85-05 HRA Resolution
Resolution 85-5
December 17, 1985
Commissioner Johnson introduced the following resolution and moved its adoption:
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RESOLUTION RELATING TO GOLDEN HILLS REDEVELOPMENT PROJECT
AREA; REQUESTING THE CITY TO ISSUE GENERAL OBLIGATION TAX
INCREMENT BONDS TO FINANCE PUBLIC REDEVELOPMENT COSTS OF
REDEVELOPMENT ACTIVITIES IN GOLDEN HILLS - PHASE I
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 City Council, has approved a
redevelopment plan and a tax increment financing plan (the Plan) for the Golden
Hills 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 Phase I of the District (the Project).
1.02. The public redevelopment costs of the Project, including those
associated with the issuance of general obligation tax increment bonds of the
City, are estimated as follows:
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Land Acquisition Costs
Relocation
Demo 1 it i on
Public Improvements
Administrative and Legal Costs
$4,663,200
875,500
364,110
705,470
660,840
Net Bond Issue Requirements
7,269,120
<2,000,000>
<200,000>
5,069,120
1,922,917
55,500
102,463
300,000
$7,450,000
Total Project Expenditures
Less: Land Sale Proceeds
Interest Earnings
Net Project Costs
Plus: Capitalized Interest
Bond Discount Allowance
Issuance Costs
Hed ge Cont ract
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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 85-5 - Continued
December 17, 1985
RaY@a~
ATTEST:
The motion fo the adoption of the foregoing resolution was seconded by Commissioner
Thompson and u on 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
Di rector.