HomeMy WebLinkAbout1985-019 HRARMember Rich Theis introduced the following resolution
and moved its adoption:
BROOKLYN CENTER
HRA RESOLUTION NO. 85-19
RESOLUTION DETERMINING NEED FOR FINANCING;
REQUESTING THE CITY COUNCIL OF THE CITY OF
BROOKLYN CENTER TO AUTHORIZE THE ISSUANCE OF
GENERAL OBLIGATION TAX INCREMENT BONDS TO
FINANCE PUBLIC REDEVELOPMENT COSTS IN THE
EARLE BROWN FARM REDEVELOPMENT PROJECT AREA;
AUTHORIZING TAX INCREMENT AGREEMENT
WHEREAS, pursuant to the provisions of Minnesota Statutes,
Sections 462.11 to 462.585 and Sections 273.71 to 273.78 (the
Act), this Authority has established a Redevelopment Tax Incre-
ment Financing District (District), and approved a redevelopment
project (Project) and a related Tax Increment Financing Plan
therefor (TIF Plan); and
WHEREAS, the City Council has approved the financing of part
or all of the public redevelopment costs of the Project by the
issuance of general obligation bonds of the City payable in whole
or in part from tax increments derived from the Project (Tax
Increments) in accordance with the TIF Plan; and
WHEREAS, this Authority has duly requested the Director of
Property Taxation of Hennepin County to certify the original
taxable value of the District and to return the resulting Tax
Increments to the Authority to finance the development costs of
the Project as identified in the TIF Plan; and
WHEREAS, it is the intent of the Authority to utilize the
authority granted by Section 273.77 of the Act by requesting the
City to issue its general obligation bonds in one or more series
(the Bonds) to finance one or more redevelopments within the
Project, . and to pledge the tax increments from the District for
the retirement of the Bonds; and
WHEREAS, the Authority expects to authorize the acquisition
of certain parcels of land within the Project and to undertake
all other actions required by the Act for the redevelopment of
the Project; and
WHEREAS, it is hereby found and determined that funds will
be needed to finance the cost of acquisition, site improvements,
demolition and related costs (Redevelopment Costs) for the
Project which are presently estimated and identified in the TIF
Plan as follows:
RESOLUTION NO. 85-19
Estimated Project Costs
TOTAL: $ $5,250,000
WHEREAS, the City is authorized by Section 273.77 of the
Act, to issue the Bonds if this Authority pledges Tax Increments
received from.-the -District for the payment of the principal of
and interest on the Bonds issued in aid of the Project; and
WHEREAS, the pledge of Tax Increments must be made by
written agreement executed by the- Authority and the City and
filed with the Director of Property Taxation of Hennepin County,
and when such an agreement is made and filed, the City may issue
the bonds as provided in Minnesota Statutes, Chapter 475, subject
only to the conditions required for bond financing improvements,
the costs of which are reimbursable from special assessments.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelop-
ment Authority in and for the City of Brooklyn Center, Minnesota
as follows:
1. This Authority hereby, and by and in accordance with the Tax
Increment Agreement attached hereto as Exhibit A, pledges
and appropriates Tax Increments from the District for the
payment of the principal of and interest on Bonds when and
if issued by the City in aid of the Project.
2. The form of the Tax Increment Agreement attached hereto as
Exhibit A is approved. The Chairperson and Executive
Director are authorized and directed to execute the Tax
Increment Agreement on behalf of the Authority and to
forward it to the City Council with a certified copy of this
Resolution.
3. The Authority hereby formally requests the City Council of
the City to authorize the issuance and sale of Bonds in the
aggregate principal amount of not to exceed $ 5,250,000 to
finance the Redevelopment Costs of the Project.
4. The Authority further respectfully informs the City Council
that it may, for the reasons set forth in this resolution,
request additional series of Bonds in the future to finance
the redevelopment costs of other redevelopment within the
Project, all in conformance with the TIF Plan and any
modification thereto. The Authority, therefore, requests
that each series of Bonds issued in aid of the Project, and
pursuant to the Tax Increment Agreement, be on a parity with
each other series of Bonds so issued and be equally and
ratably secured by the pledge of the Tax Increment Agreement
and this Resolution.
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RESOLUTION NO. v$5=19
November 18, 1985
A f-e~
Date Chairs fi
The motion for the adoption of the foregoing resolution was duly seconded
by member Celia Scott , and upon vote being taken thereon, the following
voted in favor thereof: Dean Nyquist, Gene Lhotka, Celia Scott, Bill Hawes,
and Rich Theis;
and the__following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
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