85-03 HRA Resolution
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Resolution 85-3
August 13, 1985
Commissioner Bakken introduced the following resolution and moved its adoption:
RESOLUTION RELATING TO VALLEY SQUARE REDEVELOPMENT PROJECT
AREA; REQUESTING THE CITY TO ISSUE GENERAL OBLIGATION TAX
INCREMENT BONDS TO FINANCE PUBLIC REDEVELOPMENT COSTS OF
REDEVELOPMENT ACTIVITIES IN VALLEY SQUARE - AREA IIAII
BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment
Authority of the City of Golden Valley, Minnesota (the Authority), as follows:
Section 1. Recitals.
1.01. The Authority has prepared, and the Cjty Council, has approved a
redevelopment plan and a tax increment financing plan (the Plan) for the Valley
Square Redevelopment Project Area (the District) within the City. The Plan
calls for the Authority to acquire certain properties within the District, pay
relocation expenses, construct various public improvements and pay other
associated redevelopment costs, and sell certain properties to a developer for
construction of improvements in Area IIAII of the District (the Project).
1.02. The public redevelopment costs of the Project, including ~hose
associated with the issuance of general obligation tax increment bonds of the
City, are estimated as follows:
Land Acquisition Costs
Public Improvements
Administrative and Legal Costs
Total Project Expenditures
$5,454,000
3,070,000
579,700
$9,103,700
Less: Land Sale Proceeds
Transfer from Valley Square Tax Increment Fund
Interest Earnings
<811 ,200>
<1,000,000>
<555,500>
Net Project Costs
Plus: Capitalized Interest
Bond Discount Allowance
I ssuance Costs
$6,737,000
Net Bond Issue Requirements
1,965,500
133,500
64,000
$8,900,000
Section 2. Request to City Council to Issue Bonds. The undertaking of the
Project by the Authority is hereby ratified and confirmed, and this Board hereby
requests the City Council to authorize the issuance by the City of its general
obligation tax increment bonds pursuant to Minnesota Statutes, Section 273.77(a),
in a principal amount sufficient to provide funds for the payment of the public
redevelopment costs of the Project. The Authority shall enter into an agreement
with the City, as required by Minnesota Statutes, Section 273.77(a), pledging
tax increment revenues from the District to the payment of the principal of and
interest on such general obligation bonds. The Secretary is hereby authorized
and directed to forward a certified copy of this resolution to the City Council,
and to provide the City Council and officers of the City such information as
they request, to effectuate the request of this Board that the City issue its
general obligation bonds to finance the public redevelopment costs of the Project.
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Resolution 85-3 - Continued
August 13, 1985
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Ray B. tockman, Chair
The motion adoption of the foregoing resolution was seconded by Commissioner
Thompson and upo a vote being taken thereon, the following voted in favor
thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following
voted against the same: none, whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and her signature attested by the
Director.