Res 1982-81 153
Remannrmi ND. 81 - 1982
RESCLDTION NOM= FOR ISE IS UWE AND SALE OF $600,000
GENBRALCELMGREMBI TAX DiCREMENT REEMEMAN,U2fr BONDS OF
1982, SERIES II 1St CITY OFFICE PROJB 1')
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 BRA 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 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 with the Tax Increment Financing District and to provide monies
for capitalized interest and administrative costs, all of which costs (the
"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
$588,250
Discount Allowance 11,750
$600,000
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 13, 1979.
III
1_54 PAGE 2--RESOLUTION NO. 81-1982
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 475, subject only to the conditions
required for bonds issued to finance improvement costs reimbursable from
special assessments.
7. The Authority has adopted a resolution determining the need for the
financing, has approved the form of agreement and has requested the City
Council to issue General Obligation Tax Increment Redevelopment Bonds under
the authority of the Act.
8. 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 III of the Public Redevelopment Costs of the Project and that
the sum of $588,250 is necessary to defray the Public Redevelopment Costs.
9. The agreement is ratified, and the City Manager 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.
10. In order to provide financing for such costs, the City shall therefore
issue and sell its General Obligation Tax Increment Redevelopment Bonds of
1982, Series II, (the "Bonds") in the amount of $588,250. In order to provide
in part the additional interest required to market the Bonds at this time, `
additional Bonds shall be issued in the amount of $11,750. Any excess of
purchase price over the sum of $588,250 shall be credited to the debt service
fund for the purpose of paying interest first coming due on the Bonds.
11. The $600,000 General Obligation Tax Increment Redevelopment Bonds of 1982,
Series II, shall be issued and sold in accordance with the terms of the
Official Notice of Sale.
12. The City Clerk is authorized and directed to advertise the Bonds for sale
in accordance with the attached notice of sale and to cause the abbreviated'
notice of sale to be published in the manner required by law. The City
Council shall meet on Monday, 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 27TH DAY OF
SEPTEMBER, 1982.
L/UJk3 W
WILLIAM W NEE - MAYOR
ATTEST:
SIDNEY C. - CITY CLERK
2/2/8/1