State and Local Government Securities D) Defeasance Escrow Cash Flow E) Defeasance Escrow Interest Cash Flow 2V) Total Defeasance Escrow Cash Flow A) Proof of Yie2d on Total Escrow Reciects V� �4,060.00@ Tax Incrernent Revenue RefundinQ Ponds of 1985 A) Source and Aoclications of Bond Proceed's P) Debt Service Schedule C) Proof of Yield on Refundin� Ponds D) Yield 7est Conclusions � - - - � � Gity of Fridley� M.innesata ' �2,200,000 6.0. Tax Increment Recevelo�ment Bonds of .961 D eb r t Se vice 5 h c edule Issue Dates 2/01/81 - Settlement Date: 2/01/8I First Couoons 8/01/81 . Date Principal Couoon 2nterest D�bt Service �� _________ ____� _=====u �a=====_____ 6/01/ei 0. 0Q 0. 000 90, 575. 0Q 9Q►, 575. 00 2/01 /62 0. 00 0. 000 90, �7�. 00 9�+, �75. 00 8/81182 0. 00 0. 000 90, 575. 00 90, 57�. QQ 2/81 /83 0. 8Q 0. 000 9Q+, 575. 8@ 90, 575. 00 8/01 /83 0. 00 8. 000 . 90, 575. 8Q 90, 575. 00 2/01 /84 50, 000. 00 7. 100 90, 575. 0Q 14Q, �75. 0Q 8/01 /64 0. 00 0. 800 68� 800. 0Q 68, 800. 00 2/01 /8� 75, Q►Q0. 00 7. 200 88, 600. 00 163� 800. QQ 8/01 /65 0. 0Q 8. 000 66, 100. 00 66� 100. 00 2/ 01 / 86 75, 000. 00 7. 300 86, 100. 00 161, 100. 00 6/01 /86 0. 00 0. 00Q 83� 362. S0 83� 362. S0 2/01 /67 75� 000. 00 7. 400 63, 362. SQ 158, 362. 50 8/01 /87 0. 0@ 0. 000 80� 587. 50 60, 587. 50 2/QI /68 100, 000. 00 7. S00 6Qt, 5B7. S0 180, 587. SQ 6/01 /68 0. 00 8. 000 76. 837. 50 76� 637. 50 2/Q1 /89 100, 00Q. 00 . 7. 600 76� 637. S0 176, 837. 50 8/01 /89 8. 0Q 8. 000 73� 037. S0 73, 037. S0 2/Q1 /90 12�� 000. 00 7. 750 73� 037. S0 198, 037. SQ 8/01 /9Q+ 0. 0Q 0. 00Q 68, 193. 75 68, 193. 75 2/01 /91 12�� 000. 00 7. 900 68, 193. 75 193, 193. 75 6/01 /91 0. 00 0. 00Q 6's, 256. 25 63, 256. 25 2/01 /92 125, 000. 0Q 8. 000 63, 256. 25 1 B8, 2`,6. 25 8/01 /92 0. 00 0. 000 58, 256. 25 58, 25b. 25 2/01/93 150, 000. 00 6. 1S0 5A, 256. 25 206, 256. 2r 8/01/93 0.00 8.000 S2, 143.75 �2, 143.75 2/Q1/94 17�, 000. 00 8. 300 52� 143. 7S 227, ik3. 75 8/01/94 0. 0Q 0. 000 44� 881.25 44, 881.25 2/01 /95 175� 000. 00 8. 45@ 44, 881. 2S 219, 881. 25 6/01 /95 0. 00 0. QQ0 37� 487. SQ 3�, 487. 50 2/01 /96 200, Q00. 00 6. 600 37, 487. 30 237� 4B7. 5Q B/01 /96 Q. 00 0. 0Q0 28, 8B7. 50 28, 887. 50 2/01 /97 2Q�0, 000. 0Q 6. 75Q 26, 887. 50 229, 887. 50 8/01/97 0. 0Q 0. 000 2Q+, 137.5Q �Q, 137. �0 2/01 /98 225, 000. Q+Q 8. 9Q�0 2Q, 137. SQ 245, 137. 50 8/@ 1/ 98 Q�. 00 0. 000 � 0, 125. 00 10, 125. QQ 2/Q1 �99 ��J� C,C,O• 0� 9� �OC� • 0� 1�J• 0`, �.iJ� 1�J• 0Q TOTAl.S=====2�200,000.00_______________ ---___--______=_________ 2, 287, 637. SQ 4� 487, 637. 50 Accrued Interest to 2/�1/81 s 0.00 � File: fridleyl.dbt Prepared by MILLER � SCHROEDER MUNICPALS: 4/17/B5 City of Fridley. Minnesota f2. 2Q�, Q0Q G. 0. Tax Incrernent Reoevela�ment Ponds of 1981 D�TERMINATION OF D��EAS4NC� Ft�QJIR=1+'icf�;;s TO CALL DAT� Date Princioal Couoon Interest Debt _�_ �_______: Service ____� ________ 8/01 /8.°, �____=====u 0. 00 0. 000 86, 1 Q�O. 00 86� 10�. QQ 2/01 /86 75. 000. 00 7. 300 66 100. �0 8/01 /86 0. 00 0. 000 ' 361 � 10Q. QQ► 2/01 /87 8�� 62. 5Q 8's, 36c^. 50 75. 000. 0Q 7.400 B�, 362. SQ 158� 362. SQ 8/01 /67 0. 0Q 0. 000 60, 567. SQ 2/01 /.68 100� Q+00. 00 7. SQ0 8�+, 587. SQ 8/01 /88 80� 567. SQ 18Q, 567. 5@ 0. 0Q 0. 000 761 637. 50 76, 837. SQ 2/01 /89 10Q, 000. 00 7. 600 76 837. 6/01 /89 0. 0Q 0. 0QQ • SQ 176, 837. S0 2/01 /9Q 1 725� 000. 8Q 73, 037. 50 73, 0:,7. 5@ • _ 7. 750 73� 037. S0 1, 796, 037. 50 _____________---- __________________________________ TOTALS �,Q75,Q00.0@ ____________� 799, 850. 00 2. 674, 850. 80 Call Date � 2/Q1/90 Call Priee • 1Q0.00Q Ca 11 Prem i um • 8. 80 Files fridleyl.dbt Pre�ared by MILLER � SCHROEDFR MUNICPALSs 4/17/85 � -ocav's Date: 4/18/B� S:ora�e =iie: fridieyi.ref issue: City of �rid:ey, Minnes�ta issuer: s�, �Q�. Q��, G. 0. Tix Increment ReCevelo�ment Ponos of �1961 Settlements 5/3Q/g� Dat e 8/01l65 2/01/6E 8/02/66 P/01/67 6/01/87 �/01/88 6/01/88 �/01/89 8/01/69 P/Q1/9Q Amount !o Defease B6, 100. 00 161, 100. 00 63, 3E2. 50 15B� 362. S0 60. 587. S0 180� �87. S0 76, 837. 50 176, 8.37. SQ 73� 037. SQ 1, 798� 037. SQ Couaon 8. 130% 9. 110% 9. 590% 10. 130% 1 Q. 420% 10. S80X 10. 760X 10. 920% 11. 060X i1.1S0% 3: - �: 1: 1: i: 1: is 1: ls lt Tyoe� PE Cert PE Cert BE Not e BE Note BE Not e BE Note BE Note bc Note BE Not e BE Note Preaared by MILLER i SCHROEDER MUNICIPA�S: 4/iB/8S � f�.:=QZ+.0�0 6.0. Tax ;ncrement Receve:o�ment Bands of ;981 C:ty of Fridiey. ►�'lnnesc�tm D_=c+�SaNC� =SC��7W CASH =± OW Settlernent Date: S/3Q/85 Date Princical G�n 7c Tnterest Total �mt Pmt Rec'd Cum.fia? 8/83 S�. 000 0. Q►0Q 3:. Q4Q. �: B6, 130. 99 66 :QO. QQ► �/86 71, 9QQ 0. 000 89, 179. 89 161, Q79. 89 161, 100. 0Q 8186 Q 89, 179. 89 e9, 179. 89 63, 36�. 5Q 2/87 63� 400 0. 00Q 69, 179. 89 15�. 579. 89 158� 36�. SQ 8/67 0 69, 179. e9 69, 179. 89 8� 567 .,Q c/88 82, 600 0. 000 69, 179. 89 171 � 979. 69 18Q, 597. 50 8/88 Q 89, 179. 89 89, 179. 89 76, 837. 50 �/89 75, 300 0. QQQ 69, 179. 89 164� 479. 89 176� 637. gQ 8/69 0 89. 17'9. 89 89, 179. 83 73, 0?,7. S0 �/SS 1, 692, 7Q� 10. �37 89� 279. 69 1, 781. 879. 89 1, 798, 037. �Q --------------------- -------------------------------- i OTA:. 2� 041 � 100 ---- 6..�, 659. 52---2� 874� 850. 0Q===2 874� ______ • 850. 0Q Pecinnin� Cash = �90.46 At Y i e 1 d= 9. 675% �renared by MI�LER E SCi�ROEDER MUNICIPALSt 4/18/65 0 � s0. 99 I Q. 86 � �8�6. �7 45. 66 6638. �: 30. 4� � �.:,�c. s_ 1 �. cc 26157. E: 0. Q►�' � t`• 2QQ• QQ�' 6• 0. Tax 2ncrement Redeveac��,nent Fc�nds rf 1981 City of Fridley. Minnes�ta D�F_ASaNC� ESC��«t IhT=R�ST CAS!� FLOiJ • Sett;eme»t Da:es S/30/85 Date Princi�al Cpn 7c T Normal Y� Interest 1 st Per. ?�t a : Int�rest Interest 8/8S . ��, QQQ �, QQtQ+ Pc Cert 2/66 _ 7i. 900 0. Q�00 BE Cert 0• 0Q� �• 00 sl. 04Q. S1 8/86 Q 0. 00 0. Q�0 89, 179. 89 2l87 63, 4Q0 0. 000 BE Note 0. �Q 0• QQ 89. 179. 89 8/87 0 0. 00 �. Q�0 89. 179. 99 2/68 82, BQ+Q► 0. 0Q@ BE Note Q. QQ Q. Q� 69. 179. 83 6/88 � 0.00 0. 0Q 89, 179. 83 2/89 75, 30Q 0. 000 BE N�+te 0• 00 0. 0Q e9. 179. 89 8/89 � 0.00 �.00 89, 179. 89 2�9Q 1, 69�. 70Q 10. S37 BE Note 0. 00 0. 00 89. 179. 69 ___________________________________ 89.179.89 31 04 89 17 • 0. S1 , 9. 8� TOTAL 2,Q41�100 ________________________________________ ____________ 89, 179, e9 31, 040. S1 833, 659. S� PreDared by MILLER i SCHROEDER MUNICjpQLSs 4/18/8S 0 c { _ City �f FridleyT Minnescta f62�, Q0Q G. 0. Tax Incremer,t Reaevelc��menL E+ond� of 1982 Debt Service Scheaule Issue Date: 6/01/82 Set t I ement Dat e: �S/Q �/g� First Couoc+n: 2/01/83 Date Princioal Cou�c+n Interest Debt Service aacc ======ccs a===r�s -----___ �xc==��=a�� 2/01 /83 0. 00 0. 000 32, 475. 0@ 32, 475. Q0 8/01 /83 0. 0Q 0. 0@0 32, 475. Q@ 3�, 475. 0� 2/01/64 Q. Q0 0. �QQ 32, 475. 0Q 32, 475. 0Q► 6/01 /84 Q�. 0Q 0. Q0Q► 32, 475. QQ 32, 475. 0@ 2/01/85 5, 000. 00 8. 6Q@ 32.47�. 0Q 37� 475. 0Q 8/ Q 1/ 85 0. 0Q 0. @00 32, 260. 00 32, 260. 00 2/ Q 1/ 66 5, 000. 00 8. 70Q 32, 260. Q►Q+ 37, 260. QQ 8/01 /86 0. 00 0. �0Q 32, Q42. SQ 3�� 042. SQ 2/01 /87 5, 000. 00 9. 00Q 32, Q42. SQ 37, Q42. SQ B/Q1 /87 0. QQ� 0. 000 3i, 817. S0 31, 817. SQ 2/01 /86 15, Q00. 00 9. 200 31. 817. S@ 46, 617. S@ 8/01 /66 0. Q�0 0. 000 31, 127. S@ 31, 127. SQ 2/ Q 1/ 89 15, Q00. 00 9. 400 31, 127. SQ 46, 127. 50 8/01 /e9 0. QQ 0. 00Q 30, 422. 50 30, 422. 50 2/01 /90 25, 00@. 0Q 9. 60Q 3Q, 422. SQ 55, 42�. 50 B/01 /90 0. 0Q 0. 0�@ 29, 222. SQ 29, 22�. SQ 2/01/91 30, 00Q. 00 9. 800 29� 22�. SQ 59 222. 5@ 8/01 /91 0. 00 0. 000 ' 2/01 /92 35. 000. 00 10. 0@0 27, 7�2. 50 27, 752. 50 8/01 /92 27, 752. SQ 62, 752. 5@ 0. 0Q 0. 00Q 26, 00�. SQ► 2E, 002. 50 2/Q 1/ 93 4Q. 000. 00 10. 2QQ► 26, QQ►�. S0 6b, 002. 50 8/01 /9s 0. Q0 0. 00@ 23, 962. S0 23, 9b2. S0 2/Q1/94 55, 000. Q�Q 10. 4Q0 23, 962.50 78� 96�. 50 8/Q1'/94 0. Q�0 0. 000 21, ]02. 50 21, 102. SQ 2/01 / 95 60, 0Q0. 00 ! 0. 600 21. 102. S0 81, 1 Q�2. 50 B/@1 /95 0. Q0 0. 0Q0 17, 922. 30 17, 92'2. SQ 2/01 /96 70, 0�►Q�. 00 10. 70@ 17, 9e2. 50 87, 922. �Q 8/Q1 /96 0. 00 0. 0QQ 14, 177. SQ 14, 177. 50 2/01/97 85, 00Q+. 0Q 1�.7QQ 14, 177. 50 99, 177. 50 8/01 /97 0. 00 0. 000 9, 630. 00 9, 630. 00 2/01 /98 95, 000. Q0 10. 70@ 9, 630. 0Q 104, 63Q+. 00 6/Q1 /98 0. 00 0. 00Q 4, 547. 5@ 4, �47. 50 2/01 /99 65, 000. 00 10. 7Q0 4, 547. SQ 89� 547. 5@ --------------------------------------------------- - ----- --------------------- TOTALS 625s Q00. 00 B�E, 35�. 00 1, 451, 355. 00 Accrued Interest to 8/Q1/82 = 0. Q0 File: fridley2. dbt Preoared by MILLER � SCHROEDER MUNICPALS: 4/17185 - City of Fridley, Minnesota f62�,00Q G.O. Tax Increment ReceveZ��ment Ponds of 1982 D�TcRMINATION OF D�=EASANC� Rc�U1R�M�NTS TO CA_L DATE Date Princioal Coupc+n Interest Debt Service ____ _________ ____� ______� ____________ 8/01 /65 0. 00 0. 00Q 32, 260. 0Q 32, 260. QQ� 2/01 /66 5, @00. 0Q 8. 7QQ 32, 260. @0 37, �60. 0@ 8/01 /86 0. 00 0. 000 32, Q42. 50 32, Q42. 5� 2/01/87 5, 000. 00 9. @00 32, 042. SQ s7� 042. SQ 6/01 /87 0. 00 0. 000 31, 817. SQ 31, 827. 5Q 2/01/86 15, 000. 0@ 9. 200 31, 817.50 46, 617. SQ 8/01 /88 0. 00 0. 00Q 31, 127. 50 31. 127. 50 2/Q 1/89 I5, Q00. 0Q 9. 40Q 31 � 127. 50 46, 127. 50 e/01 /B9 0. 00 0. 000 30, 422. 50 3@, 42�. SQi 2/01 /9Q 2�, 000. 00 9. 6Q0 30, 422. S0 55, 422. 50 8/Q1/90 0. 00 0.000 29, 222. S0 29, 222. 50 2/01/91 30, 00@. 0Q 9. 800 29, 222.50 59, 222.50 8/01 /91 0. 00 0. 000 27, 7�2. S0 27, 7�c. 5Q� 2l01 /92 35, 000. 0@ � 0. 000 27, 752. 50 6c^, 752. SQ� 6/ 01 / 92 0. 0Q 0. 000 26, 002. 50 26, 002. S0 2/01 /93 40, 0Q�0. 00 10. 200 26, 002. SQ 66, 002. SQ B/01 /93 0. 00 0. 000 2�, 962. S0 23, 962. SQ 2/01 /94 450, 000. 00 10. 400 23, 962. SQ 473� 96�. S0 _===:=c=cocc=xc==c===cacans=o=s=�c====z�=====co========ac===__ssss TOTALS 620, 0Q0. 0Q 529, 220. 00 i, 149, 220. 00 Call Date � 2/01/94 Cal l Price � 10Q�. Q�00 Ca 11 Prem i um � 0. 00 File: fridley2. dbt Prepared by MILLER � SCHROEDER MUNICPALS: 4/17/65 'ocav•s Da�e: 4/18/85 Storace File: �ridiey2.ref :ssue: Ci*y of Fridley, Minnes�ta Issuer: f625, 000 G. 0. Tax Increment Redeveiooment Bonds of 1962 Settlement: 5/30/85 Dat e 6/01/85 �/0:/66 8/01/86 2/01/87 8/01/87 �/01/86 6/01/88 2/01/89 6/Q1/89 �/01/90 B/@1/90 2/Q1/91 8/Q1/91 �/01/92 8/01/92 2/01/9s 8/01193 2/01/94 Amount to Defease 3�, 260. 0@ 37. 260. 0@ s'�. @4�. 50 37. 042. 50 31 � 817. S@ 46, 817. S@ 31, 127. 50 46. 127. 5Q 30, 422. 50 55. 422. 5Q 29, 222. 50 59. 222. 5Q 27� 752. 50 6z, 752. 5Q 26, 002. 50 66, 002. 50 23, 962. 50 473, 962. 50 Couoon 6. 310X 9. i 10x 9. 590X 10. 130x 10. ti20X 10. 580% 10. 760% 10. 92Q% 11. 06@% i l. 150% 11. 230X 11. 310% 11. 380X ] 1. 46Q% 11. S20% 11. 54@% i l . 550% 11. 560% 3: � s: 1: 1: 1: is 1: is 1: ls is ls i: 1: la iz 1: is Prepared by MILLER � SCHROEDER MUNICIPALSs 4/18/8S Tyoe P� Cert PE Cert BE Not e BE Note BE Note BE Note BE Not e BE Note BE Not e 8E Nott BE Note BE Note BE Not e PE Note BE Note E+E Not e BE Not e PE Note sE��, QQ�Q G. 0. Tax :ncrerner,t Re�evelo�ment Por�es af ;982 City c�f Frf �iey. Minnes�La D�==?S�=+NCc :SCi�w CASH F! OW 5ettlement Date: 5/3Q/85 Date Princiaal CDn % Interest Tot a 1 Pmt Pmt Rec' d Cum. E+a ? 8/BS . 2�. 50Q 0. 000 9, 748. 22 3�, 269. 17 3�, �6Q. 00 2/86 9, ,,OQ� Q. 000 28, 0Q6. 83 37, 326. 83 37, 260. 00 6/86 4, Q00 Q►. QQQ 28, 0Q�6. 83 32, Q06. 83 3�, Q42. S0 2/67 9, 10Q► 0. 0QQ 28, 0Q6. 83 s7, 106. 83 37� 042. SQ 8/87 �. 8@@ 0. Q�00 28, Q06. 8s �i, 6Q6. 6: 31, 8i7. 5Q� �/68 18, 800 0. 0�►Q 26, 006. B3 46, 6Q6. 83 46, 817. SQ 8/88 ?,. 10� Q. 00@ P8. Q►Q�6. g3 31, iQ6. 83 31, lc^7. 50 2/89 18, iQQ Q. 000 28, 006. e3 k6, 106. 83 46, 127. SQ 8/89 ^c, 400 Q. QtOQ 28, Q�Q�6. 8.� ,�0. 406. 83 30, 4c^2. 5Q ��9Q �7, �QQ 0. 0Q0 28, 006. 93 55� 506. 83 55, 4��. 50 B/9i� 1, 20Q Q. 001� 26, Q►Q6. 6s c^9, 206. 8s 2�, 222. SQ 2/92 31, 200 Q�. 000 28, 006. 63 59, 200. 83 5'3. �22. SQ 8/91 0 28, QQ6. 83 28, 006. 83 27, 752. 50 2/9c^ 34, ,�,,OQ �. 7Q7 28, Q�06. 8� 62, 5T6. 8� 62, 752. 50 8/92 ^ 0 27, 884. 88 27, 884. 88 26, Q�Oc^. 50 2/93 36, �00 11. 54Q ' 27� 884. 68 64, 084. 86 66, 00�. 5Q 6/ 9.� 0 25. 796. 14 25, 796. 14 c^;s. 962. 50 _2/94_____446� 300_ l i. 560 25, 796. 14 472, Q96. 14 47.?,, �6�. .�,0 TOTAL 666,000 � 481,199.05 1,149 2�0.0Qr 1,14 , � , 9 22Q►.0Q Peoinninc Cash = f20.9� At Yield = 9.67SX Preoared by MILLER b SCNROEDER MUNICIPALS: 4/18/85 9.?7 56. 0i� P0. �3 84. 65 7�. 99 E,?�. .3c 4c. E� 21. 98 E ,, 90. 6L 74. 97 59. .3Q 3; 3. E� 67. 95 1950. ?,� .3�. 7� I86E. 3c 0. 0E s��'Q�Q G•0• �ax .ncrement Redeve�o�ment P�nds of !9gg CitY of �ri�ley. Minnesota D�=�ASAtiCc ESCROW IhT��ST CAS'r' =�Q� Settlement Date: 5/30/85 Date Princical Can x hormal ist Per. TY� Interest Interest 'ct�l 8/85 " Interest 22.500 0.000 B� Cert 2/86 � 9, 30+� 0. 0Q►0 BE Cert 0. 0@ @• 00 9, 748. 2� 8/B6 4, 00Q 0. a�0 PF Note 0• Q0 0. Q0 �8, 006. 8?. 2/ 87 9, 10Q� 0. 00Q BE Not e 0. 00 0. 0Q� 28, 00E. 83 8/87 3, 8QQ Q. QQQ pc 0. 00 P/ 88 Nat e 0. 00 0• 0@ 28, 0�6. 8.3 18� 80� 0. 000 BE Note 0• QQ �B. 0Q�6. 8,3 6/88 s, 10Q 0. 000 bL N�,te 0. 0Q Q. 00 �8, 00t. B;, 2189 18, 1 Q� 0. 00Q BE Not e 0. 00 0. 00 �8, 006. 83 8/89 �, 4Q0 0. QQ0 �_c, 0. 0Q� 0. Q0 28, OQE. �:� 2/9Q 27, 50� 0. 0QQ Note 0. 00 0. Q0 g�9� PE Note �. 0Q 28, 006. 8� 1, 200 0. 000 BE Note 0• Q0 28, Q06. 83 2/91 31, ^cQ+Q+ 0. 00Q BE Note 8•00 0. 00 28, 006. 83 8/91 Q 0. 00 Q. 0@ 28, 006. 83 2/92 34, SQ►Q 0. 707 RE Note 0• 0@ 0. 00 �8, 0�5. 8� 8/9� @ 121. 9� 42. 44 28, Q06. 8� ��9� 36, 2Q�0 11. 540 BE Note 0• 00 0. QQ 27, 684. B8 8/93 Q 2, 086. 74 727. 02 27, 884. 96 2/94 446, s'00 l i. 560 0. 00 0. 00 25 7 - BE Not e 25, 796. 14 + 96. 14 __------------------- 8,978.76 --------------- 2�,796.14 ____________________________ TOTAL 668,00Q =_____________________ 28, 006. 83 �_____"__ 9, 748. 22 481, 199. 05 Preflared by MILLER � SCHRO�DER MUNIC1pALS: 4/16/85 f60a, 000 G. 0. Tax lInc�en�ent dRedeveloomentaBonds of 1982� I Debt Service ScheCule I Issue Date: 8/Q1/82 Settlement Date: 8/01/82 First Cc�uoon: 8/01/63 Date Princieal Couoon =�s= Interest Debt Servic _________ 6/0�/83 �_=_� ___=__:: _=_____ =_=_ 2/Q1/84 �. 0Q 0. QQQ 5�� 377. SQ 0. �Q 0. Q0Q 26, 688. 75 5�, �77. SQ 8/01 /64 0. 00 0. 000 26, 688. 75 2/01 /85 26, 688. 75 � 26, 688. 75 8/01/85 5• Q�'0. �0 6. SQQ 26, 686. 7S 31, 68B. 75 0. 00 0. 000 2/0i/86 5, 000. 0Q 6. 750 26+ 526. 25 26, 526.25 8/Q1/66 �. 00 26, 526. 25 31� �26. 25 2/01 /87 0• Q@Q 26� 357. SQ 26� 357. SQ 10, 000. 00 7. 00� 26, 357. 50 36, 357. SQ� 8/01 /67 @. 0Q 0. 00Q 2/01 /88 I 0, Q00. 0Q 26, QQ7• SQ 26. 007. 5� 8/01/88 7•25@ 26, 007. SQ 36, Q07. 5Q 0. 00 .�. 0Q�0 25, 645. 0Q P/01 /89 25, Q00. 0Q 7. SQm �5, 645. 00 8/01/89 0. 0Q 0_ 0�� 25, 645. 00 SQ, 645. 0Q 2/Q1 /90 25, 0Q�0. 00 7. 7��, 24, 707. 50 24, 7Q�7. 50 6/01 /9Q 0. 00 24+ 707. 30 49� 7Q7. SQ 2/Q1l91 0• �0Q 2�, 7�'S. 0Q 23, 745. 0Q 25, 000. 00 7. 900 23� 745. 00 8/01 /91 0. 00 8. 000 22, 757. 5Q 48, 745. 0Qi 2/@1/92 25, 000. Q0 8. 10Q 2�, 7�7. 50 B/01 /92 0. 0� 22, 757. 50 47, 757. 50 2/01J93 0. 00� 21, 745. 0Q 21, 745. 00 50, 000. 00 8. 400 21. 745. 00 71, 745. 0� 8/01 /93 0. 00 0. 000 2/01 /94 50, 000. 00 g. 7�0 19, 645. 0� 19� 645. 00 8/01 /94 Q. 00 0. 000 19+ 645. 00 69, 6k5. 00 2/ Q� 1/ 95 50, 00@. 00 17, 470. 00 17, 470. 00 8/01/95 9• 000 17, 470. 0Q 67, 470. 0Q� 2/Q1196 �• �Q 0• 000 15, 220. 00 ]5� 220. 0Q 7Q, 000. Q0 9. 2�0 15, 220. 00 8/01 / 96 �. 00 �. 00Q 85, 220. 0Q� 2/�1/97 75, 00a. @0 9.400 12� 0Q0. 00 12� Q�00. 00 8/01/97 Q. 00 0. 000 12, QQQ. �0 87, 000. 00 2/01 /98 75, 0�0. Q►0 9. 600 8, 475. 00 8, 475. 00 8/01 /98 0, 00 0. 000 8, 475. 0Q+ 83, 475. 00 2/�! /99 1 Q►0, 000. 00 4, 875. Q0 4, 875. 00 -------- 9. 750 4, 875. 00 104, 875. 0Q� � ____________________________ TOTALS _________________________________=a 6QQ�, 000. 00 683, 796. 25 1, 283, 796. 25 Accrued Interest ta 8/Q1/82 = 0. 00 File: fridley3. dbt Arepared by MILLER & SCHRO�DER MUNICPALS: 4/17/85 I City of Fridley, Minnes�ta s60�, Q►00 G. 0. Tax Increment Redevelaement P��nds of 198� I I DETcRMINATION OF DEF=ASANCE RcQUIREMENTS TO CALL DATE Date Princioai Couoon Interest Debt Service __=_ _=_______ ===a� r=o===ss saz=oc=o==a: 8/01 /85 0. 00 0. 000 26, 526. 2S ' 26, 526. 25 2/01/86 5, Q►Q�O. 00 6. 750 2b, 5�6. 25 31, 526. 25 8/01 /$6 0. 0Q� 0. 000 26, 357. 50 26, :,57. SQ 2/01l87 10, 000. 00 7. 000 26, 357. 50 36, 357. 50 8/01 /87 0. 00 0. 00Q 26, 007. 50 26, �07. SQ 2/01/88 10, 000. 00 7.250 26, 0Q+7. S0 36, 0Q7.5Q 8/01 /96 0. 00 0. 00� 25, 645. 00 25 64�. 0Q 2/01/89 25, 0Q0. 00 7.50Q ' 8/01 /89 25, 645. 00 50, 645. 0Q 0. 00 0. 000 24, 707. 50 24, 707. 50 2/Q1/9Q 25� @00. 00 7.70Q► 24, 7@7. 50 49, 7@7. SQ 8l01 /90 0. 00 0. 000 23, 745. 00 23� 745, 0� 2/Q1/91 25, 000. 00 7. 90@ 23, 745. 80 48� 745. 0Q 8/01 /91 0. 00 0. Q�00 22, 757. 30 22, 7�7. SQ 2/ Q 1/ 92 25, 000. 00 8. 2 0Q 22, 757. S0 47, 757. 50 8/01 /92 0. QQ 0. 00Q 21, 745. 00 21, 74�. 00 2/01/93 50, 0Q�0. 00 8. 400 21. 745. 0Q 71, 745. 00 8/01/93 0. 00 0.000 19, 64�.0� 19 64�. 0Q► 2/01 /94 420, 0Q0. 00 6. 7�0 ' 19, 645. 00 439 645. 00 ________________________ ' s�assssso==me=sc==c=as�c====c�====�=c=c=ss TOTALS 595, 0Q�0. 00 . 434, 272. 50 1, 029. 272. 50 Call Date Call Priee Call Premium : : s 2/01/94 100. 0Q0 •. 00 File: fridley3.dbt Prepared by MILLER 6 SCHROEDER MUNICPALS: 4/�7/65 �odav•s Date: 4/18/85 Storaoe File: frid2ey3.ref :ssue: Citv of Fridley, Minnesota Fssuer; sE00,��0 G.O. Tax Increment Redevel�oment Bonds of �9g2 II Settlement: 5/s�►/85 Date 6/01/65 r/01/66 8/01/66 2/01/87 6/01/87 �/Q1/88 8t01/88 �/01/89 8/01/89 2/Q1/90 8/01/90 �/01/91 8/01/91 2/01/92 8/01/92 2/01/93 8/01/93 2/01/94 Amou»t to Defease 26, 526. 25 31. 526. 25 26, 357. 50 3E, 357. 50 26, 00�. 50 36, 007. SQ 2J� 6�IJ• 00 50, 645. 00 24, 707. 50 49, 707. 50 23, 745. 00 46, 745. 00 22. 7�7. 50 47, 757. S0 21, 745. 0Q 71, 745. 00 19, 645. 00 439� 64�. 0@ Couoon 8. 130x 9. 110% 9. 590% 10. 13@% 10. 420% i Q. 580% 10. 760x 10. 920% 11. 060% l i . i 5Q% l i. 230% 11.310% 11. 360% 11. 460X 11. 520% 11. �4Q�% 11. 550% 11. 560% 3: 3: 1: ls lt 1: 1: 1: lt 1: i: 1: lt 1: is 1: 1: 1: Prepared by MILLER d� SCHROEDER MUNICIPALS: 4/18/65 Tyoe Pc Cert PE Cert BE Not e BE Note BE Not e bE Note BE Nc+t e RE Note HE Not e bE Note BE Note bt Note BE Note BE NQte PE Not e BE Note BE Note PE Note s°Q�`• ��'Q G• 0• 'ax ir�cremen;, �eeeve:o�ment Citv c+f Fric+iey. l�innes�ta D=�=�S4V�_ FSCROW CASH F_OW Settlement Date: 5/30/85 Date orinciasl Can % Interest Tc+tal Pmt Pc�nCs cf :9B2 i I Pmt R�c' c+ 6/85 " 1�, 7Q� 0. 000 8, 808. 58 2/86 E, �Q,Q @. Q�Q , 26, SB3. 54 26. 5�6. 25 6/8E 25, �07. 2Q 31, 5Q7. 2Q sl, �26. 25 1, 1QQ Q►. Q0� 25, 307. 20 26, 4Q7. �Q � � �IB7 S S � 7�� V• �I�� CJ� 31G�7� �� . �� .SJ%• J� 8/87 @ �, s'7, 007. 2@ 36, �57. SQ 2/68 �`', �Q7• 2Q 25, 307. 20 c^6, 0Q7. 50 11, 100 0. 000 2�, 307. 20 36, 4Q�7. 2Q► 36, QQ7. g@ 8/88 0 25. 3�+7. 20 2�, 3@7. 20 ��G9 G�J� v�� Q• ��1L� �J 3�7� �� 7 6�IJ• �Q) 6/99 Q �+ 50, 6Q7. 20 50, 645. 0Q 2/90 2�, 3Q�7. 20 2�. 3Q7. 20 �4, 7Q7. 50 2'', eQQ 0. QQ� ��, 307. 2@ 49, 107. 20 49 7Q7. 5@ B/90 0 ��.3Q7.20 2., 307. ' 2/91 21, 9Q0 0. 0Q0 25, 307. 20 47� 207. 20 ��, 745. 00 6/91 0 25 307. 20 ' 48, 745. 0Q 2/92 19, 9Q►Q► Q. 0Q� �� 25, 307. 20 2�, 757. 5Q 8/92 �5 307.20 45.2Q7.2Q 47 757.50 0 2� 307.20 2� 307.2@ � 2/93 42, 900 7. 071 2�� 307. 20 ' 21, 745. @0 8/9s 0 ' 68, 207. 20 71, 745. 00 2/94 411, 600 i l. 560 23, 790. 46 23, 790. 48 19, 64�. Q0 23, 790. 48 4�5, 390. 48 439, 645. 00 ______________________________________ _ TOTAL __________ __________________________ 593, �00 435, 997. 54 1, 029, �72. 50 1, 029, 272 50 Pecinnine Cash = t74.96 At Yield = 9.675% Preaared by MILLER � SCHROEDER MUNICIPALS: 4/18/85 Cum. Pa �7. `� s8. 2• E�7. �� 737. 6• �7• �L 437. Q� � r 7� L• 61. 4� 6E::24 6?,. B4 16�?,. �� 65. c4 2E34. SL 84. E4 v646. �4 109. Q4 4c^�4 � JL @. 0Q s6��C�• 000 G. 0. Tax : ncrernent Reaeve: o�meni C:tY of Friciey. !r'innes�.�ta D:=�ASA1nC� ESC�Dw Itii��5; CASH Sett lernent Date: S/30/85 Date Princioal C�n % Normal .. TyDe Interest bonds of 29B� ;I =LOW 1 st Per. Tc+t a i I nt erest I r�t erest 8/65 - 17, 700 Q, 000 BE Cert 0. 00 � 2/86 . 6. 2QQ� Q. 000 BE Cert Q• Q� 8, 808. 58 8/86 1� 1 Q�0 0. 000 BE NQt e 0• 00 0. Q0 2�. 3Q7. 2�► �/87 i l, 700 0. 000 Bc Note 0. Q�Q► 0. 00 2�, ?.�,7. �0 8/87 0 0. 00 0. 01Z► 25, 307. c^�' 2/88 12, 100 0. 000 BE Note Q. �Q 0. QQ c^5, 3Q�7. �Q 8/68 0 0. Qr0 0. 0Q� c^5. �Q�7. 2S 2/89 2�. 3Q0 0. OQ�Q PE Note 0. 00 0. 00 25, 307. 2@ 6/89 � 0• Q�' 0. 0Q 25, 307. 2S 2/90 ` �,?�, 800 Q. 000 P� Note 0. 00 0. 0Q 25, 3Q7.20 8/90 � @• 0� 0. Q►0 25, 3Q7. 2Q 2/91 P: � 900 0. 00@ BE Note 0. 00 0. 0@ 2S, 3Q7. 20 6/91 0 0. 00 0. 00 2�, 307. 2Q+ 2/9c 19, 90� 0. Q►a0 BE Note 0� 0Q @• QQ 25, 3a7. 20 8/92 0 0. 00 0. Q0 2�, 307. 20 2/93 4c^, 90+� 7. @71 bE Note 0• @Q 0• Q�' 2�, 307. 2@ S/93 @ 1, 516. 72 �27. 91 25, 307. 20 2�94 411 600 @. 0Q 0. 00 �3, 790. 48 , 11. 560 BE Note 23, 790. 48 8, 2BQ�. 66 --------=----------------------- __ 23,790.48 ---------------------------------------------------- TOTAL --' ------------- ------------ 593,200 25,307.2Q -r------------------------- 6, 808. 57 435, 997. 54 Prepared by MILLE�2 d SCi�ROEDER MUNICIPALS: 4/18/85 Valuation Date = Date e�¢�i�es 2/0I/8 8/Q1/6 �/0I/B B/01/8 2/01/8 8/Q1/B 2/01/6 8/01/8 2/01/9 6/01/9 2/01/91 6/01/91 2/Q1/92 6/01/9 2/QI/93 8/01/93 2/01/94 TOTALS ��OOF OF YIE�D Combined Defeasance Escrow Cash Fiow �/30/BS 9.674976640625X aresent Payment P. V. Fact or Va 1 ue 144, 757. 69 0. 9841179�8�69 142, 45A. 84 6 229, 880. 66 0. 9s87080?,75Q6 215, 790. 8E 6 147, 580. 66 Q. B95393473834 1 s'2, 142. 76 7 22E, 780. 66 0. BJ4IZ�7%JS�94Q 193, 686. 27 7 146, �6a. 66 0. 614668081501 119, 17Q. 1 A B 2�5, 18�. 66 0. 777077Q61634 198, 295. 04 6 14�, 560. 66 0. 741220594534 1 Q+7, 9Q7. 38 9 2E 1� 180. 66 0. 7Q701864's177 184, 659. 60 9 144. 88@. 66 0. 67439486s671 97, 706. ?7 Q 1, 686, 480. 66 0. 64's27643483� 1, 213, �28. SS 0 54� 5�@.77 0. 61�59�B95663 33� 441.34 iQ6, 5a0. 77 0. JBJ�80�90265 62, 332. 86 5;s, �Q►0. 77 0. 558c7451998� 29, 7@0. 63 iQ�7� 800.77 0. 5.�c^514202a16 57, 4Q5. 44 2 53, 142. 30 0. 50794�5s63b6 26, 993. 23 132. 342, 30 0. 484504674462 64. 120. 46 49. 586. 62 0. 46214B�99833 �2, 916. 37 9Q7, 486. 62 0. 4408�3�09633 400. 041. 44 _________________________________________________ S, 053, 144. 7S 3, 3@�, 300. 00 Total Payraents Valued = 5,0�3,144.75 Present Va1ue of Payments = 3,302,300.00 Q uot ed Pr i ce = 3, 302. 300. 00 Accrued Interest = 0.0� to 5/30/85 Fi2er�arne: fridley.emt Pre�ared by MILLER b SCtiROEDEFt MUNICIPALS: 4/1B/8� u 0 CitY Of �r1C1eY. Mir�neSCta f4, 000, @QQ Tax Increrner,i Revenue Refuncin� Ponds of 1985 Sc+urces: 1�85 Refundinc Kevenue bonds Less: Pond Discount (3X) A�d: Accrued ir�terest to 5/sQ/95 Total S�urces Uses: Defeasance escrow securities berinning cash �ro � ect cc+st s Estimated iss��ance exoenses Est imated insurar�ce exaenses 1.90%) Accrued interest to bond fund BaIance availa5le to City Total Uses 4. Q60, 000. @� (121, 8Q@. 00 ) �6. 363. 82 ------__---- 3,964,563.82 ____________ 3. 3Q��, 30Q. @Q 196. 39 SQQ, Q00. Q� 70, OQ�. Q0 E�, 945. QQ 26, 363. 8� 2, 768. 61 3, 964, 5b3. 82 __�===._c=css t CITY Or r�ID��Y. MiNNESOTA - Tax Increment Revenue Refun�ino Bands of 1985 Debt Service Sc�edule . Issue Date: 5/Q1/85 Seitlernent Date: 5/30/85 First Couoon: 6/�1/85 Date Princioal Cc�uaon Interest Debt 5ervic� _�__ _________ ______ ________ ___________ 2/0:/86 180, 000. 0Q 5.500 245, 456. 25 425.456. 25 2/01 /67 190, 00@. Q0 6. 000 a'17, 37�. 00 5Q7, 37�. Q0 2/01/66 2Q0. 000. 0Q 6. S0Q 305. 97�. Q�Q 50�, 975. 0Q 2/01 /89 210. 000. 00 7. 000 29�, 975. 00 �Q2� 975. 00 2/Q1/90 22�. 000. 00 7.25Q 278.275.0Q J�J� P%J. 0Q 2/01 /91 245, 000. 00 7. SQ� 261, 962. 50 SQb, 96�. 50 2/01/92 260, 000. Q0 7.750 243.587. 50 �0.3. 587. 50 2/01 /93 26@, 000. @0 8. 0�Q 223, 437. S0 503, 437. SQ 2/01 /94 3Q��, Q00. 00 6. 250 201. 037. 50 506, Q37. S0 ' 2/QI /9� 330, 000. �Q 8. S00 175, 675. 0Q 505, 875. 00 2/01 / 96 360, Q00. 00 6. 75Q 147, 825. �0 SQ7. 625. 00 21@ 1!97 39�, Q►�►O. 0i� 9. Q00 1� 6, 32�. 00 506, 32�. 0Q 2/ Q►1 / 96 4c^.�.i, 000. 0Q► 9. 1 Q►Q 81. 225. 00 .$i06, 225. 00 2/01l99 46Q, Q00. 00 9. 2S0 42, 550. 00 �02, 550. 0Q r==cnc====�cccc�==�.=c_=as=s=s==a====s�c=a==cs==oc=ca=cs=cx=�==xmas TOTALS 4, 060, 000. 00 2, 933, 881. 25 6, 993, 861. 2� Accrued Interest to S/30I85 s 26,363.82 Total Bond Years � 3429@, 6ross Interest Cost � s 2. 93s', 881. 25 Averane Coupon 8.�56x NIC = 8. 911% Averaoe Life = 8.45 Years D i scount C� 97. 0Q0 121, 800. 0@ File: fridref.dbt ?reaared by MILLER � SCHROED�R MUNICPALS: 4/�B/A5 �:iY OF r�ID��Y. MINN�SOTA Tax Incrernent r�evenue �eFuncine bcmes oT 198� Pr�00r OF Y I �_D Vaivatirn Date = Date B/01/65 �/01/86 8I01/86 2/01/87 8/01/87 2/01/88 B/01/86 �/01/89 B/Q1/89 2/0i/90 8/@1/90 2/0I/91 8/Q1/91 ^c/01l92 9/�1/92 2/Qi/93 8/Q�1/93 �/Q1/94 8/Q1/94 2/01/95 8/01/95 2/Q+1 /96 6/Q+1/96 2/Q1/97 B/Q1/97 2/01/98 8/01/96 2/Q1/99 TOTALS 5/30/85 Payment 9.b49i77110Q91% Present P. V. Factor Va 1 ue 61, 618. 75 0. 98415B96157: 80, 522. 66 � 34s. 6�7. 50 0. 9.�6862716�16 �c^2, 62B. 44 �58, 687. 50 @. 895651231507 142. 128. 65 34B. 6B7. 50 0. 8544�8568577 297, 9�8. S6 15�, 9B7. 50 0. 81 � 1 a3193205 1�4, 700. 60 ,:.52, 967. �0 Q. 777�8776�Q66 c^74, 476. 77 146, 467. SQ 0. 74179903@919 108, 664. 29 3�6, 487, 50 0. 7076�7469E,30 2�^c, 271. 04 139, 137. SQ Q. 675087285707 93, 929. 96 364, 1s7. SQ 0. 6440161559�� 34, .�,10. 4s 1's0� 961. 25 0. 614375Q�85876 6Q, 471. 62 375, 981. 25 �. 586Q98c^�6473 22a, 361. 9E 121. 793. 75 0• JJ9I �2B78�BB 68, 097. 67 361 � 793. 75 Q. �33369Q50981 203, 644. 61 i l i, 718. 75 0. 5P8639b32316 S6, 846. 93 391, 718. 75 0. 485420109280 190, 1k8. 16 1Q+�, 518.75 0. 463Q�78478026 46, 548. 07 4Q+5, 51 B. 75 0. 441765128212 179, 144. Q4 87� 9,37. 50 0. 4214s27's�818 37, 059. 74 417, 937. 50 0. 4Qc�36143Q72 1 b6, 02�. 96 73, 912. 50 0. 38��s'22BB 191 26, 347. 63 433, 912. 50 0. 36588Q079739 158, 759. 94 �8, 162. 50 0. ,349040s20s'69 20, 3Q1. 06 448, 16�. 5@ 0. 3.32975616885 149, 227. 18 40, 612. 50 0. s' 1765Q�297@ l i 12, 900. 57 46�, 612. SQ 0. JQ�31Z�3Q�3J0J%J 141, 094. 71 21, 275. 0Q 0. 289083252B42 6, 15�. 25 481, 275. 00 0. 275778094459 132, 725. 1@ ________________________________ ______________a: 6, 993, 881. 25 Total Paymer�ts Valued = 6,993,881.25 Present Val ue c+f Payments = 3, 631, 618. 82 R uot ed Pr i ce = 's, 805. 2�5. 00 Accrued S nt erest = 26, 363. 62 to 5/3Q/85 Filename: fridref.dbt Preoared by Mi!LER � SC�ROEDcR MUNICIPALS: 4/18/85 � � 8.� i � 618. 82 CI ; Y 0� rRID==Y. MI!�N_SO'4 � s4. Q+6��. @0@ 'i ax Increment Revenue Refunc in= Bc+nes c+f 1985 Investment in escroweC ob'_igations: Princioai amount of direct issue securities 3,3�2,3Q0.Q@ � _____=__=___ Yield used to ciscount future escrow recieots from investmer+t in escrawed c►blioations aurchased with 1'98� 6.0. Refuncine Bc�r�d proceeds to the orincipai amount of direct issue securities 9.67497664Q+62X ________________ Escrow accaurit yield limita Yield on refundinp bonds Escrc+w account yield ad�ustment tl) ti) Calculated as follows: 9. 64917711 @Q9% 0.06�957�746ix 9.7i2i3468470x ______________s� Yield on refunding bonds x 25.00@ N Net aroceeds of refundin� bGnd issue 0 , , -. _', f � Presentation to MUNICIPAL BpND INSURANCE ASSpCIATION AMERICAri �DNICIPAL BpND ASSIIRANCE CORPORATiON FINANCIAL GUARANTEE INSIIBANCB COMPANY Concerning �4,060,000 � Housing and Redevelopment Authority in and for the City of Fridley, Anoka County, Miru�esota Taa increment Revenue Bonds of 1985 * Estimate; subject to change April 18, 1985 s i Y 1 L Presentation to MIINICIPAL BOND INSIIRANCE ASSOCIATION " AMERICAN MDNICIPAL BpND e1SSURANCE CORPORATION FINANCIAL GUARANTEE INSURANCE COMPANY Concerning �4,060,000' Iiousing and RedeveloQment Authority in and for the City of Fridley, Anoka Co�nty, Minnesot8 1'az Inctement Bevenue Bonds of 1985 TABLE OP CONTENTS Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description of Refunding . . . . . . . . . . . . . . . . . . . . . . The Bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . Tax Increment . . , . . . . . . . . . . . . . . . . . . . . . . Genera 1 . . . . . . . . . . . . . . . . . . . . . . . . . . Assessor's Market Value . . . . . . . . . . . . . . . . . . . Assessed Value . . . . . . . . . . . . . . . . . . . . . � . . CaQtured Assessed Value . . . . . . . . . . . . . . . . , . . Tax Incre ment . . . . . . . . . . . . . . . . . . . . . . . . . Type of Districts . . . . . . . . . . . . . . . . . . . . Metropolitan Fiscal Disparities Act. . . . . . . . . , . . � , � � Contribution to :Vletropolitan Pool. . . . . . . . . . � . � � Reallocation of 14etropolitan Pool. . . . . . . . . . . . . . � Assessed Valuations, Tax Levies and Tax R,ates . . . . . . . . . . . Effect on Tax Increment . . . . . . . . . . . . . . . . Summary of the Resolution . . . . . . . . . . . . . . � � 'I7ze City . . . . . . . . . . . . . . . . . . . . . . . . . . � Location; Transportation. . . . . . . . . . . . . � General Information on City Property�Taxes . . . . � � � � � � � . . . . . . . . . . Tax Levies, Rates, an6 t;ollections . . . . . . . . . . .. . . . . . Levy Limits . . . . . . . . . . . . . . . . . . . Assessed Valuations and Estimated ;Vlarket Valuations . . . . � • � � Statistical Information . . . . . . . . . . . . . . . . � . � . Valuations . . . . . . . . . . . . . . . . � . . . . . Larger Taxpayers . . . . . . . . . . . . . . . . . . . . . Employment . . . . . . . . . . . . . . . . . . . . . . . . . The �uthority . . . . . . . . . . . . . . . . . . . . . . � . � . � Redevelopment Project No. 1 . . . . . , . . , � � , . Tax Increment Financing Districts. . . . . . . . � � . . . . . , Tax Increment District No. 1 . . . . . . � � � Tax Incre ment District No. 2 . . . . . . . . . . . . . . . . . • � � . . . Tax Increment District No. 3 . . . . . . . . . . . . . . . . . . . . Tax lncrement District No. 4 . . . . . . . . . . . . . . . . . . . . Tax Increment District No. 5 . . . . . . . . . . . . . . . ..... Estimated Tax Flow Projections . . . . . . . . . . . . . . . . . . . Description of Revenues . . . . . . . . . . . . . . . . . . . . . •Fstimate; subject to change Paxe 1 1 2 2 3 3 3 3 3 4 4 4 4 5 5 7 ? 7 9 9 11 11 13 13 14 14 15 1� 16 16 16 17 17 1? � s INTBODDCTION 'fiis report is furnished to bond insurecs in connection with the anticipated issuance by the Housing and Kedevelopment Authority (the "Authority") in and for the City of Fridley (the "City'� of $4,060,000� Tax Increment Revenue Bonds of 1985 (the "�3onds") as preliminary information which such insurers may wish to evaluate in their anelysis of the 3onds. ' The proceeds of the Bonds will be used (a) to refund various outstanding series of general obligation bonds (the "Outstanding 13onds") of the City, all of which were issued to pay the cost of redevelopment of Redevelopment Project No. 1 of the City; (b) ta provide additional money for payment of redevelopment costs; (c) to fund a reserve to secure payment of the Bonds and (d) to pay costs of issuance of the Bonds. 't�e Bonds will be revenue bonds of the Authority secured solely by tax increment from five districts (the "Districts") located within the ProjecG 'IT�is report contains information concerning the statutory requirements and methods by which the Authority receives tax increment collections from the Districts, historical information on property tax collection rates, mill levy history and assessed valuations of taxable property in the City, as well as project descriptions and other general information concerning the Districts. 'Ihe report aLso contains cash flow projections from the Districts and estimates of the annusl debt service requirements on the Bonds prepared by Miller �C Schroeder Municipals, Inc., underwriter to the City, and a summary of the draft resolution and the annusl report of the City from December of 1984. DESCRIP'TION OF REFIJNDING Under ;Viinnesota Laws 1984, Chapter 462, the Authority is authorized to issue and sell revenue bonds pursuant to the provisions of the tifinnesota Tax lncrement Finaneing Act to refund the principal of and interest on the Outstanding Bonds for the purpose of relieving the City and the H�tA of restrictions on the application of tax increments and for other purposes authorized by law. 'R�e Authority is undertaking the refunding of the Outstanding Bonds for e number of purposes, including the elimination of outstanding general obligation debt from the City's financial statements, the modification of the pledge of tax increments within specific Districts, which will permit greater flexibility in the application of tax increments to support additional debt to finance new projects in existing project areas or expanded project areas or to return unobligated tax increment for distribution to other taxing jurisdictions. � 'It�e following tables provide information about each District and identifies the Outstanding Bonds by District. 'Estimate; subject to charge -1- INFOitMATION ON DLSTRICTS Fstablishment of District .. Plan F.n,ablir�g District- Approved Le�islation #1 May 15, 1979 �2 May 4, 1981 �3 November 23, 1981 �4 December 19, 1y83 �5 February 27, 1984 District Yeat �1 1981 1982 1982 #2 �3 �4 �5 462.411-462.716 462.411-462.716 462.411-462.716 462.411-462.716 462.411-�462.716 Legal Project District E�ira- Size Size Base tion (Ac) (Ac) Year Date 962.14 962.14 962.14 962.14 962.14 • . : . ..: Term Amount Years 52,200,000 18 625,000 17 620,000 1? -0- -0- -0- -0- TIiE BONDS 78.00 64.12 168.91 17.76 2.6? 1979 2004 1981 2006 1961 2006 1983 1993 1984 1994 Final Interest Payment Rate Year 9. 999�6 1999 10.70 1999 9.75 1999 'I2ze Bonds shall be dated , shall be issued in denominations of $S,U00 or any integral multiple thereof, shall bear interest payable semiannually on February 1 and August 1 of each year commencing , and shall mature serislly on February 1, of each year from to The Bonds maturing on or after , shali be subject to redemption prior to maturity at the option of the Authority at par and accrue interest on , and any interest payment date thereafter. TAR INCAEMENT General. '17�e 1�iinnesota Tax Increment Financing Act (Minnesota Statutes, Section 273.71 et. seq.) provides that all or a portion of the property included within a project area designated for development or redevelopment (the "Project'h, may be specially designated as a tax increment financing district (a "District"). Tax Increment from the District is then available to pay the costs of development or -2- redevelopment of the Project. Following is an explanation of how the Tax Increment of a District is calculated. Assessor's tVlarket Value. 'It�e Assessor's :Viarket Value of taxable real property for ad valocem tax purposes in Minnesata is established as of January 2 of the year of assessment. Through a statutory process consisting of city appraisal with a mechanism for individusl appeals, an Assessor's Market Value is assigned to each pac�el of property and the structures, if any, upon it. At least one-fourth of all existing real estate in a taxing unit must be inspected and reappraised by the local assessor each year; and the other three-fourths is reappraised by computec projection. Each year the appraisal and review process is completed by November 15th. Assessed Value. Assessed Value on taxable property is determined by multiplying the Assessor's Market Value for such property by a statutorily prescribed percentage. Assessed Value depends upon the property's tax classif ication. �linnesota law treats different types of real property differently for assessment putposes. The result is that some classes of property bear a greater share of the property tax burden than others. For example, residential non-�omestead property having four (4) or more units is assessed at 34 percent of Assessor's Market Value, and Commercial/Industrial Property is assessed at 43 percent of Assessed Market Value (except the fint �50,000 of Assessor's Market Yalue of Property within tl�e City owned by a single taxpayer is assessed at a lower value). Captured Assessed Value. CaQtured Assessed Value is the Assessed Value of the property eomprising a Ta1c Increment District in excess of the Original Assessed Value. The Original Assessed Value is the Assessed Value of the property comprising a Tax Increment District on the date of certification for tax increment financing purposes (subject to adjustment for economic development districts as further described below). Captured Assessed Value increases can be the result of reevaluation, inflationary growth, or the construction of real estate improvements. Tax Increment. 'IT�e annual Tax Increment is determined by multiplying the Captured �ssessed Value times the combined Mill Rate computed for taxes levied by all taxing authorities upon the taxable real property in the District, which includes the City, the County, the school district, and certain special taxing districts The combined Mill Rate for such taxes is determined by the County Auditor. Each of the taxing authorities submits its tax levy to the County Auditor. The County Auditor determines the Mill Rate for each taxing authority by computing the rate at which taxabte �ssessed Yalue, excluding Captured Assessed Value, must be taxed in order to generate the tax dollars required by ti�at taxing authority. 'I7�e combined iNill Rate is then applied against the Assessed Value of all taxable property, including the Captured Assessed Value. The taxes generated by application of the Mill R.ate to the Captured Assessed Yalue is the Tax Inerement. 'I�pe of Districts. 'Itie Tax Increment Financing Act provides that a Distriet shall be designated as a housing district, a redevelopment district, or an economic development district. '1?�e designation is dependent upon the condition of land or ultimate use thereof of the property which comprises the District. Tax Increment may be collected from a redevelopment district or housing district foc 25 years, and from an economic development district for the sooner of ten years after creation of the district or eight years after the first receiQt of Tax Increment. An additional -3- limitation on economic development districts is that the original assessed value of the District is increased annually by an amount equal to the original assessed value for the preceding year multiplied by the average percentage increase in the assessed valuation of all property included in the District during the five years prior to creation of the District. Fcidiey Tax Increment Districts #2 and �3 are redevelopment districts, and Districts �4 and �i5 are economic development districts. District #1, because it was created prior to the effective date of the Tax Increment Financing Act, is exempt � from certain of its provisions. 'It�e final date until which Tax Increment may be collected from District �1 is August 1, 2009. MET80POLiTAN FLSCAL DISPARTIIF.S ACT Tt�e .l�Ietropolitan Fiscal Disparities Act (Minnesota Statutes, Chapter 473F) was adopted by the State Legislature in 1971 and was implemented in 1974 following a ruling by the State Supreme Court that the Act was constitutionaL Generally, the objective of the Yletropolitan Fiscal Disparities Act is to spread among the various municipalities in the seven-county metropolitan area in which the City is located the increase in tax base resulting from industrial and commercial development. 'It�e following discussion summarized the operation of the 1�ietropolitan Fiscal Disparities Act. Contribution to 1+letropolitan PooL Pursuant to the provisions of the ,Vietropolitan Fiscal Disparities Act, each municipality in the seven-county area is to "pool" (i.e., contribute to an areawide tax base) 40 percent of the amount by which the assessed value of commercial/industrial property subject to taxation therein exceeds the 1971 assessed value of commercial/industrial property subject to taxation therein. The total areawide tax base (the "Metropolitan Pool") is determined by ag;regating the contribution of each municipality within the seven-county area. Reallocation of Metropolitan Pool. 'It�e ,1Retropolitan Pool is then reallocated among all municipalities in the seven�ounty area basically in direct proportion to population and in inverse proportion to fiscal capacity, where fiscal capacity is measured by the market value of real property within the municipality divided by its population. Municipalities with large populations and low fiscal capacity are thus favored in the reallocation over those municipalities with small populations and large fiscal capacity. Assessed Valuations, Tax Levies and Tax R.ates. Each municipality's official assessed valuation for purposes of levying taxes is determined by addition (1) ail residential assessed value and all commercial-industrial assessed value therein, exclusive of the contribution to the Vletropolitsn Pool (collectively, the "lxal assessed valuation"), and (2) the municipality's share of the l�fetropolitan Poo1.11ie tax levy of the municipality is similarly divided by the County Auditor into two components: (a) that portion which will be raised on the local assessed valuation; and (b) that poction which will be raised on the 1+Ietropolitan PooL The tax levy of the municipality is basically divided in the same proportion as the municipality's share of the lrietropolitan Pool bears to the local assessed valuation. The municipality's lxal tax rate is determined by dividing the local levy by the local assessed valuation. The other portior► of the municipality's tax levy, i.e., the levy which w�11 be raised on the 1�Ietropolitan Pool, is added with the comparative levies for every other -4- municipality in the seven�ounty area to arrive at the total dollar levy on the �Ietropolitan PooL 'I?�e areawide tax rate is then determined by dividing the total levy on the Metropolitan Pool by the total assessed value of the Metropotitan PooL The tax rates determined above are applied to sll taxable property in the municipality. All residential property and the "local" portion of commercial- industrial property are subject to the local rate. The portion of the commercial- industrial property in the municipality contributed to the Yietropolitan Pool is subject to the areawide tax rate. When the areawide tax levies have been collected, they are channeled through each county to the State Treasurer and distributed to the municipalities. Effect on Tax Increment. A portion of the commerciel-industrial propecty tax base in one of the Districts Tax Increment District No. 2) contributes to the Metropolitan PooL 'Therefore, with respect to the District, the Captured A.ssessed Value does not include that portion of current Assessed Value which is contributed to the Metropolitan PooL SDmMAitY OF THE RESOLOTION 'IT�e Authority will authorize the issuance and sale of S ' T� Increment Revenue i3onds of 1985 by resotution of its I3oard of Commissionecs. A draft of the form of ftesolution is attached as an appendix to this report. Some of the provisions of the Besolution are hereinafter summarized. 'I?ie Kesolution provides for deposit of the proceeds of the Bonds in the amount of � , together with additional Authority funds in the amount of s , in an Escrow Fund to be established pursuant to an Escrow Agreement to be entered into with . Amounts on deposit in the Escrow Fund will be applied to payment of principal of and interest on the Outstanding Bonds. The remaining proceeds of the 13onds will be applied in the amount of = to pay expenses of the transaction, in the amount of g to deposit into the Debt Service Account held by the Authority for the Bonds, and in the amount of S to deposit in a Project Account. 'IT�e Resolution creates a Debt Service Account which is pledged for payment of principal and interest on the 13onds. 'I�te Authority will deposit S of the proceeds of the Bonds into the Debt Service Account to provide an initiel reserve. Thereafter, upon receipt by the Authority of an instaliment of Tax Increment derived from the pledged Districts, there is required to be deposited into the account such portion thereof as shall be necessary to pay any due but unpaid principal and interest on the �ionds and restore or maintain a balance equal to the Basic Reserve Requirement (defined below), plus (a) with respect to Tax Increment received from February 2 through August 1 of each year, that portion of tax increment which, together with amounts then on deposit in the account in excess of the Basic Reserve Hequirement, equal at least onefielf of principal due on the next February 1 principal payment date, plus interest due on such August 1 and (b) with respect to Tax Increment received from August 2 through February 1 of the following year, that portion of Tax Increment which shall, together with amounts then on deposit in the account in excess of the �3asic Reserve itequire ment, equal at least the principal and interest due on the February 1 principal and interest payment date. * "r'.stimate; subject to charge - 5 - � Tax Increments not required to be deposited into the debt service account may be retained in funds or accounts for the payment of redevelopment costs of the Project oc for othec lawful purposes. All income received from investment of amounts in the debt service account shall be credited to such account. The Authority shall cause all principal and interest on the t3onds to be paid from the Debt Service Account. . �'ursuant to the resolution, the Authority cavenants to maintain amounts in the Dedt Service Account equal to 125 percent of the average annual principal and interest payable on the Bonds and any parity obligations permitted by the Besolution in any succeeding one year period comsnencing on February 2(assuming mandatory redemption of principal in accordance with any schedule therefor set forth in the resolution authorizing issuance of such bonds or obligations (the "Maximum Reserve Requirement"); provided, however, tt�at if the aggregate Tax Increment derived in tt�e preceding calendar year from all Districts which remain pledged under the Resolution equals at least the Maximum Reserve Requirement, such amount may be, if less than _ the Maximum Reserve Requirement, the maximum principal and interest due on the Bonds and any parity obligations permitted by the Resolution in any succeeding one year period commencing on February 2(assuming mandatory redemption of principal in accordance with any schedule therefor set forth in the resolution authorizing issuance of such bonds or obligations) (the "Minimum Reserve Kequirement"). The lesser of the Maximum R.eserve Requirement and the Minimum Reserve Requirement is referred to as the "Basic Reserve ftequirement." All Qualified Investments comprising the ttasic R.eserve Requirement shall mature in twelve (12) months or less. 'tY�e Resolution provides for release oi the pledge to the Bonds of Tax Increment derived from any District oc Districts or specific portions thereof, provided that (a) the Tax Increment derived in the two preceding calendar years from the Districts or portions thereof which remains pledged hereunder equals at least 125 percent of the maximum princiQal and interest on the Bonds (assuming mandatory redemption of principal in accordance with the schedule set forth in Section 2.02 thereof) (and any outstanding parity obligations permitted by Section 6.04 thereof) due in any succeeding calendar year, after reducing the amount of principal and interest due on the next interest payment date by any amounts then on deposit in the Debt Service Account in excess of the Basic Reserve ftequirement, and (b) the shall have furnished the 13oard of Commissioners a written estimate that the Tax Increment which will be received by the �uthority for the remaining period over which Tax Increment may be received from remaining Districts or portions thereof, based upon the most recent determination of Captured Assessed Value for the remaining Districts or portions thereof and application of the most recent mill rates for property taxes levied on such property, will be sufficient ta pay when due 125 percent of the principal of and interest on the Bonds (and any prior or parity obligations permitted by Section 5.04 thereof) to their scheduled maturity or mandatory redemption dates. 'lt�e Resolution provides for the pledge of the Tax Increment to be derived from any District or Districts or specified portions thereof to the payment of principal of and interest on any obligations of the City or the Authority issued on a parity with the pledge of the Tex Increment frorn such District or Districts to the Bonds, provided that (a) the sum of (i) the Tax Increment derived in the preceding calendar year from the District or Districts or portions thereof which are subject to a parity Tax Increment pledge ]ess the maximum annual debt service on such parity obligations, -6- and (ii) the Tax Increment derived in the preceding calendar year from the Districts or portions thereof which are not subject to a parity Tax Increment pledge, eque.Ls at least 125 percent of the maximum principal and interest on the Bonds due in any succeeding calendar year (assuming mandatory redemption of principal in accocdance with the schedule set forth in Section 2.02 thereof), and (b) the shall have furnished the Board of Commissioners a written estimate that ' the Tax Increment which will be received by the Authority in each year for the remaining period over which Tax Increment may be received from the Districts or portions thereof which are not subject to a parity Tax Increment pledge and (iiJ the Tax Increment which will be received by the Authority in each year for the remaining period over which Tax lncrement may be received from the Districts or portions thereof which are subject to a parity Tax Increment pledge reduced by the annuel debt service on such parity obli.gations, computed on the basis of the most recent determination of Captured �lssessed Value for such Districts or portions thereof and epplication of the most recent mill rates for property taxes levied on such property, will be sufficient to pay when due 125 percent of the principal of and interest on the Bonds to their scheduled maturity dates or mandatory redemption. 'I�e Authority or • the City may grant a pledge of or lien on the Tax Increment of any District or portion - thereof which is subordinate to the pledge to the Bonds under this R.esolution. '11�e Authority shall not pledge or permit the pledge of any Tax Increment (other than Tax Increment released pursuant to Section 5.03 thereot� from a District or portion thereof which is prior to the pledge to the 13onds thereunder. THE CTTY General tnformation Location; Transportation 'Ii�e City of Fridley, with a total land area of 6,7'lU acres and a population of 30,228, is located at the north boundary of 1�iinneapolis and Columbia Heights, about eight miles from the Minneapolis central business district. Freight service is provided to the area by local and interstate truck lines and the Burlington Northern liailroad. Transportation within the metropolitan area is available through the \�fetropolitan Transit Commission facilities. Highways secving Fridley include Interstate i694 (beltline around the metropolitan area) and State Highways �64 and #47. Commercial airline service is available at Minneapolis/St. Paul International Airport, approximately 25 miles south, and private business aviation facilities are available at the Anoka County and Crystal �irports, both operated by the �ietropolitan Airports Com mission. GENBRAL INPORMATION ON C1TY PBOPSRTY TAXFS Tax Levies, Rates, and Collections In t�ctober of each year the City Council adopts the City budget for the ensuing year and levies taxes upon all property within the City which will be sufficient to defray the expenses of the City. Taxes on real property become due on January 1 of each year. Onefialf must be paid by �Ilay 15 and the other half by October 15 of each year. Set forth below are the tax rates established by the governmental units taxing real and personal property located within the City per i1,000 of assessed valuation for -7- the years 1980 through 1984. Certain governmentaI units, including the 1�tetropolitan Council, the �Ietropolitan Transit Commission, and the .1+Ietropolitan �Iosquito Control District, have been aggregated into the category designed "Other" in the table. TAX RATFS IN MILLS Governmental IInit 1985 1984 1983 1982 1981 County City School District No. 11 School District No. 13 School District No. 14 School District No. 16 Misceilaneous Metropolitan Council Metropolitan Transit District Metropolitan Mosquito Control North Suburban Hospital District R. C. W.S. Vx � 916 Amount Taz Year of Levy 27.123 26.088 14.174 14.340 49.065 55.225 56.22? 58.08y 54.069 62.432 .458 .577 3.380 3.620 .360 .360 .126 .223 .956 Total Colleeted Following Year 26.594 14.y08 45.474 61.140 .548 3.329 26.113 27.910 14.278 15.722 46.847 37.996 64.395 50.022 .465 .468 2.753 3.040 .250 2.9�0 .324 Colleeted % Col3ected to Date (1 to Date 1y80/81 �2,779,805 $2,518,946 �2,776,943 99.9% 1981/82 2,y20,?y3 2,841,006 2,874,936 98.99�6 1982/83 3,159,10� 3,094,228 3,106,565 98.39�6 1983/84 3,153,252 3,061,463 3,061,463 97.196 19d4/85 --------------inprocessofcollection------------- Property taxes in tiiinnesota are collected in two installments-the first by June 1 and the second by November 1. In the months of February, July, and December, the County 'I�easurer settles accounts with the aQQropriate political subdivisions, based upon their respective tax rates and assessed valuation. Taxes levied on both real and personal property which are delinquent constitute, pursuant to state law, first and perpetual liens thereon (with certain exceptions for personal property). Delinquent property taxes are withheld from the political subdivisions in which such property is located in proportion to the tax rate and levy of each and the County retains the responsibility of enforcing the collection of such delinquent taxes. 1Qobile home taxes are collectible in full by August 31. Minnesota Statutes require that levies (taxes/special assessments/revenues) for debt service be at least 105 percent of the actual debt service requirements to ellow for delinquencies. (1) Collections include abatements, cancellations, and mobile home tax collections. -8- Lev�Limits Taxes levied by Minnesota cities are limited by �iinnesota Statutes, Section 275.�1, Section 426.04 and Section 275.11. In addition to statutory limitations, cities operating under a home rule charter may be subject to limits contained therein. 'I?�e City .of Fridley is a home rule charter city but its charter does not contain any levy limitations. Sections 275.50-.56 establish an overall levy limitation which does not apply to certain "special" levies defined therein, which "specisl" levies include taac levies made to pay the costs of prineipal and interest on bonded indebtedness. 'I?�e overall levy limitation under Sections 275.50.56 for the City of Fridley has been computed for 1984/85 by the Ylinnesota Department of Revenue as follows: 1984/85 levy limitation �3,176, 608 Levy certif ied to County Auditor 53,163, 427 (before final adjustments) Less "specisl" levies S -0- Levy subject to levy limitation 53,163, 42? Section 275.11 establishes a per capita levy limitation which applies to taxes levied by and for any city for any and ell general and speciel purposes, subject to certain exceptions including debt service for certain types of bonds, levies for shade trees, group insurance, and pensions. 'Il�e per capital limitation contained in Section 275.11 applies to levies made to pay the costs of principal and interest on general obligation bonds including the bonds of this offering. 'Rie basic Qer capita levy limit contained in Section 275.11 is currently ;252.18, computed on the population of the City according to the last �tate or Federal census or a population estimate approved by the State Demographer. lriultiplying the 1y80 U.S. Census for the City of Fridley (30,228) by y252.18 results in a limitation of �7,622,899. � County Auditor will not levy amounts greater than those permitted by Section 275.11. If a levy which exceeds the limits of Section 275.11 includes a levy for bonded indebtedness (which will ge�erally be for general obligations only, and cannot apply to tax increment revenue bonds) or judgments, the County �uditor will reduce the levies for other purposes prior to reducing levies for bonded indebtedness or judgments. If a deficiency in a prior levy for ponded indebtedness occurs, cities can levy taxes for the deficiency without limitation as to rate or amount under Section 275.11. Assessed Valuations and Estimated ?Viarket Valuations 'Il�e County Assessor, pursuant to State law and the City Charter, is responsibie for the assessment of all taxable property located within the City. State law provides, with certain exceptions, that all taxable property is to be valued at its market value. All real property subject to taxation must 5e listed and may be revalued each year with reference to its value as of January 2. 'IY�e assessor's appraisal staff -9- views and reappraiises all parcels at maximum intervaLs of fouc years. Pecsonal property subject to �taxation must aLso be listed and assessed annualiy as of January Z. The assessed value is calculated from the assessor's market value according to the property type f�nd use as determined by the statutory statewide classification syste m. _ Under State law as amended in 1981 and 1983 tne main categories of real estate use within the City are assessed as follows: (1) Resid�ntial Homestead Property. For taxes payable in 1982 the first ;27,000 of market value was assessed at 22 percent, and the remaining market value was assessed at 28 percent. For taxes payable thereafter, the maximum amount of the market value of the homestead brackets were increased by the percentage increase in the statewide avera;ye purchase price of a residentisl home. The homestead brackets did not change for taxes payabie in 1983. For taxes payable in 1�84, the assessment ratios were charged by the 1983 State Legislature to 1T percent of the first 530,000 of market value, 19 pe.rcent of the next S30,OU0 of market value, and 30 percent of the remaining market v�ilue. 'Iliese char�ges resulted in the 1983 assessed valuation of the City being approximately i?S,OOO,U00 less than under the previous ratios. 'IT�e homestead brackets for taxes payable in 1985 were adjusted to �31,000. (2) Residentisl real estate other than homesteads is assessed according •to the number of units ��vith those containing four or more units assessed at 36 percent foc taxes payable in 1982, and 34 percent for taxes payable in 1983 and thereafter. R.esidential real estE�te, other than homesteads, containing less than four units is to be assessed at 28 perce�nt of market value for taxes payable at 1982 and thereafter. (3) Sectio�n 8 Housing is assessed at 20 percent of market value for the portion occupied by low income, elderly, or handicapped persons. (4) Industrial and commercial real property is assessed at 43 percent of its market value exceQt that the first i60,U00 of market value will be assessed at 28 percent (5�0,000 at 34 percent in 83/84, and at 40 percent in 82/83) instead of 43 percent with the limitation that only one parcel in each county owned by the same person will qualify f'or the reduced assessment. Real Qroperty which is not impcoved with a structure and which is not used as part of a eommercial or industrial activity is assessed at 40 perce:nt of market value. -10- f STATISTICAL INFOR�ATION Valuations Assessor's market value of taxable property, 1984/d5 Real Estate Yersonal Property Total Yeluation Fiscal Disparities: (2) Contribution Distribution �825,001,700 (1) 1984i85 Assessed Valuation �224,157,483 9,259,749 �233,417,232 $ 29,835,444 18,142,244 Less Increment Valuation (3) 5, 458, 497 Net Yaluation 5216, 265, 535 Of the City's total 1984/85 assessed valuation (before fiscal disparities and increment valuation), 57 percent is classified as residential property, 41 percent is classified as industrial, commercial, and utility property, and 2 percent is classified as railroad operations property, according to the records of the Anoka County Auditor. 'I�end of Valuations: City of Fridley Taz Year 1y80/81 1981/82 1y�2/83 1883 /84 1y84/8� As�es�or's �darket Value (4) �651,255,759 742,345,022 795,815,392 823,443,60U 825,007,700 -11- Net A sses9ed Valuation (5) 5176,260,691 203,417,�34 '112,435,608 219,283,235 216,265,535 � . ' (1) According to the Minnesota Department of Revenue, the "assessor'sestimated market value" for the City of Fridley is 90 percent of true market value. 'Ihis ratio was calculated by comparing the selling prices of properties (most recent . available) with the assessor's market value. Dividing the assessor's estimated market value by .y0 and adding personal property E;�iV results in a true merket - value of taxable property in the City of �925,934,y71. ' (2) }sach government unit in the seven�ounty metropolitan area contributes 40 percent of its new industrial and com merciel valuation to an area pool which is then distributed among the municipalities on the basis of population, speciel needs, etc. 'Ihus, each governmental unit makes a contribution and receives a distribution-�ometimes gaining and sometimes iosing assessed value for tax purposes. Taxes are spread on the basis of assessed valuation after fiscal disparities adjustments. (3) 'Il�is figure represents tax increment valuation in e tax increment district.'I?�e total mill rate (city, county, school district, miscellaneous levies) applied against the increment accrues to the Authority to pay debt service on tax increment bonds issued by the Authority or the City. (4) Until the 1y83/84 tax year, assessor's market value was referred to as "assessor's limited market value." 1n 1979, the legislature required that limited market value be brought up to the assessor's estimated market value in two annuel steps during 1979/80 and 1980/81, since the former method of calculation (which allowed increasing any one parcel of real estate only by certain percentages each year) resulted in an increasing disparity between "limited market value" and estimated market value. Implementation of the new method of calculation accounts in large part for the sharp increases in assessor's market value since 1979. (5) Assessed valuation trend is after fiscal disparities and increment valuation. -12- 0 Lar�er Taxpayers Tazpayer Onan Corporation F. M. C. Corpora- tion (1) Medtronics Target 5tore and Warehouse Filister Apartments La blaur, 1nc. Holiday Village Midland Coopera- tive Carter-Day Com- pany Five Sands Apart- ments Employment 'I�pe of Pcoperty/Business Portable genecatots Pumps and naval ordnance 1983/84 Assessor's Fstimated Market Yalue 517,248,000 5,111,500 Electro-medical devices 25,133, 000 Discountstore and warehouse 11,315,200 Apartments 8,740,700 Cosmetics 6, 72U, 700 Discount department store 4, 495, 400 Warehouse and oil blending 5, 0? 9, ?00 plant Air control equipment 4, 767, 600 Apartments 1983/84 Assessed Valuation Z 7,412,140 2,183,445 10,802,690 4,8ti1,�36 3,754,OU1 2,885,401 1,928,522 2,179,771 2,045,568 5,246,000 2,251,280 Larger employers in the City of Fridley include the following: Employer F.M.C. Corporation yedtronic, Inc. Onan Corporation Unity Hospital La �1aur, Inc. Kurt :14anufacturing Holiday Village North Totino's Finer Foods Niinco Products, Inc. Target Independent School District #14 Carter-Day Company Barry Blower Company Safetran Systems Corp. Strite-Anderson Manufacturing Co. City of Fridley Product of Service Pumps and naval ordnance Electro-medical devices Portable generators, electronic equipment 1+Iedical services Cosmetics �tachine parts Discount department stoce Frozen food processocs Electronic devices Discount department stoce Elementary and secondary education air control equipment Air moving devices R.aiiroad accessories rlluminum die castings Vlunicipal offices and services Nu mber of Employees 3, 900 2,000 1,850 850 410 450 350 250 400 1,000 240 37� 200 2Z5 150 170 (1) F.M.C. Corporation operates a plant which produces government contractsand consequently, only a part of its facilities are taxed. -13- THE ADTHORITY 'IY�e Authority is a public cocporation which was created to carry out the public housing and redevelopment activities of the City within the corporate boundacies thereof. 'I�e Authority is governed by a five-member Board of Commissioners, ell of which are appointed by the Mayor and approved by the City Council.'IT�e following list repcesenis the present Board of Commissioners. . Larry Commers Walter Rasmussen Elmars Prieditis Carolyn Svendsen Duane Prairie Pursuant to the Redevelopment Act, the Authority is empowered to utilize public monies to promote the clearance, replanning, rehabilitation, and modernization of substandard areas and to provide decent, safe, and sanitary housir�g for persons and families of low and moderate income through the participation of private enterprise. 'I?�e Authority may finance its activities through tax increment revenue, a limited tax levy, bonds and notes of the Authority, rental and sale of the property, bonds of the City, and Federal and State grants and loans. However, the principal and interest on the Bonds ere not payable from any source other than those specified in the Indenture. REDfiYELOPMENT P&OJECT NO. 1 'IY�e Redevelopment Project for Centec City was created on May 15, 1979, upon the adoption of the Redevelopment Plan by the City Council. Subsequently, the City Council adopted redeveloprnent plens for Moore Lake and North Area creating the Moore Lake Redevelopment Project on April 6, 1981, and the North Area Redevelopment Project on November 23, 1981. On August 22, 1983, the Redevelopment Plan for Center City was modified by enlargement to include the project areas formerly included in the Redevelopment Plans for ,liloore Lake and for Nocth Area, and was redesignated as R.edevelopment Pcoject No. 1 by the City CounciL Currently, Redevelopment Project No. 1 contains five tax increment financina districts. The City of Fridley is comprised of 6,720 acres of which 962.14 acres is included within Redevelopment Project No. 1. Of this 962.14 acres, 397.36 acres are currently vacant lsnd and available for development. Approximately one-third of the Project Area is currently contained within a tax increment district, however potentisl develoQment for the remaining two-thirds is regularly considered by both the Authority and the City. Additionally, proposals for development located on eligible parcels outside the Project Area are aLso being reviewed. As these proposaLs become actual projects, it is presently contemplated tnat the Project Area will then be expanded to include the eligible properties which would then, as presently contemplated, be designated as a tax increment district. Because of the wide range of zoning permitted within the Project Area, the Authority and the City are allowed s great deal of flexibility in their considerations of various proposals. The various zoning uses currently permitied in the Project Ares are as follows: -14- A-1 R-'2 B-3 G1 C-2 � C-3 CB-1 M-1 NI-2 P PUD - One Family Dwelling District - Two Family Dwelling District - General Multipie Uwelling District - Local Business District - General Business District - General Shopping Unit District - General Office District - Light Industrisl District - Heavy Industrial District - Public Facilities District - Planned Unit Development District Tax Increment Financing Districts 'It�e following sections on the individual tax increment districts located w Cted the Project A.tea reflect those projects which have been completed oc are suppo by a Development Agreement containing an Assessment Agreement or are under construction with e targeted completion date. TA% INCREMF.PIT DLST8ICT NO. 1 Because the Center City Redevelopment Area was established prior to the enactment of the Tax Increment Financing Act of 1979, effective August 1, 1979, a separate tax increment financing plan was not required by law but was included as a part of the originally adopted Bedevelopment Plan for Center City.'It�e Center City Redeved)r d si ating the Area as Taac Inecement Dis rict Noy 1 onuAugust 22e 983 requu g 'l�is District which is comprised of 78.00 acres, including 11.89 acres of vacant land, is zoned R-1, R-2, R-3, C-3, S-2, and P. Of the 11.89 acres of vacant land, 11.2 acres have been determined as underutilized and are available for development oc redeve lop ment. 'I1�e following table represents some of the major commercisl development (completed or in progress) which is located within Tax Increment District No. 1: Pr° ct Medical Clinic Office Building Target's Northern Operations �3uilding Holly Shopping Center Vil3age Green *represents actual �iarket Value. Asse.ssment Agreement Development b�arket Value A�reement ;2,300,000 Yes ?2,986 Yes 3,000,000 Yes 2,500,000 Yes ?,386,800' No Completion Date 1983 1983 1985 1986 1980 During the calendar ye p1y84, ;176,925.76 was recei e e a obli ati n bondsl of which is committed to the re a ment of the outstanding g g -15- TA% INCHE�ENT DLSTRICT NO. Z The Tax Increment Financing Plan for Yioore Lake Redevelopment Area was adopted by the City Council on May 4, 1981, and modified by cesolution of the City Council redesignating the Area es Tax Increment District No. 2 on August 22, 1�83. 'il�is District which is comprised of 64.12 acres, including 26.50 acres of vacant 1and, is zoned R-1, R-3, C-1, C-3, PUD, C-2. 'lhe major development underway in Tax lncrement District No. 2 is a residential development project on 13 parcels, six of which have been developed. 'I?�e market value of the total Project (including raw land) is i1,615,250. During the calendar year 1584, i45,207.4? was received in tax increment and deposited in the City's Revolving Fund. TA% INCBE�ENT DSTRICT NO. 3 'I?�e Tax Increment Financing Plan for North Area itedevelopment Area was adopted by the City Council on November 23, 1981, amendedandclarifiedby the City Council on December 14, 1981, and modified by resolution of the City Council (no hearing cequired) redesi.gnating the Area as Tax Increment District No. 3 on August 22, 19�3. 'fiis District which is comprised of 168.91 acres, including 154.21 acres of vacant land, is zoned C-2, M-1, and M-2. 'I?�e following table represents some of the commerciel development taking place within Tax Increment District No. 3: Pro�ect Office Building Office duilding As,�essment Agreement Development �arket Va�ue A�reement � 750,000 yes 450,000 yes ComQletion Date 1985 1985 During the calendar year 1984, there was no tax increment received from this District. However, $98,525 is anticipated to be received during 1985. TA% INCREMENT DLSTRICT NO. 4 The Tax Increment Financing Plan for Tax Increment District No. 4 was adopted by the City Council on December 19, 1983. 'I7�is District is comprised of 17.76 acres and is zoned C-3 and M-2. Johnson Printing completed a project in 1984 within the District pursuant to a Development Agreement. The Assessment A.greement l�iarket Yalue of the Project is 51,790,000. During the eslendar year 1984, there was no tax increment received from this District. However, ;3,971 is anticipated to be received during 1985. -16- � TA% INCREMENT D15TRICT NO. S 'I?�e Tax Increment Financing Plan for Tax Increment District No. S was adopted by the City Council on February 27, 1984. This District is composed of 2.67 acres and zoned C-3. � 'Ii�e following table represents the commercial development which has xcurred within Tax Increment District No. S: Pro�ect Office Building Assessment � Agreement Development Completion �arket Va2ue eement Date 51,000,000 yes 1984 During the calendar year 1984, there was no tax increment received from this District. However, 542,400 is anticipated to be received during 1986. ESTIMATED CASH FLOW PBOJECTIONS Description of Revenues 1?�e following assumptions, facts, and estimates have been used in preparation . _ = of the schedules which follow. Tax increment revenues have been projected using actual January 2, 1984 assessed valuations plus increases attributable to Assessment Pigreement Market Values, which are shown for the years in which such values are expected to be assessed. Revenues from each district have been assumed to be collected in accordance with statutory limitations as to duration and amount. 'I7�e projected tax increment revenues assumed no increase for inflation or expected development other than development already contracted for and subject to Assessment rlgreements and no change in mill rate. 'Ihe debt service schedule is based upon a bond issue dated and issued in an amount equal to $4,060,000.* Interest is due February 1 and August 1 of each year beginning . Principal is due of each year. 'Estimate; subject to charge - 17 - TA1l It�CRE�ENT DISTRICT 10. 1 0 CITY � FRIDI.EY, NIN�ESQTA iL5SE55m Vi�11ATl01i iMID TA1( ItrtiE?DitT DROJECTIQ�6 �a1 tbf tc) td) le) lf) s fJiF7lJRED BASE AS�SSED VALtE FISC0.. ASSESSED IIERR ViiLt� VAUE ADDED DISPRRITIES VqLt� f995 2,572,676.�2 6,443,le;.�' 1986 �,572,676.eQ 6,4�3,�8:.� 1981 2� 572, 676. !Q 6, B2'9, 356. � 386� 3�. N 198e 2,572,6�6.� 7,896,BSE.l� 1,�67,588. N 19@9 2,572,676.�2 7s895,856.le 199d 2,57t,676.8Q 7,B96,B5b.A8 199: 2�572,676.E�Q T,89b,856.e? 195c P, S7E, 676. � 7, E%, BSE. !8 74;"s 2,57�,676.E�2 7,896,856.@2 S 99�4 �, 57Z, E 76, eQ 7, 896, 85E. 8F '_995 2,572,67E.� 7,696,85E.82 299f �, STc. 675. PQ' 7, 895, BSE. 8B ! 9'37 2, 5�z, 676. f�? 7, 8%, 856. sE 1996 Z, 57�, 676. R� 7, 896, 856. �1t 1939 2� 572, 67�. Q1i' 7, e96, 656. !P �, e�e, �s. ee 3, 878, 3�5. M 4. 256. 68e. [�8 5, 324� lBB. !0 5,32�,188.� 5, 3��►,188. eP s, ��, iee. ea 5, 324,188. f� 5� 324,1 BQ'. Pi 5, 32�,1 Be. �Q' 5132�,18Q�. Q�Q 5� 324,1BIa. E4 5. 32�,188. [�Q 5, 32�i� 168. 81t 5,324,�8E.e8 (q1 �AI MILL TAX I�Tf INCREIENT .. �ii, i�s.� .1�28 �I1,136.BB .lA622B 452,178.6Q .1�8 56S, 576. 99 .�eb226 565.576.99 .1�38 565, 576. 99 .f�6228 565.576.99 .1l6P28 565,576.99 .1A6��8 565,576.99 .3l6226 565,576.99 . �ab228 565� 576. 49 .1�E228 565�576.99 .1t�228 565.576.99 .1a6226 565�576.99 .106228 565.576.99 i There is ra f:sca: d�spa•ity cor.tribution De:r.g aue froc Tax Incre�er�t Oistr:ct No. 1. *+ This tir in;�e�ee+,: dis:riCt fi:is intc tMO separite schooi districts rhicn have different w:ll rates. 'Ae current oil: ra:es are ;8b.2:5 an� 186.44�. The tax inc�e�eT,t fo* the year 1985 ras ca�nte� using the �ctual �iII r�tes. For 196c �r� subseauent rears an iverage� wei5'+ted �ill �tte Mas used. 0 TAz Ii�CRE�E�T DIS'RICT NG. 2 la) YEAR 1985 1986 1981 19e+fi 1989 1990 1991 1992 1993 195� 1995 199E 199? 194c 1499 CITY ff FRIDLEY, MIMESOTA ASSESSED VA�UATION iNID TRX II�CRE?fFfT PROJECTI�6 Ib) (c1 (d1 (e) (f) � t�iPTURED BA� i��SED VALI� FISti� � VALf1E VF�t� ADDED D I SPAFi I T I ES VF�tE 7�1,918.l0 1,237,�52.�8 495,342.l8 741 t 9� 8. 08 1, ?37, 25z. i0 �45, 342 !8 741,91�.lQ� 1,Z37,P'S2.lQ 495,342.l8 7� 1, 9I2. � 1� 237� .?`.,2. !� 495, 342. eQ' 7��,910.BP 1,?37,252.le 195�342. M 74i,9i8.l8 1,237,2`.x.l8 495,342./0 741,918.� 2,237,252.eQ �95,34c.8P 741,91Q.8P 1,237,252.eQ! 495,342.le 7�;, 9f Q�. l� 1, 237, 25c.l2 �95.342. e8 74 !, 91 @. eQ! :, 237� 25F:. Q�Q 495, 34�. �8 7�1,918.8P 1,237,�52.8P �95,342.[r8 74i�91a.eQ' 1,237,252.i� 495,3AP.Bl 7�1,91�.Q� 1,237,25�.ee �95,342.�P 741, 9i Q. BQ' I, 237, Z'S2. BP �95. 34c. BN 7�2�914.�8 1,�37,25t.l� �95,3�2.M tg) MILL RATE � . f �,;376 .1e5376 .1e5376 .1d5376 .185376 .1l5376 .185376 .fe5376 .1i5316 . � �`,ti376 .Id5376 .1l5376 .Ie5376 . �a`,376 • There is rr. fis:al disaa-�tr ro•:trie�t�o� being ade froe Tax Incrc�ent D�strict No. 2 th) TAII i1�CRE�1T . 52.1%. 94 52,197.16 SE.197.16 52,197.16 52,�97.16 52,197.16 52,197.16 52,197.16 S'. f57.16 52,197.16 52,197.16 52.197.16 52,197.16 52� 197.16 52,197.16 f+ This ta� increNent district falls inte tre seoarate sc�ooi distr uts �iM have different �ill rates. TAe current e:l: rates a�e 1�5.44� ar�c 97.257. Tne tix incre�en: for t�e year 19B` Mas co��uted usinc, t�e �^tu�: eil? ra:es. For :985 and scbsecuert rears a^ average, �eighted ■i:l rate Mas used. � TAI I1til��ti DISTRICT ID. 3 ta) �EAR (p) � 1N�l� CITY ff FRID'_EY, MIM�ESQTp fISSESS�D VALllATION A�ID TAX INCREMQ�lT PROJECTIR�6 lcl tdl le) (f) CAPTIJflED i1SSESSED 1DDED FISCR 1�5ESS� VpLtE 1K�lE DISDARITIES ViiLIE lgl (h1 MILL TAX f�TE INCR�IT 199� P,1?�, 9�E. �t 3, M8� 983. �8 417, 5@9. 08 988, �91. !0 + 9B. 525. 45 1986 2, f�, 9BB. � 3, 448, 983. � +17, 589. M 908, 49M. e8 .1e8449 96� 525. P7 1987 2,1 rr., 9�2. ie 3, 957, 483. �Q! 5�6, 588. e¢ 437, Se9. eE 1, 416� 95�. !8 .1eb449 153� 671. 56 19BE Z,12�, 9d�. � 3� 957, �83. � �17, 989. 08 1� 416, 994. M .1�8449 153. 671. SB 19A5 2, lc�, 9�. � 3,'�7,183. M 417, 5e9. � 1, 416, 95�. i0 .1l8�49 • 153, 671. 56 1990 2, f Z"c, 908. 8P 3, 951, 483. !8 Ml l� 589. OQ� 1, �36, 994. eP .11�8449 153, 671. 56 199: 2,1 c.�, 982. BQ! 3, 457, 4E�3. � � 17, SQ►9. 60 1, �16, 994. YB . i Y6415 153, 671. SB 1992 2,122,90Q.8Q' 3�957,�3.e2 417,SQ►9.t� 1,416�994.f� .1e8449 153.671.58 19�3 2,122, 9�. BQ 3, 957� 4e3. �e �17, 589. BQ 1, 416, 994. l� .186M9 153. 671.58 1954 Z,1?i, 9�¢. l�Q� 3� 951, 483. SE' 417, 5@S. f� 1, �16, 99�.lp .1e64�9 153. 671. 58 2995 2,1 Z2, 9E t. �' 3, 957, �3. 8� �17, 5Q3. �d i, �16, 9'S�. � .186µ9 15.'s, 671. 58 1996 2,IZ2,9�?.Q�? 3,957�483.l8 �17.5@9.�P 1,�16,994.� .II8449 153�671.58 299 i �,122, 9idQ. ?�2 3, 951, �8's. e8 +17, SQ�9. � 1, 416, 99�1. �F .186449 153, 671. SB 1998 2, :2'c, 96►'. !k' 3, 9�7, 4P3. 80 417, SP9. 0►' 1, � 16, 991. �At .188+49 153. 671. SB 1995 P,1 .?2, 9�. 8� 3, 957i 4E3, BQ �17, SQ'9. 0? 1, �16, 994. !Q .1�449 153� 671. 56 • This ta� incre•e�' distr:ct fa?ls i�to four se�rate scha�: d�st�ic!s �irn h�ve d�fferen: ull rates. The ru�r�er:t ■:'.i rates are 1Q7.56�, 99.4E�, 187.454 u� 99.3T@. The tax incrc�ent for the yea� 1985 ws coa:::te� using t�e a^tua'. cil: ri!es. For 198E ard suhseouer,: rears �n aver�ge, Meigtite� ri�l rate ws usr_'. TAZ It�Cf �UEh: D:STRICT 1�. � CITY � FRIDLEY, M11�d�SOTA ASSESgD VALUATIOh i�1D TA1( 1NC�T PROJETTIalS ta) (bl (c) ldl lel tf1 + +� li1PTlAiED 6ASE ASSES�D ADDED FISCA ASSESSED 11EA4 . Vi�t� VAl1E Va.tE DISARRITIES Vqlt� f9d5 719,7�'c.18 753�893.e8 34,191.�8 1986 T68,382.� 1,516,f93.� 762,218.18 747,791.18 1981 828,386.�Q 1,516,t93.l8 695,781. N i98e s��,�.ee i,s��,��.ee �,e�i.�e 2999 936,1e5.lQ f,516,e93.l1 519�988.l0 1990 1, BBt, 352. � 1, 5:6, l53. �E 515, 7� 1. !0 199: 1,sE9,310.� 1,516,l93.l0 41b,7B3.e8 199c 1,143, 356, eQ! 1, 516, l93. � 372, Ts7. � Q! 1993 1, 2Ce, 85b. � 1, 516� e93. !0 Z93,195. !0 tg1 MIil �h � . iei�i . ie:�i .1l1b21 . iei�i . �ei�i . iei�i .1l162I .iB16�I th1 TAX I1�CREIE�lT 3.971.6T 75,991.27 78, 698. 44 65, 824. 33 58� 938. 96 52� 418.12 �S� �2. 54 37,677.91 �, �+. n * This taM incre�ent district is an econo�:c district ar� as su^h, its base value is aC�usted each yea� �y �r, inflationary factor. ++ There is ra fiscal dispa�ity cor:rib�tior, beinp �ade fros Tar Ircre�.ent District ho. 4. +*+ This ta� ircreoer�: Cistrict fills inta tMO sewrate schoo: districts Mhich Aive dif�erent �ci:l rites. T'►e curref�: ri:: rates are :�. PI` a►,� 97.827. 1he tax inc►�e�ent fo� tne yea� �9E� ras co��ute� usin; the �ctua: oi:l rates. For f98o ar� subsequent rears ar, averace ■ili rate Nas uset. � TAX I�t RE'£A: DIS'RICT IA. S CITY ff FRID0.EV� MIMESOTA I�SSESS� Vi�Up'ION iwD TAt INCAEID�'T PRDJECTI0�5 ti) lb1 (cl (d1 le) (ff I91 th! t � C�TUI�p B0.SE AS�cS�D AflDtD F1S� i1SSES5EL NILL TAX �EAR -VALI� Vi�l� {K�tE DISPARITIES Vi�l� RATE INCREME�1 1985 59, &9.lQ! 47,4A8.l2 l 12,349.�81 .�e7454 *++ 1986 75,38S.8N �69�98Q.IQ 4�2,508.le 394,59:.�2 .187�5� 42,�A.38 1997 94, 99:. 88 469, 98e. b� 374. 99�. �2 .1Q�745� 48. �93. 53 1968 119,782.e8 �69,9A8.l8 35B,27B. N .187�54 37.638.77 1989 15¢,63�.A0 i69�98e.!? 319.1�6.ee .1l7�54 31,293.51 19�'D 198, Q�E;,. l�e �69, 988. � P79, 917.l2 .187454 31. 0T8. 20 199f P39, 494. !N 469, 98E. �P ?3e. �86. !8 .1e745� P�� 7�. 6� :99:: 3Q;, T82. Q� �69, 96t. � 16b,156. @E .187454 IB. 8%3. 55 1993 39e,?59.8P 469,98B.eQ 89,711.lN .1E7454 9.639.81 s This tar increne^t district is ar.econosic cis!rict ar� as suM, its b�se va:ue is ad;uster eaM year by �r� ir,�iat iona�y factor. tf ?here is rq fiscal d�s�arity co►�t-i�u:ion beinc �a�e frar Taa Jrcreae.^.: District No. 5. +++ 6e;a�.se the �se va:ue (b` is cMeate�� l��an tRe 1964/85 assessed value Ic)� the resultant negative captur-ed assesse� value (el �anno! ae�e-ate �ny ttk ircr�ent. a V • 1. TIi1( 1IEAR IiCRE.]�E.af* 198.`, 565,829.46 1986 6A�,�58.96 1967 T69,�39.31 1986 e74,1�8.83 19b9 861,67B.28 194Q a53,431.lS 1991 8�1,614.91 1932 b27,397.19 1993 818,A80.31 i� m,,�s. �a �995 771,4�5.73 1996 771, 415. 73 1997 771, 415. 73 1996 771, N5. 73 1995 77I, �45. 73 CITY � FRIDLEY CRSt1 FI.OH ANi�YSIS i4� �, M8 REFII�iI�b BQ�S ANpILRBI.E OTlfR FOR D�BT TOTa. OEBT REVDJI.ES+ SERVICE PRINCIPAL lllTER�T SERVICE P7,588.l8 593,329.�b 81,818.75 81,818.75 2�, 9l0. !� 7e7, 758. 96 188, �B¢. � 3�2, 325, f�F' S�'2, 3�5. i8 �7,508.BQ 796,539.31 198,80P.e2 311,675.Aa 5l1,675.08 27,588.02 98:,688.83 2�8,�.� E99,475.l8 �99,475.!@ Z7,SBP.e? 592,17A.2s Z18,�.� PB.`.,625.�2 �95,625.l� Z7,98a.l8 681,434.l5 �''s5,�.lQ� �sl�8.75 495,118.75 Z7, 588. 8Q 869,114. 91 �15, �. �Q' Z52, 775. � 497, 77`.,. � �7, 588. 8Q �, 897.19 P'6e� Q�. � ?33, 512 58 493, S1Z 5� P7, Sd�. �Q! 838, 38P. 31 �BQ� A�Q. � �12, 237. 50 �92, 237. 56 c'7*58¢.iQ 798,945.73 365,APQ.�' 188,45E.25 �93�456.25 P7, S�Q. IQ 796, 9�5. 73 338, �l+Q. � 16:, BSQ. !P 491 � 85Q. � �1, 58Q. !N 796, 9/5. 73 368� 8i�. IQ ] 32, �75. �t �9�M l75. b2 27, SQ�¢. �2 798� 94�. 73 392, 8�'. Ae 98, 775. � �88, 775. 8P 27, 58�. eN 798, 9i5. 73 425, �Q. AQ 61, BE 7. 58 �86, 887. 5e �7� 5�. Q�P 79b� 445. 73 468, �E. !�' Zl, P75. �►.' 481 � 275. 8rt • Reflects � S.Sx invest�nt rate on the :5�t�� Reserve. . AI�L COVER�E SURPLUS 7.25 511,51@.lI 1. �1 �85, 42'S. 96 1.59 P94,864.31 1. 81 482,133. 83 1.88 396,553.�N 1.76 386,315.3¢ 1.75 3T1,339.91 1.73 36I,3B4.69 i.�e �,�+�.e� 1.62 3@5,469.46 !. 62 3Q'7� F3�. 73 1.62 306,878.73 i.63 3:1.178.73 1.64 322,l56.Z3 1.66 3!7�678.73 �,. �,� �+ VIR6tL C. MERRICN DAVIG ►. NEWMAN JAMES E. iCMMEGKrErER HERRICK & NEWMAN, P.A. ATTORNE�E Ar LAW M E M 0 R A N D U M T0: Nasim Qureshi FROM:� Virgil C. Herrick � /� 1 DATE: April 18, 1985 RE: Charitable Gambling t279 UNIVENSITY AVENUE N.E. FRIDLEY, MINNESOTA 55432 577-3850 I have been asked for my opinion as to whether the City of Fridley can allow a non-profit organization to have charitable gambling in a facility that has a liquor license. This matter came before the Council at a recent meeting upon a request by the Multiple Sclerosis Society. At that meeting we advised the representative of the applicant that the proposed charitable gambling was contrary to our existing liquor ordinance. We further advised him that because of this restriction, the City would have to adopt a resolution disapproving a state license. After this discussion, the applicant agreed to withdraw its application. Since the above Council meeting I have had a discussion with Jerry Anderson, Assistant Attorney General. Mr. Anderson is legal counsel for the Charitable Gambling Control Board. I asked him whether the State Attorney General's Opinion of August 29, 1983 directed to the City of Cross Lake was still valid. I gathered from his answer that there is some uncer- tainty and perhaps some disagreement among members of the Attorney General staff on that question. It is my opinion that the City has two options. The first alternative would be to maintain the liquor license as it presently exists and to disapprove any applications for charitable gambling on premises where liquor is sold to the public. Clearly the City has that discretion. The second alternative would be to amend the City Liquor Ordinance to remove the restriction on gambling. An applicant could then apply to the State Gambling Control Board and the Board could determine whether to choose to issue a license. The question of whether the issuance of a gambling license on a property having a liquor license would then be one for the State to determine. I have noticed that certain members of the Legislature are attempting to amend the State Statute on Charitable Gam- bling to prohibit gambling in bars. It might be prudent for the Council to wait until the Legislative Session is out before deciding on the above alternatives. cc: Sid Inman cc: Jim Hill Nationai Multiple Sclerosis Society Minnesota North Star Chapter • 2344 Nicollet Avenue • Mi�neapolis, Minnesota 55404 Telephone (612) 870-1500 Toll-free 1-800-582•5296 April 9, 1985 Sid Inman Clerk City of Fridley 6431 University Avenue N.E. Fridley, Minnesota 55432 Dear Mr. Inman: Thank you for introducing our Representative to the Fridley City Council at their r�eeting of April lst. Please be advised the application for a charitable gaming license at the Shorewood Inn has not been filed with the Minnesota Charitable Gambling Board. As a result of Mr. Chaldy's appearance before the Fridley City Council, we wish to withdraw that application with hopes of resubmitting it at a later date. In addition, we would respectfully request your City's Legal Departr�ent study the possibility of revising the current City Gar�bling Ordinances. Your Council can then pass an ordinance prohibiting all gambling within the Fridley city limits excQ� that which is permitted under the requirements of Minnesota Statue 1984 Sections 540 and 549, dealing with the Minnesota Charitable Gambling Act, and that are approved by the Fridley City Council. Please be ac3vised that a Representative Star Chapter of the Multiple Sclerosis pleased to meet with the City Council, subcommittees, at any time to discuss o to aid disabled persons utilizing the n law. of the Minnesota North Society would be or any of its ur plans to raise funds ew charitable gaming Page two - continued Thank you for your consideration regarding this matter. Respectfully, C Willard Munger, Jr. Executive Director WM/jmw cc: Leonard Bolton, Area Site Coordinator P.S. None of the above recommended action should take place until it is determined if the Minnesota State Legislature takes action to change the current law. There is currently at least two bills pending in the Legislature. HUMAPJ RESOURCES COh1MISSION 1�!ORKPLAN 1985 COMMISSIONERS: CITY STAFF; Robert Minton - Chairperson William Hunt . Peter Treunfels - Vice-Chairperson Barbara Kocher Susan Sherek z a � � � O S � m O� Z 0 M h gN O � O7 U ¢ � C'. 6 S D S � OA � 00 aC U N ae a s� F a� a H t/1 Z q O � ri F � � �+ O Z 6c. II7 Z V M fs7 H Oi! ! � N E D+ F M � 0 M � a 2 � M E+ U i � v (M.� m 0 � O C7 ��—��—��--�—��—�—�--�—�--�-�---��—.�—�—�� L L � � R. o ..a y a, � y w s a s ti � s vmj --�—�—�--�—��—�—��—��----�—�--�---�—�—��—�� _ �� C � O > �C � � W� C L V . V G L� O � 1�" � . ae ow ma� e. oa++ �d �m .� 7 o C� L � m t o L m C� 0 C O at C E� a� y C�a sa y ti a oe dm .-,m oen s c » e •� o. W.i W.a .� 0 W u al a� C� o r► W O y.�1 O 0 Vl .� .i � .y 7 L � . . W A ep s� . L m O r0 a+ p1 O W O W C'O Q�'. B U O 6 L 6 Oi g U 6 � � 6 r1 C � L N 7 m�a O L' L Q� A m m W . . � •+� O W O L L a+ O W?s t a� L+� � L e0 4. 6 L C 6 i. L� tl +� f1 G 7 111 � � �s �dm a+o o em � c�� a.c t .� aa 00 o t0 a� .-� u y fi C> � m C C �-1 Y C m m O D W � i O) A ii vi 41 rl m C1 4�1 b1 rl W '� 61 'I� .1� .� aQ 7'C m � O m Y�.d 6/ 7 � W cQ � tp � S W tlr G. 6 t0 ps 5 SY S 3 S � �-i m U a/ tlJ �'C U a� y10 • Y L � u 10 N� B m y � m • C O � 6 O . 41 .-�1 �� H N f�'1 4 7 ? 3 S � � � � � � � �.� � � � �.. �'� � � � � � � � � � � � � � � � � � �� Z 6 q L�. O � d O y v y �p �1 @ � t J r G, O a�i C p d � R h � O L � � .ti O N� C � � U q x , ,,, ., � � N � �_�_�_�______�__�____��_�_��__�__��_____��__ ___�� O O � � 4 O a � 0 � 9s O 6� C .�1 O 'C +�1 .�I t�. Ob O O av • o C1 6 Y E+ i�r N m � m N \ � M 2 t � � a °s � � O� O M y N � y W U ¢ O W a z ¢ � a 00 m ma Uz M ! p' E+ R o� a M t/i st o� o ! H , E U � M O Zs W C.� � M M [� 0a0 i0 ! � E F a O M C W O (M.� � o� m N m � � O O yl 3ti :l ? I—��--��--��—��—�--�—��.� C C M Mo !0 Ep l. O p L � � � _��_��_�_��____�_�__��_�__� .� e m ., Out a�.� p~jy � 1 O � U O O Q O 10 O++ O 01 C> 7� d B y d U 9 O t ep n Op ti C.yi � O .�-� U tC . aLa L W� Q W 01 +��i e O a+ 1tl ae0 G t'C 0 0 6+-�+ .�i .yi m�.�.� m.mr e c ed m�-s0i o.-�i � C U C C V V y C aLa 9,.�y B 0�0 Z a@ C L O G 7 7 . 41 L+i � .� G Qi O aa C� L�.i • 7.i 7 B O a 7..� O J O .r L O aa ? �+�� B�� .� oa� vomaa g •i W O L W 61 t0 t G 6 L �p 4r m� +� 6 A U � aa o 01 L i. aa �c) ,� .y � o a� O u�+ C+'� 31 L Cl 4 a'. L C 4 C O U Y 0) O+-1 01 A O O L.-1 �C C+�1 W�+�1 U'.'� L� 10 L GC C al � U CI y p1 t r-1 L p L L aa o y.r .� �0 >.� O U 3 O sa .� a.i .� L sa > O g C> L C aa aa q u 0� • W l0 4 9 M 7 O C • L' O O !0 .� +i +� ..� � f3..7 O a q N=U6 .-u p m,y �y p� 9q — ^ — — — — — — — — — — — — — — — — — — — — — — — — — — � °c " c a �o .i s a, M 1 O 00 Cr Y � vl W m A.- C r t W 6'r �0 .� +i a� O .��1 L D m C,i � r� �..� .�i a.� OD .-r L !tl C� O .y L p y t� m � � t G 4 �0 V �.�I 6 t C a.� D � � aa O u � p W� 4. U . EGOa a�c°�.mm4 dLC� eozct.� ea�iBC �,�+'ama wQ O�aa O� L B.-1 C +y g U .� m O.i OI O ry I-/ ltl .�1 6�i � U'� U O a L f•. X.-� �+ O.i p O ar m.a wa O..+t.. t.a o m a�.� m+�i ��.. • O O L+i q L' L L L�O �� m O,� N Oaay OOtr.� ��_��—��---��--��----� � � O L a e, • o a, m d r � O 9 u .� r0 L �-1 it� �� t O q Ys .r ia a U N � M y y � p L °� O +a N \ O C � E .-1 � t�'f i� 2 a � � a O Z � � O� O � h H � V y W U LL O h � a z � T x o� ma U H pa� E+ Gti 0� CG M V1 i d1 O i r�l ,,,� E+ td.� � ►� O Zs k. U � Oq ~ L�+ ��_��_��_��_�__��_�� L � m � Q L ! 6 y � � U � t L O O A p ��p '�+ T G C .� �"� S � T "i �i '7 Z H � ��—�--�—�—�.�—�—�� E N a O M a a. O M�. S �pc7 M(y t� M! O � O c _____ C �� O_��___�__�___�__��________�� 4 � �r . 1 a�i C4.t � p �1-6{ • • +'� � y'O O L' rl L" 1' a1 rl L' f0 �r L' � ri � . a� W L 47 t 01 a� fi a� rl a.� L� L a� W �0 U l0 9 U.0 0/ O.1 � y •y � •i C m .r L ap 6.y p . i O 2 6 aa i t0 O L+a .1 L L a.� 9 O .�1 O� O y .i O L �,� O 7 q7 L � C C O C 8 C C 8 C.�1 U L 4. lp ,p 4 O L D y �p J � �p Q7 �p �p �p U +r al C 7 C O .O � EO .� � .y � .ti L m .ti 7 • .� ..� ,-� L p, r1 � L W! W a+ . 0. tl LL a.� a.� LL C O L+,a 41 C�.�i O> A u T C1 G, i O i O� 2 O� s.,�i 0/ 4 u .�i .y .y p�.i C 6i G B Ci a� CI +.1 i 01 +� hr 61 W a� V p. a/ a aa ..] 0g1 .y W 7 +-i .� .i L u= �Q +i m. 0 e O�y v iC�y 2� a� S�y Qt O.mi'. 61\ ZZ�a�i ..]9 O�.r L > s� q O.1 Ia7 O O C V� m � ��'L" "Ci �� m � i i N L q er1 L C a L�p � U ql O N 4 — — — � — � -- — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — u � � � C N U p O +�1 +e� N m aa O lE .0 a� q � • . y b O G � Oa.� O q � W LQ�. tl � W m 6 .�i A �.d �C C +i 6 q O L 6i V �d O C O sy�a � G �.' p ° " t .Ci � .'�a C c aLa ,-�i .°� � � . m 10 'O > � M �0 .Ci L a `� 0 � y G. C • L �ei {.� � •' m= O N W � P'1 Li .�i �-- �--��--��---��---��—��—��--��.`�� O .� .� m C L +i 7 L a� k. �Q • C is O � 4 O 6 .d O G a� O Ol m � am .� ov � u s m a+ �0 1 �0 � � N o �i �°e � L O aa N ao o � 0 o c. � F u O m 2 i � ee z 0 s � � O+ z 0 H h y � cg W a O � m a z � s ¢ o O E4 oq a U M 'i � t �' E� � � N t/] Z v� O < ►i N � � N O zm fa. U � M G0 [� ��_�^��..��_��_�� N L .a m � B 4p ` L ` � � a�a C 6 � � L 1 G O o � .m 7 3 V�1 O O O Z ___--------=__�___�_�--_�___...___ h N R'. O M a a 0 [M..� k.) s m CC T H m > S � O b — — — y — — — — _ � _ _ _ _ _ _ _ _ _ _ _ _ _ _ � _ — _ _ _ _ 1 i � �m +�+ t9. co e 6 c e .a ,a � p � L,.�y � 'o L 9 m m u c 00 �6 G C> �� t L 9 � B� O 9 O G o u 7� 7 m 4 v Of f. L''. u�. �° �� m ou a,°i w "'' o � w � o � 4 m s a �-mi C L O G� C Y 9 O O^ 'r�1 +� � o mu �m om �..�a. ao N q m> � ' C C 1 C N a� 61 u O QI O O O +a � u u ~ t�„ ~.�1 � G u > � C 4 � O O C � ..� e �y U .i � m +� � B �� B N O A1 7 2 q� 6 1f1 s.�•� �p Itl i � � o �e �. a c. c a 0 7 +a O C L W B V tE u .a y > 41 L aa '0 � A Z 00 y ..ni +� C C y 'N C �N �C +i �i O +'� .ti 10 O C ia � � m 7 L O '� O C M O (s. p u C y . m , p � 9 N W �_��__��__��__�_�____�_�_�� a y H W U Y d O 9 Z s.� 6. O C .�1 O q O 7 .� a m o r ar u a • � m C � N .i .-1 9 M \ � m L � W N � F..=i O � ��'f z < � °�r 0 s � m O� 2 0 M h N M � O U w V a O a� m a z � x 0 a oa m ma U M S � t d H GO V� OG M % Z 0� O < ►i H �� M O Z G. �z m ~ E+ M Jm i � H F H N a 0 M a a 0 � < �1 Ori i �Mr C.� C+C o� . O - � O A 00 W C �1 O L O a o s ° m m ° 17 ai ai p O 0� O �.Bi t .r 6 ez� a i0� 4�i v m O .-�i O ', a� C d 01 C I-1 � C.r . u C1 A �. 01 N C �. .i I c,, ., � c. u a H U N .rl m 10 � J • A �,y a . Gy � 7 7.�1 N f�7 q a a .a 0 0 y� 0 rt a� aa H i �r m O m O J M 0 �.,1 .1 C rl � O B � *i 8 a +� O W U O L L m m +� 6 U O C aa p C C > H G 01 10 � �1 O� u p o a < m y o 'r C 7 • O m .- o k. 0 O b C O �0 C d O ri 1 .�i L a� �7 m N V rl .-1 .-I 7 rl W +� p, 7 1 O m Z � � N L O O � � C ..�.7 O � (y � .f Op � O � 4 n'1 F O O. � � • 0 z 4 � t+C S O _ � � O� 2 O H h N � U y hi U R'. O N W ¢ Z � S a oc m mc U M � D ! d E-� @1 o� a H �� o� o s .i t. �� w° .�i � m t+ m � � H N M a O N C O. O (M� S � M m � O � O O � � -------�. .y � Y � � � �.�i m m � C = � . � 7 � OS O'a.� L L O O � � � R L i� ►s G!. a.s+ C m O C C � C "'a ^a R@. Z S S S %� i0 �0 S v � 7 7 � . �� ... ti � '� '7 o��..��—_.��—��— C�--�•—��--��' 01 a0 O aa �� C Y � v q � � t' . L� �• � C � C W v�l m > �a C O L m 4�. e0 G C�N •i L O ..�i O O 00 !� m L D O V O W U 00 L a� O ra O L .i G3 i C1 U q p C q � O i. C .� � Q aa � O O• i�. O� L � a R o� p V� CI Q 4 C C m �� N C Lo C Q O'C C C.-1 A 7� 0�0 W g n w e°00 � �i � .~r og mB B � o a�a L� � v1 �.�i y ."�a O ,-�i > aLi o�o w �� p� > t[1 � f. i L O C�D aF.a Lg� N m� m C � L +i 9 O m� +� O �a �i��.N a°°" O .p,- t� O C t� �p~ � b O C T! O '0 C . +� � .�+ U y C � C m u C OCi O c = C 4L. E�0 aa .�VI Q C C C� C �� 01 � y�� . .��1 O y S O t W O LO > O O O L U.r W O.i > W O etl �.+ .-� .r U �-+ L�.�i 70 0.i •�1 �"' � 7 a+ia i0 •� •-1 'O .ti 9 O 7 G ,-i .� .r .y ol � 10 7 fi; O� O.r C 0] +� L� c�i G m C�i O m O O�g 091 O O� O U O 4 QVi +�i W O�i f�j O�N O U C U U 4. U O < O ¢.i �.�1 iL .-I +�1 fL .�i G L G7 .�1 U.a U.� 'O ttl ¢ L. C GG 41 CJ u f+i. O � • C •t O • O 60 G� 6 4 C L �N� 60�J4 ava.��i C �'+� r- a.� B U N t0 W M W q � 6 • C Ol Ci . L . 6 A O . ty aa • 6. • C � V 9 � e0 cV .� ,y a m 00 a�0 A e! u1 6 N �o ..1 t- �tl O a+ O O . 01 O tl C O O L .� G +� � 00 O C vi .r .i L G, �i° m O u 'J+ C a° e`'o i � � . p� .� vd tl C 7 O C� • � +p-i u C .+ a U � .��1 � '�O U < � C/� . O� N �- O � C v N m O. L 4�i O L � a O a o V C • �j m a. O a.� 4 fl • O e! C C O O f. rl Q V 10 O c .r .�1 .r � a o m° O u ri � °a eLp t � m • p� a � ., .� U C 7 O v oi � V .+ c .� �p U U +��1 � 9 U < � � . a — — — — — — ^ — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — _ c� — — — — — — — — — — — o e — m .. m .� c. 0 0 c . 0 0 0 0 U .>i A L. u o .+ e U O� .0 .� V U O q . O O N > c O � C .ti .y aD Itl 'O a� N C 10 � F 4?. .�i � m 7 l "s , 2 4 a n. � a x � � o� O M % O U [d V a 0 � a � x a o� m m C1 M 'i Da E� W 01 4 q SC % O s ►+ F+ �� M O 2 Gc� 5 7R U M n0 [-� Oc7 � � M E ►y E"� M G O M ac a O N � i r-i U ^7 O � 0 ��--��—��--��—��..��—�� L �a m � o ny e � d o L a. c. a s s � a�i z° z° ------------------------------------ B o �-- I °' � ' ,r� 1 'C ++ 1' v 7 01 C 1 � 00 C G a� Itl O 1tl O 1 1 O ��dae oo C +�mitl" m m� �O.�+oLa i s .c m m n> �s w., � m c. e c o . ew o a m•� c� m •r �a r�e o .. o., o i' e, a ar oc oc..� a ab� e �o,� .�wdc.an .�+`�eoimde m •�eot -o ,� sa i� .y 6r +� t O t a� �C 7 U?� .y L'is G OJ O� N 61 �> O 7'-1 W 10 L 7 .� �i C W t L � O'O v7 W a+ .i a� CI - M 0 L W B t0 O H a� a0 C1 a� YI > � W O +� Ol L Q7 +� p C U g +� a� .y Y� G'O 6 ra Ol ..+ m o0 'p 8. 3 O O V 7 � p a0 a� C tl.-� C m C a� C> V I-1 6 W�-1 is U C t a+ C O@ C m 61 W U O +-1 e60 01 m O W J m a� Wg e0 B.1 L� � X� W C t 7 C C> � �.-�i U L B'� .� O L . 4! N L 7. P�J �1 Cl ir Q O� � i.�. A Q7 � a.�i 4� C Q1 y Utl i0 C.ti .ti 00 Qi m C 00 O L e O C QI U e6 O.0 i.. 67 Ol ttl a� CI C1 O+ 10 � L O!tl C1 i-I H +i +>i L' • L U aa M L 00 L 10 +� L m C a 0�1 O u Y. � L O 7 00 A T7 L C a� 'O �0 m a,m c.,v � y.:� O E 9� 7 N ' m a d O O C • C O C t O 61 L. .y �.Y. e0 O 6 A�'i � 10 i� N Itl O a� B 6> ---�—�----------------- ----------------- +� �"'� 4 O m B 1 +��1 U 00 +� L C g � �, �y, g � � U+�1 O�i..�l �L=p� O @ = C . +� 41 U u a+ i. C.y O t4 A A O� f. 7 C� �� J'"� b iw L L aa . Oi G.r EOA @Nt,�j�� .Cy'OU V . i� > 4 O O �0 L O�Q m � m � . . .q o.q Oi d R.rCi �+y-�at.i C�1 U V>� u .�1 61 .-r L 'O +i i. 'O C> >C a� C O 01 W N O C� C Y 0.+�I W m r0 li G aa 01 .Ci a�i eo ��i L L.�i O � C U�� 7 7 0 m� m � B C 7.-y/ clt +� C 4. .r 9 g �� C O O 4 O 6 C Y O 7.��1 C�7 O O e0 C a.�� 00 v [-0� V�> C•Oa G [„�, i� O O E+ O O .+ C • a.i .�1 U�.�i Y .�-1 L> a�.1 O 6�i �g m y .�i O 7 0 a .�- ,� C a.� 9� e- E+ Q.-1 A B N�.�i m J U . oa +� o C A � y �1 +i +� U � O � tm. `i ao aa q O a +°� o O 7 T1 [-°� °> r: �_�� @ I C..-.��_�_.��_��__�� a.cc o O .N @C B 9 O H � m oa O C U O � C O m N L C m V � O C ,� r1 .i O C u La� � m . � � � . a°'o i° °e .Yi s°, D .oC � � 'O rog.� -o.� 7 O .i J O C u O y O m � ri +1 U 10 O ap L U C +i �y a a, o > � m .� .� s. �n oc�,� m � E. «+ c� ao m T, ,' I