HomeMy WebLinkAbout4698 - ADMIN Resolution - City Council - 1972/12/14ORIGINAL
RESOLUTION NO. 4698
RESOLUTION AUTHORIZING TEMPORARY
LOAN TO HOUSING AND REDEVELOP-
MENT AUTHORITY
WHEREAS, the St. Louis Park Housing and Redevelopment Authority
is a duly appointed authority of the City of St. Louis Park under
the laws of the State of Minnesota, and
WHEREAS, the Authority is in the process of acquiring
certain properties in the City for a Neighborhood Development
Program encompassing the property owned by the Reilly Tar
and Chemical Company, and
WHEREAS, the City Council is desirous of cooperating
with and assisting the Authority in this endeavor, therefore
BE IT RESOLVED by the City Council of the City of St.
Louis Park that the City Manager is hereby authorized and
directed to make available to the Housing and Redevelopment
Authority certain temporary funds in an amount not to exceed
$952,500 for a period of 90 days or until such time as adequate
funds are available to the Authority to repay said amount,
plus 6% interest.
Attest:
Adopted by the City Council December , 1972.
g2.05414.4.41)
ity Clerk
Mayor
Reviewed for administration: Appr,ved as to form and legality:
City Manager Citydttorney
TO: City Council
FROM: City Manager's Office
SUBJECT: Steps for Creosote Property Acquisition (NDP)
1. December 14, 1972 - anticipated approval of NDP by HUD
(requirement for $1.9 million tanporary loan)
2. December 15, 1972 - closing date for land purchase (resolution
approving $947,500 expenditures per contract for deed).
3. December 26, 1972 - anticipated receipt of executed contract
of NDP
4. January 15, 1973 - anticipated receipt of $1.9 million
temporary loan from HUD
5. January 16, 1973 - pay-off balance on creosote land ($952,500)
6. February 28, 1973 - H.R.A. project note sale ($2,100,000)
7. March 1, 1973 - pay -back temporary loan to HUD
8. April 15, 1973 - let contracts for public improvements in area
9. May 31, 1973 - end of 1st "Action Year" of N.D.P. project
(acquisition, demolition, and clean-up)
10. July 31, 1973 - anticipated receipt of grant payment
December 12, 1972