1977-3439
HRA RESOLUTION N0. 34
-- RESOLUTION CHANGING LYNDALE/HUB/NICOLLET
COD4MERCIAL AREA STUDY
NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND REDEVELOPMENT
AUTHORITY OF THE CITY OF RICHFIELD, MINNESOTA:
I. That the "Project Costs" and "Financing Methods" of the
RECOMMENDED FINANCING STRATEGY of the Lyndale/Hub/Nicollet Commercial
Area Study adopted by said Authority be changed as follows:
Public Costs
Public Improvements without
Right-of-Way ~ $ 2,404,000
Department Store Parcel 2,694,384
"Liquor Store" Parcel 619,410
Home Improvement Parcel 3,030,847
Multi-Residential Parcel 1,730,399
Reserve for Other Clearance 5,000,00.0
Other Associated Expenses and other 1,094,200
contingencies
Capitalized Interest 5,667,696
TOTAL $22,240,936
Financing Methods
Special Assessments $ 1,500,000
'~' Hennepin County 487,000
State Aid 150,000
Federal Aid Urban ~ 200,000
National Arts Endowment 20,000
Tax Increment Bonds*, 19,883,936
TOTAL ,'; "~ $22,240,936 .
* Land Proceeds in the amount of $1,743,163 will be available
for tax increment bond repayment
40
Resolution No. 34 ~~~
2. That this change is necessary in order to provide an
updated estimate of project costs and to facilitate adequate
financing for the Lyndale/Hub/Nicollet Development Plan; and
3. That said Authority has determined that this change does
not alter or affect the exterior boundaries of the Lyndale/Hub/Nicollet
Project Area and does not substantially alter or affect the general
land uses established in the Lyndale/Hub/Nicollet Development Plan,
which Plan is included in the .Lyndale/Hub/Nicollet Commercial
Area Study.
Passed this 9th day of May , 1 7.
• L ren L. La ~ airman
ATTEST:
~ ~~
Ivan Lu eman Secretary
... .