RES 1992-81 - 00003550232
RESOII CN NO. 81 - 1992
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BE I r RESOLVED by the City Council of the City of Fridley, Minnesota, as follows:
1. It is hereby determined:
Tine Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "HRA") , has incurred or will incur the following public redevelopment costs
(the "Costs ") within and for its Redevelopment Project No. 1:
Property Acquisition Costs
(lake Pointe) $4,802,523
Costs of Issuance 36,300
Allowance for Discount 36.562
Subtotal $4,875,385
Txc Estimated Investment
Earnings 385)
Net Bond Issue $4,875,000
(b) Zie BRA has requested the City to issue the City's general obligation
temporary tax increment bonds pursuant to Minnesota Statutes, Section
469.178, Subdivision 5, and Chapter 475, in order to provide
financing of the Costs.
(c) The City has retained Springsted Incorporated, in Saint Paul,
Minnesota ( "Springsted ") , as its independent financial advisor for
the Bonds and is therefore authorized to sell the Bonds by a
competitive negotiated sale in accordance with Minnesota Statutes,
Section 475.60, Subdivision 2(9).
2. It is hereby found, determined and declared that the City should issue its
$4, 875,000 General Obligation Tenporary Tax Increment Bonds, Series 1992C (the
"Bonds "), to finance the Costs, and $36,562 of such amount shall represent
additional bonds issued pursuant to Minnesota Statutes, Section 475.56, as
additional interest required to market the Bonds at this time.
3. The Council hereby authorizes Springsted to solicit bids for the aanpetitive
negotiated sale of the Bonds.
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Page 2 - Resolution 81 - 1992
' 4. The terms and ccrnditions of the Bonds and the sale thereof are fully set
forth in the "Terms of Proposal" attached hereto as Eadiibit A, and the Council
shall meet at the time and place specified therein for the purpose of considering
the bids for the purchase, and awarding the sale, of the Bonds
PASSED AND ADOPTED BY THE CITY OWNCIL OF THE CITY OF FRIDLEY THIS 19TH DAY OF
OCTOBER, 1992.
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Wn TAM J. NEE - MAYOR
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