91-03 HRA Resolution Log
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Resolution 91-3
April 9, 1991
Commissioner Bakken introduced the following resolution and moved its adoption:
RESOLUTION REQUESTING CITY COUNCIL OF THE CITY OF GOLDEN VALLEY TO SELL
AND ISSUE $4,000,000 GENERAL OBLIGATION TAX INCREMENT BONDS TO FINANCE
RIGHT-OF-WAY ACQUISITION IN THE VALLEY SQUARE REDEVELOPMENT PROJECT AREA
WHEREAS, pursuant to the Plan, the Authority proposes to acquire the
necessary right-of-way for the widening and improvement of Winnetka Avenue,
between Harold Avenue-Orkla Drive, which section of roadway is located almost
entirely within the project area; and
WHEREAS, the Authority will contract with Hennepin County for the joint
financing of this road improvement, with the Authority paying for all of the
right-of-way and the construction cost to be shared equally between the
Authority and the County; and
WHEREAS, the net cost of said right-of-way acquisition, has been deter-
mined to be approximately $3,900,000, which, with related bond issuance and
administration costs, will require the issuance of $4,000,000 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.
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David Thompson, cting C air
ATTEST:
The motion fo e adoption of the foregoing resolution was seconded by
Commissioner sell and upon a vote being taken thereon, the following voted in
favor thereof: Bakken, Russell and Thompson; and the following were absent;
Johnson and Stockman and the following voted against the same: none, whereupon
said resolution was declared duly passed and adopted, signed by the Acting Chair
and his signature attested by the Director.