01-9020r
52
RESOLUTION NO. 9020
RESOLUTION AUTHORIZING THE NEGOTIATION OF THE
SALE OF $8,350,000 GENERAL OBLIGATION TAX INCREMENT
BONDS, SERIES 2001A
BE IT RESOLVED By the City Council of the City of Richfield, Hennepin County,
Minnesota (City) as follows:
1. It is determined that:
(a) the City and the Richfield Housing and Redevelopment Authority (HRA)
have adopted a tax increment financing plan (TIF Plan) for the
Interchange West and Lyndale Gateway Tax Increment Financing
District (TIF District) within the Richfield Redevelopment Project Area
(Project); the City and the HRA have or will enter into a pledge
agreement (Agreement) relating to the financing of various
improvements (Improvements) in the TIF District by the issuance of the
City's general obligation tax increment bonds.
(b) the estimated cost of certain Improvements identified in the TIF Plan
(i.e. the Penn Avenue Bridge Project), together with all related
financing and administration costs is $22,350,000 and the City and
HRA require funds in the amount of $8,350,000 to finance a portion of
the costs of the Improvements.
(c) it is necessary and expedient to the sound financial management of the
affairs of the City to issue $8,350,000 General Obligation Tax Increment
Bonds, Series 2001A (Bonds) pursuant to the Act to provide financing
for the Penn Avenue Bridge Project.
2. Ehlers and Associates, Inc., financial adviser to the City, is authorized,
pursuant to Minnesota Statutes, section 475.60, Subdivision 2(9), to solicit offers for the
purchase of the Bonds, and to circulate information relating to the terms and conditions of the
Bonds as set forth in the "Bond Sale Report" attached hereto as Exhibit A.
3. The City Council will meet at 7:00 p.m. on Monday, March 26, 2001, to
consider proposals on the Bonds and take any other appropriate action with respect to the
Bonds.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of
March, 2001.
01~~U
Martin J. Ki , Mayor
ATTEST: