1984-2509
EXTP.ACT OF MINUTES OF MEETING OF THE
HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF RICHFIELD, HENNEPIN COUNTY, MINNESOTA
Pursuant to due call and notice hereof , a regular meeting of the Housing
and Redevelopment Authority of the City of Richfield was duly held on Monday,
the 16th day of July, 1984, at o'clock p.m.
The meeting was called to order by the Chairman.
Upon roll call, the following members of the Authority were present:
and the following absent:
Councilmember
introduced the following resolution
and moved its adoption.
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RESOLUTION N0. 250
A RESOLUTION DETERMINING THE NEED FOR
FINANCING: REQUESTING THE CITY COUNCIL
OF THE CITY OF RICHFIELD TO AUTHORIZE .THE ISSLTANCE
OF GENERAL OBLIGATION DEVELOPMENT BONDS TO
FINANCE PUBLIC REDEVELOPMENT COSTS IN THE
LYNDALE-HUB-NICOLLET REDEVELOPMENT AREA
BE IT. RESOLVED by the Housing and Redevelopment Authority of the City of
Richfield, Minnesota, as follows:
Section 1. Findings.
1.01. This Authority has pursuant to Minnesota Statutes, Section
462.411 to 462.716 (Housing Act) duly adopted a Redevelopment Plan (Plan) for a
redevelopment project described as the Lyndale-Hub-Nicollet Redevelopment
Project (Project Area) and commonly referred to as the LHN Project. The Plan
and the Project Area have been duly approved by the City Council of the City of
Richfield (City) in accordance with the Housing Act.
1.02. This Authority and the City have entered into a Tax Increment
Agreement (Agreement) dated May 9, 1977 in accordance with the Housing Act and
Minnesota Statutes, Section 273.71 to 273.78, the Tax Increment Financing Act
(the Housing Act and the Tax increment Financing Act are collectively referred
to as the Act) for the purpose of authorizing the issuance of °general obliga-
tions of the City, payable from tax increments in the Project Area, to finance
Public Redevelopment Costs within the Project Area. The Agreement authorizes
the issuance by the City of its general obligations for such Costs at the
request of this Authority.
1.03. The Plan has been duly modified and amended in accordance with
the Act to provide for the acquisition and improvement of certain lands in the
Project Area for the purpose of facilitating the construction of a multi-family
housing development, a commercial retail facility, and related improvements
(Project) and to provide for the financing of other related Public Redevelopment
costs of the Project Area. This Authority has authorized the execution of
development agreements in connection with the acquisition and disposition of
land for the Project.
1.04. This Authority has incurred Public Redevelopment Costs for the
Project and other costs for the Project Area, and it is found and des ermined
that it is necessary for the sound financial management of the LHN Project Area
that general obligations of the City be issues to finance all or a portion of
such Costs.
Section 2. Public Redevelopment Costs
2.01. The Executive Director has submitted to the Authority a list of
Public Redevelopment Costs of the Project Area which are presently estimated to
be as follows:
Land Acquisition $3,444,000
Site and Soil Improvement 268,000
Demolition 110,000
Property Taxes & Special
Assessments 124,000
Administrative and Legal 375,000
Costs of Issuance 40,000
Capitalized Interest 1,279,000
TOTAL $5,640,000
Section 3. Issuance of Bonds
3.01. This Authority hereby requests the City to issue and sell its
general obligations in an aggregate principal amount not to exceed $5,750,000 to
finance all or a portion of the Public Redevelopment Costs identified in Section ,
2.
3.02. The Agreement is hereby ratified and confirmed in all respects.
3.03. This Authority renews and reaffirms its statement in HRA Resolu-
tion No. 32 of May 9, 1977 concerning its intent to request additional series of
bonds in the future to finance the Public Redevelopment Costs in the Project
Area and restates its request that all such series of bonds be on a parity with
each other such series of bonds so issued, and be equally and ratably secured by
the pledge of the Agreement.
3.04. The Executive Director is authorized and directed to transmit a
certified copy of the resolution to the City forthwith.
Passed by the Housing and Redevelopment Authority of the Cit•~ of Richfield,
Minnesota this 16th day of July, 1984.
'~~~[~? ~ '~g2-~,~-
Cairman
.~
Se etar
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )
SS.
HOUSING AND REDE- )
VELOPMENT AUTHORITY )
CITY OF RICHFIELD )
y
I, the undersigned, being the duly qualified and acting Secretary of the
Housing and Redevelopment Authority of the City of Richfield, Minnesota do
hereby certify that I have carefully compared the attached and foregoing ex-
tracts of minutes of the Housing and Redevelopment Authority of said City held
on Monday, July 16, 1984, with the original on file in my office and the same is
a full, true and complete transcript therefrom insofar as the same relates to
the issuance and sale of $5,750,000 General Obligation Redevelopment Bonds of
1984 of the City.
GlITNESS My hand officiallq as such Secretary and the seal of the City this
day of July, 1984.
(SEAL)
Secretary, Housing and Redevelopment
Authority of the City of
Richfield, Minnesota
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