Loading...
1985-269HRA RESOLUTION N0: 269 RESOLUTION DETERMINING NEED FOR FINANCING; REQUESTING THE CITY COUNCIL OF THE CITY OF RICHFIELD TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION TAX INCREMENT BONDS TO FINANCE PUBLIC REDEVELOPMENT COSTS IN THE INTERSTATE LYNDALE NICOLLET REDEVELOPMENT PROJECT AREA; AUTHORIZING TAX INCREMENT AGREEMENT WHEREAS, pursuant to the provisions of Minnesota Statutes, Sections 462.11 to 462.585 and Sections 273.71 to 273.78 (the Act), this Authority has established a Redevelopment Tax Increment Financing District (District), and approved a . redevelopment project (Project) and a related Tax Increment Financing Plan therefor (TIF Plan); and ' WHEREAS, the City Council has approved the financing of part or all of the public redevelopment costs of the Project by the issuance of general obligation bands of the City payable in whole or in part from tax increments derived from the Project (Tax Increments) in accordance with the TIF Plan; and WHEREAS, this Authority has duly requested the Director of Property Taxation of Hennepin County to certify the original taxable value of the District and to return the resulting Tax Increments to~the Authority to finance the .development costs of the Project as identified in the TIF Plan; and WHEREAS, it is the intent of the Authority to utilize the authority granted by Section 273.77 of the Act by requesting the City to issue its general obligation bonds in one or more series (the Bonds) to finance one or more redevelopments within the Project, and to pledge the tax increments from the District for the retirement of the Bonds; and . WHEREAS, the Authority expects to authorize the acquisition of certain parcels of land within the Project and to undertake all other actions required by the Act for the redevelopment of the Project; and WHEREAS, it is hereby found and determined that funds, will be needed to finance the cost of acquisition, site improvements, demolition and related costs (Redevelopment Costs) for the Project which are presently estimated and identified in the TIF Plan as follows: [! -2- Estimated Project Costs SITE ASSEMBLY COSTS/1 $ 8,008,290 PUBL_TC IMPROVEN~ENTS: $ 5,695,800 77TH STREET ARTERIAL ROADWAY $ 1,72,400 RESIDNTIAL ROADWAY LOOPS 35;, °^^_ EXTENSION OF W .78TH STREET BUSINESS COLLECTOR 217,800 SIGNALS 220,000 "77TH STREET BUFFER STRIP BARRIER 660,000 SANITARY SEWER LIFT STATION 264,000 LYNDALE AVENUE STREETSCAPE 715,000 PARKING LOT IMPROVEtvlENTS 255,200 GEiVERAL STREETSCAPE IMPROVEMENTS 165,000 FOCAL AREA 220,000 LYNDALE AVENUE BRIDGE OVER 1494 WIDENING 880,000 ENGINEERING-DESIGN/CONSTRUCTION $ 932,040 PHASE I/DETAI"LED C©M1REFiLNS.IVE SUB-AREA PLANNING $ 106,500 ADMINISTRATION/2 $ 921,860 BOND FEES/DISCOUNT $ 425,000 CAPITAL.T. ZED I:"d'_"ERES'!' $ 5 ,100 , 000 TOTAL - ~ $21,189,490 /1 INCLUDES APPRAISALS, ACQUISITION, RELOCATION, DEMOLITION, TAXES AND LEGAL COSTS AT CLOSING AND INTERIM PROPERTY MANAGEMENT COSTS /2 COSTS FOR CITY STAFF T_TME, OFFICE SUPPORT, SUPPLIES AND CITY ATTORNEY TIME INCURRED FROM JUNE, 1983 THRU JUNE, 1989, TO PREPARE THE REDEVELOPMENT PLAN DOCUMENTS AND PHASE I PROGRAM, AND, TO IMPLEMENT PHASE I AND PREPARED DETAILED COMPREHENSIVE SUB-AREA PLANS FOR IMPLEMENTA'"ION OF FUTURE PHASES. WHEREAS, the City is authorized by Section 273.77-of the Act, to issue the Bonds if this Authority pledges Tax Increments received from the District for payment of the principal of and interest on the 3onds issued in aid of the Project; and WI?EREAS, the pledge of Tax Increments must be made by writ~en agreement executed by the Authority and the C~=~ty and filed with the Director of Property Taxation of Hennepin County, and when such an agreement is made and•filed, the City may issue the bonds as provided in Minnesota Statutes, Chapter 475, subject only to the conditions required for bo!^.d financ;ng improvemen :s, the costs of wr_=ch are reimbursab'_e .fir om special . assessments. ~~ f] F ~ '~5 ~ IOW; T:~EREFORE; 3E IT RESOL~lED by the :?ousing and Redevelopment Authority in and for :he City of P~ichfield; !~inresota as follows: ''. This Authority hereby, and by and in accordance with the Tax Increment Agreement attached hereto as Exhibit A, pledges and appropr_ates 'Iax Increments from the District for the paymant o_° she pr:nci pal of and imerest on Bonds when and if issued by the City ir. aid of the Project. 2. ~he form of the. Tax Increment Agreement attached hereto as Exhibit A is approved. The Chairperson and Executive -Director are authorized and .directed to execute the Tax Increment Agreement on behalf of the Authority and to for•,~ard it to the City Council with a certified copy of tr.; s 3esolution. 3. The Authority hereby formally requests the City Cou.~cil of the city to authorize the issuance and sale of Bonds in the aggregate principal amount of not to exceed X18,6'75,000 to finance the Redevelopment Costs of the ?roject. 4. ;he Authority further respectfully informs the City Council that it may, and for the reasons set forth in this resolution, request additional series of 3onds in the future to finance the redevelopment costs of other redevelopment with: n the Project, all in conformance with the TIC Plan and any modification :hereto. The Authority, therefore, re- . ~ g,uests that each series of Bonds issued in aid of the Project, and pursuant to the Tax T_ncrement ~Lgreement, be on a parity with each other series o+ Bonds so issued and ~e equally and ratably secured by the pledge of :he Tax Incre- ment Agreement and this Resolution. Passed by the Housing and Redevelopment Authority of Richfield, Minnesota this ?2th day of November, ?985. ~, ,~. ~~ ~ ..:.omas ~. ::arms, Chairperson 1