90-05 HRA Resolutions
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Resolution 90-5
March 13, 1990
Commissioner Johnson introduced the following resolution and moved its adoption:
RESOLUTION REQUESTING CITY COUNCIL OF THE CITY OF GOLDEN VALLEY
TO SELL AND ISSUE $3,675,000 TAXABLE GENERAL OBLIGATION TAX
INCREMENT BONDS TO FINANCE LAND ACQUISITION AND SITE PREPARATION
COSTS IN THE NORTH WIRTH PARKWAY REDEVELOPMENT PROJECT AREA
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Golden Valley, Minnesota (the Authority) has heretofore created the North Wirth
Parkway Redevelopment Project Area (the Project) and has prepared a Redevelopment
Plan therefor (the Plan) which has been approved by the City Council of the City
of Golden Valley (the City), all in accordance with Minnesota Statutes, Section
469.028, subdivisions 1 and 2, and 469.029, subdivision 6; and
WHEREAS, pursuant to the Plan, the Authority proposes to acquire approximately
27.3 acres of property located at Tax Increment District No.1 in the "East Area"
of the Project to carry out the redevelopment objectives of acquisition, clearance
and assembly of existing property into redevelopment parcels of appropriate size
and configuration; and
WHEREAS, the Authority has contracted with Dahlberg Inc. for the sale of
approximately 4.5 acres of said property, and will retain the remaining 22.8
acres for future development; and
WHEREAS, the net cost of said land acquisition, clearance and assembly has
been determined to be approximately $3,400,000, which, with related bond issuance
and administration costs, will require the issuance of $3,675,000 principal
amount of general obligation bonds by the City.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Authority
that the Authority approves the issuance of general obligation bonds of the City
for the above purposes and hereby requests the City to proceed with the sale of
the bonds in accordance with the provisions of Minnesota Statutes, Section 469.178
and Chapter 475.
Ra~~an, Chair
ATTEST:
The motion f r. the adoption of the foregoing resolution was seconded by
Commissione akken and upon 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 Chair and his signature attested by the
Director.