HomeMy WebLinkAbout1974-146 CCR Member Robert Jensen introduced the following resolution
and moved its adoption:
RESOLUTION NO. 74 -146
RESOLUTION AUTHORIZING EXPENDITURE OF INTEREST MONEY
EARNED FROM THE BROOKDALE GARDENS LAWSUIT SETTLEMENT
WHEREAS, on June 1, 1973, the City of Brooklyn Center received
from the owners of the Brookdale Gardens Apartment Complex, in accord-
ance with the stipulated settlement of a lawsuit, the sum of $25,000.00,
which has been deposited in an escrow account in the City's Investment
Trust Fund; and
WHEREAS, said Investment Trust Fund has earned a total of
approximately $1,700.00 on the unexpended balance of said deposit; and
WHEREAS, the City Council did by Resolution No. 73 -180 order
construction of Storm Sewer Corrective Site Improvement Project No.
1973 -38, described as follows:
Corrective storm sewer, site grading, parking lot work,
and related engineering fees for the Brookdale Gardens
bond foreclosure, as directed by Court action (southerly
of 53rd Avenue North between T.H. 152 and Drew Avenue
North);
and
WHEREAS, said Resolution No. 73 -180 authorized the City
Treasurer to disburse funds from the said Investment Trust Fund
Escrow Account to pay the costs of Storm Sewer Corrective Site
Improvement Project No. 1973 -38 as they occur, not to exceed $19,867.04;
and
WHEREAS, it was recognized by the City Council of the City of
Brooklyn Center that the above financial limitations required a modi-
fication of the corrective storm sewer system and site work; and
WHEREAS, the said interest earned in the amount of approxi-
mately $1,700.00 can be effectively utilized by said improvement
project to further improve the said apartment complex site;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Brooklyn Center, Minnesota, that the City Treasurer is hereby
authorized to:
1) Increase the appropriation of Storm Sewer Corrective
Site Improvement Project No. 1973 -38 by $1,700.00.
RESOLUTION NO. 74 -146
2) Transfer the amount of $1,700.00 from the General Fund
to the Investment Trust Fund Brookdale Gardens Escrow
Account; such appropriation to be financed from the
estimated interest earnings of said Escrow Account,
which will be credited to the General Fund at year end.
September 9, 1974
Date Mayor
ATTEST:
L 16lerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Bill Fignar, and upon vote being taken
thereon, the following voted in favor thereof: Philip Cohen,
Maurice Britts, Tony Kuefler, Bill Fignar and Robert Jensen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.