84-6904R._:~.__..__~______._ ..__---_._~_.___ __._._.___ . _.__:.__.__._. ___ _ :_ _..._~8 ..: ._.
Pui
Council
~Sinnesot
ThE
and the
;~
T'h ~
Bunco
who moved its adoption:
RESOLUTION NO 6904
the Citv
chfield,
~ ~
ilmember
RESOLUTION RELATING TO A CO:~~fERCIAL
DEVELOPMENT REVENUE BOND PROJECT
IN THE LYN~ALE-HUB-NICOLLET PROJECT AREA
(GODFATHER BLOC1:)
BE IT P.ESOLVED By the City Cour_cil of the City of Richfield, `Sinnesota, as
follows:
1. This Council b;= Resolution No. 6581, adopted February 16, 1982, Save
preliminary approval to a proiect under the Minnesota Municipal Industrial
Development Act, Mirn. Stat. Chapter 474 on behalf of New Age Developers.
Satisfactory develop Lent agreements have been reach with the developer and the
application for the project has been submitted to the ~Sinnesota Energy and
Economic Development Authority.
2. The Council hereby reaffirms its approval of the project by Resolution
No. 6581 and declares its present intent to issue reve;:ue bends or other obliga-
tions to fir,ar,ce the proiect prior to January 1, 1985.
3. The Council further sta*_es its intention to cc:~~ply with, and to
?-eouire the developer to co;:,ply with the provisions of Minn. Stat. Secticn
47:.01, Subdi~.=ision 11 relating to the employ,-Went of the ecenc~:.icaily_
disadv<:ntaged.
The motion for the adoption o',f the foregoing resolution was duly seconded
by Council ember Priebe ~ and upon vote being taken thereon, the
following voted in favor: Bunce, (Ludeman, Kirsch and Priebe
and the following voted against:
H<
whereupon said resolution was decl~
of July, 1984.
ATTEST
~,milton absent
red duly passed and adoptede this 16th day
,-
Sy K. Berg City C rk
STATE OF MINNESOTA )
SS.
COLiVTY OF HENI7EPIN )
I, the undersigned, the duly qualified and acting City Clerk of the City of
P.ichfield, Minnesota, do hereby certify that I have carefully compared the
attached and foregoing extract of minutes of a special meeting of the City
Council of said City held on Monday-, July 16, 1984, with the original thereof on
file in my office and the same is a full, true and complete transcript thereof,
insofar as the same relates to the issuance and sale of Corn_nercial Development
P.evenue Bonds (New Age Developers Project), of the City.
WITNESS My ha as such City Clerk and the corporate seal of the City this
day of 1984.
(SEAL)
.s 9
Extract of Piinutes of Meeting
of the City Council of the City
of Richfield, Hennepin County, Minnesota
Pursuant to due call and notice thereof a special meeting of the City
Council of the City of Richfield, Hennepin County, Minnesota, was held at
the City Ha11 in said City on Monday, July 16, 1984, commencing at 7
o'clock P.M.
The following members were present:
Hamilton, Bunce, Luaeman, Kirsch, Priebe
and the following were absent: None
The following resolution was presented by Councilmember
who moved its adoption:
RESOLUTION N0. 6905
RESOLUTION PROVIDING FOR THE ISSUANCE
Ar?D SALE OF 55,750,000 GENERAL OBLIGATION REDEVELOPMENT
BONDS OF 1984
BE IT RESOT_9ED By the City Council of the City of Pichfield, Hennepin
County, Minnesota (City) as follows:
1. Findings.
1.01. This Council by Resolution No. 5717 authorized the
issuance and sale of separate series of general obligation redevelopment
bonds to finance Public Redevelopment Costs in the Lyndale-Hub-Nicollet
Redevelopment Project Area (Project Area).
1.02. The City has
gation Bonds of 1977, dated
Obligation Bonds of 1982, dat
Costs.
issued and sold its $4,700,000 General Obli-
August 1, 1977 and its $4,100,000 General
ed 2•tay 1, 1982 to f finance a portion of the
1.03. The Housing jand Redevelopment Authority of the City of
Richfield (Authority) has by lesolution of this date requested the City to
issue and sell additional general obligation bonds to finance all or a
portion of additional Costs i~4 the Project Area which Costs are presently
estimated to be as follows: i
Land Acquisition $3,444,000
Site and Soil I~np. 268-,000
Demolition ', 110,000
Property Taxes and Special
Assessments ', 124,000
Administrative & Legal 375,000
Costs of Issuance 40,000
Capitalized Interest 1,279,000
Total', $5,640,000
1.04. The City is ', authorized to issue and sell its general
obligation bonds for the purposes above stated by Minnesota Statutes,
Sections 462.411 to 462..716, the Housing and Redevelopment Act, and Sec-
tions 273.71 to 273.78, the Tax Increment Financing Act, and all conditions
of those Acts necessary for the issuance of bonds have been met.
1.05. This Council finds and determines that it is necessary for
the sound financial management of the City and the achievement of its
redevelopment goals for the Project Area that bonds for the above stated
purposes be issued and sold. ',
2. Sale of Bonds.
2.01. The City shall issue and sell its (=eneral Obligation
Redevelopment Bonds of 1984 (Bonds) as provided in this Resolution.
2.02.. In order to ptovide financing for the Public Redevelopment
Costs, the City shall therefore issue and sell Bonds in the amount of
$5,640,000. In order to provi~,de in part the additional interest required
to market the Bonds at this time, additional Bonds shall be jssued in the
amount of $110,000. Any excess of the purchase price of the Bonds over the
sum of $5,640,000 shall be credited to the debt service fund for the Bonds
for the purpose of paying interest first coming due on the Eonds. The
Bonds in the principal amountlof $5,750,000 shall be issued and sold in
accordance with the terms of the following Official Notice of Sale: