HRA RES 1988-02 - 00013826'
RESOLUTION NO_ HRA 2- 1988
RESOLUTION AMENDING CIVIC CENTER TAX INCREMENT DISTRICT TO
INCLUDE PLAZA RAMP
IT IS HEREBY RESOLVED by the Board of Commissioners of the Housing and
Redevelopment Authority (the "HRA") in and for the City of Fridley, Minnesota
(the "City"), as follows
1 Recitals,
(a) The HRA has adopted its Redevelopment Plan for its master Housing and
Redevelopment Pro�ect
(b) Pursuant to the Redevelopment Plan, including particularly within the
Center City area, the HRA has undertaken assistance to a variety of
development and redevelopment projects
(c) The Redevelopment Plan, and various projects already completed within
the Center City area, envision the need for parking improvements in order
to provide adequate public parking availability for completed and proposed
projects in the area.
' (d) The provision of adequate parking, consistent with sound land use
principles, is an objective of the Redevelopment Plan
(e) The City and the HRA have had discussions and have reached agreement
upon a plan Por the provision of sufficient parking in the Center City
area This agreement involves the HRA participation in the construction
of a parking ramp in this area, which, for cost efficiency and other
reasons, would be done in conjunction with improvements to be made to the
Civic Center
(f) The estimated costs of Che parking ramp to the HRA under this
arrangement would be approximately $785,000
2 FindinRs
The board £inds that the construction of this parking ramp would be consistent
with the Redevelopment P1an and in furtherance of the objectives thereunder
and that the parking ramp is necessary to provide needed additional public
parking in the Center City area
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Page 2- Resolution No. HRA 2- 1988
� 3. A�reement Concerning Construction and Financing of Ramp
The board hereby agrees with the City that the ramp should be constructed as
proposed and that the HRA shall, in furtherance of the ob�ectives under its
Redevelopment Plan, contribute the necessary financing for the ramp as
constituting the HRA's public redevelopment costs within its master
redevelopment project area The HRA sha11 finance such costs through the use
of available tax increment, including, without limitation, excess and
available proceeds of the tax increment bonds which were sold for the benefit
of the HRA in December of 1985 Such excess pxoceeds shall involve £unding
under that bond issue for projects contemplated in 1985 which have, for a
variety of reasons, noC materialized to date, provided, however, that such
proceeds shall not be used for this purpose if the effect would be to render
the interest on that bond issue to become taxable under federal or state law
1
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PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
FRIDLEY THIS 4TH DAY OF AUGUST, 1988
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LAWRENCE R COMMERS