1977-3743
RESOLUTION N0. 37
REDETERMINING THE NEED FOR FINAPICING:
REQUESTING THE CITY COUNCIL TO ISSUE
AND SELL GENE~~AL OBLIGATION REDEVELOP-
MENT FONDS TO FINANCE PUBLIC REDEVELOP-
MENT COSTS IN THE LYAIDALE-HUB-NICOLLET
REDEVELOPMENT AREA
WHEREAS, by Resolution of May 9, 1977, ~gZA-32
{the "Resolution"), this Authority determined and found that
financing was necessary to finance public redevelopment project
Costs in the Lyndale-Flub-Plicollet Redevelopment Area (the . "Project
Area"}, which costs were estimated to be $6,27fl,O18, and
-WHEREAS, in the Resolution the Authority indicated that
~cedevelopment costs would be financed by the issuance of Redevelopment
Bonds in separate series-and that the Authority would be requesting
the issuance of such series of bonds from time to time, and
WHEREAS, it is hereby found and determined that funds~
are needed at this time to finance a portion of the Redevelopment
Costs, as defined in the Resolution, in the Project Area, which
portion of costs is now estimated to be as follows:
Department Store Parcels
(K-Mart) Project Costs
Acquisition
Relocation
Demolition
Appraisals
Legal Services
Engineering Services (City)
Accounting Services (City)
Consulting Fees
Miscellaneous Expenses
Admi:~istration
Contingency (10~)
Other Project Area Costs
Anticipation tax payments
Repayment to City - BRW Contract
Related Acquisition Costs
Total Redevelopment Costs to
Be Fa.nanced
$ 1,746,765
'. 321,000
134,000
12,000
25,000
20,175
1Q,000
15,000
5,000
- ~ 1&0,000
. 250,560
100,000
70,000
1,030,000
3,900,000
44
Capitalized Interest
(3 years at 5.5°s) •. ~$ 720,000
Miscellaneous issuance costs
,and discount 80,000
TOTAL BOND ISSUE
4,700,000
and,
WHEREAS, all other requirements of the Act, as defined
- in the•Resolution, precedent to the issuance and sale of General
Obligation Redevelopment Bonds have been performed:
• NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AND
REDEVELOPMENT AUTHORITY OF THE CITY OF RICHFIELD, rIINNESOTA:
• 1. The Authority hereby requests the City of Richfield
to issue and sell its $4,700,000 General Obligation '
Redevelopment Bonds of 1977 to finance Public
Redevelopment Casts in the Project Area•as set
• forth above.
2. The Executive Director is authorized and directed to
transmit a certified copy of this Resolution to the
City Council of the City of Richfield.
Passed by the Housing and Redevelopment Authority of the City of
Richfield this 27th day of June, 1977. •
,~ Loren L. Law
~;J, ~ • • •
Tvan Lud Secretary •