HomeMy WebLinkAbout85-144 - ADMIN Resolution - City Council - 1985/09/16CITY OF ST. LOUIS PARK, MINNESOTA
Resolution No. 85-144
GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF $6,000,000
GENEAAt, OBLIGATION TAX INCREMENT BONDS OF THE CITY
WHEREAS, the City of St. Louis Park (the "City") proposes to issue its General
Obligation Tax Increment Bonds (the "Bonds") in an aggregate principal amount not
exceeding $6,000,000 for the purpose of financing certain public redevelopment
activities of the Excelsior Boulevard Redevelopment Project; and
WHEREAS, such public redevelopment activities include the acquisition and
construction of a public parking facility now estimated to accommodate five hundred
fifty (550) vehicles to be located on the south side of 39th Street, east of Park Center
Boulevard in the City; and
WHEREAS, because of certain terms relating to security for the Bonds, the
Bonds will be Private Activity Bonds as defined in 9103(n)(7) of the Internal Revenue
Code and therefore, in order for interest on the Bonds to be exempt from federal and
State of Minnesota income taxation it is necessary to obtain an allocation of authority
to issue the Bonds pursuant to -Minnesota Statutes, Sections 474.19.
Now therefore be it resolved by the City Council of the City of St. Louis Park
as follows:
qw� 1. The issuance of the City's General Obligation Tax Increment Bonds in an
aggregate principal amount not exceeding $6,000,000 is hereby given preliminary
approval.
2. The City Manager is hereby authorized and directed to submit an
application to the Minnesota Department of Energy and Economic Development for
authority to issue the Bonds together with the necessary application fee, and to take
other actions necessary to complete such application.
Adopted this 16th day of September,
1985.
C A L), 4,j"-/
Mayor
Reviewed for administration: Approved as to form and a y:
C
CA-
ty Manager CJ City Attorney