RES 1982-54 - 00005989FMOLUnM NO. 54 - 1982
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BE IT RESOLVED By the City Council of the City of Fridley, Anoka County,
Minnesota as follows:
1. Pursuant to the provisions of Minnesota Statutes, Sections 462.521 and
273.71 to 273.78 (collectively the "Act ") the Housing and Redevelopment
Authority of the City of Fridley (the "Authority") has applied to and received
from the City Council of the City of Fridley approval of a redevelopment
project described as the Center City Redevelopment and Tax Increment Financing
Plan (the "Tax Increment Financing District").
2. The City Council held a public hearing after public notice and has made
findings as required by the Act and has approved the Tax Increment Financing
District by Resolutions adopted on May 15, 1979.
3. By resolution of Zlune 17, 1982 the Authority has requested the City to
issue and sell its General Obligation Tax Increment Redevelopment Bonds Phase
II to finance public redevelopment of certain parcels of land (collectively
the "Project") within the Tax Increment Financing District, and has bound the
BRA to the terms of the Agreement of Cooperation Between the Housing and
Redevelopment Authority and the City, dated September 13, 1979.
4. Funds are needed at this time to continue to provide money for public
improvements within the Tax Increment Financing District and to provide monies
for capitalized interest and administrative costs, all of which costs (the
"Redevelopment Cost ") are presently as follows:
Contract costs $588,000
Legal, fiscal and administrative ,25,000
Principal amount needed 613,000
Allowance for bond discount ..12.099
Total bond issue $625,000
5. The City is authorized by Section 273.77 of the Act, to issued General
Obligation Tax Increment Redevelopment Bonds if the City and the Authority by
Agreement pledge tax increments, revenues and assessments received from the
District for the payment of principal of and interest on bonds issued in aid
of the redevelopment project pursuant to the Act, and said pledge has been
made and is part of the aforementioned agreement dated September 13, 1979.
6. The pledge of tax increments has been made by written agreement executed
by the Authority and the City and filed with the County Auditor and when such
an agreement is made and filed, the City may issue general obligation bonds as
provided in Minnesota Statutes, Chapter 4751 subject only to the conditions
required for bonds issued to finance improvement costs to reimbursable from
special assessments.
7. The Authority has adopted a resolution determining the need for financing,
has approved the form of Agreement marked "Exhibit A", and has requested the
City Council to issued General Obligation Tax Increment Redevelopment Bonds
under the authority of the Act.
B. It is hereby determined that it is necessary for the City to sell its
General Obligation Tax Increment Redevelopment Bonds to provide funds to
finance Phase II of the Public Redevelopment Costs or the Project and that the
sum of $613,000 is necessary to defray the Public Radevelopment Costs.
9. The agreement marked °Exhibit A, is .atixAcoy a„a the City Tanager is
directed to file an executed or certified copy of the agreement with the
County Auditor of Anoka County and obtain a certificate of filing.
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10. In order to provide for financing for such costs, the City shall
therefore issue and sell its General Obligation Tax Increment Redevelopment
Bands of 1982 (the 'Redevelopment Bands ") in the amount of $613,000. In order
to provide in part the additional interest required to market the Bonds at
this time, addi*i.aWk Red- ,- lopr-at Rands -hall be 3-Iued in the amount of
$12,000. Any excess of the purchase price over the sum of $613,000 shall be
credited to the debt sevice fund for the purpose of paying interest first
coming due on the Redevelopment Bands.
11. The $625,000 General Obligation Tax Increment Redevelopment Bonds of 1982
shall be issued and sold in accordance with the terms of the Official Notice
of Sale which is marked 'Exhibit B'.
12. The bonds of this issue may be combined and sold with the General
Obligation Sepceial Assessment Bonds scheduled for sale on the same day.
13. The City Manager is authorized and directed to advertise the Bonds for
sale in accordance with the notice of sale and to cause the abbreviated notice
of sale, "Exhibit C ", to be published in the manner required by law. The City
C`ounncil shall meet on Monday, July 26, 1982 at 7:30 o'clock p.m. for the
purpose of considering bids on the bonds and taking any other appropriate
action.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 21ST DAY OF
JUNEr 1982.
WILLIAM .NEE - MAXOR
ATTEST:
SIDNEY C. INMAN - CITY CLERK
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