RES 1982-81 - 000060581_1
IN W. a - 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 HRA 5 -1982, the Authority has requested the City to issue
and sell its General Obligation Tax Increment Redevelopment Bonds Phase III to
finance public redevelopment of certain parcels of land (collectively the
'Project') within the Tax Increment Financing District, and has bound the HRA
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
improvements with the Tax Increment Financing District and
for capitalized interest and administrative costs, all of
'Redevelopment Cost') are presently estimated as follows:
Land Acquisition and Cost $498,858
Legal, Fiscal, Administrative Costs 12,000
$510,858
Less: 1984 Tax Increment Receipt 23,022
$487,825
Plus: Capitalized Debt Service
(offset by Investment Income) 100,425
5588,250
Discount Allowance 11,750
money for public
to provide monies
which costs (the
5. The City is authorized by Section 273.77 of the Act to issue 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 a part of the aforementioned agreement dated September 131 1979.
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