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HomeMy WebLinkAbout89-204 - ADMIN Resolution - City Council - 1989/12/18\ RESOLUTION NO. 89-204 RESOLUTION ASSIGNING EXCELSIOR BLVD. AND OAK PARK VILLAGE TAX INCREMENT FINANCING DISTRICTS CONSTRUCTION FUND ASSETS, LIABILITIES, DUTIES, AND OBLIGATIONS TO THE ECONOMIC DEVELOPMENT AUTHORITY WHEREAS, the City Council has, pursuant to statutory authority, created the Excelsior Blvd. and Oak Park Village Tax Increment Financing Districts; and, WHEREAS, the City Council further finds it to be in the public interest to have an Economic Development Authority assume certain powers, duties and obligations heretofore held by the Housing and Redevelopment Authority of the City of Saint Louis Park, and to assume authority for Excelsior Blvd. and Oak Park Village Tax Increment Financing Districts; and, WHEREAS, the City Council has by Ordinance No. 1763-88 allocated to the Economic Development Authority certain duties, responsibilities, and powers previously held by the HRA; BE IT RESOLVED by the City Council of the City of Saint Louis Park, Minnesota, as follows: Section 1. The City shall assign and convey to the EDA all its assets, rights, title and interest with respect to all completed and ongoing development or redevelopment projects within the Excelsior Blvd. Tax Increment Financing District and the EDA shall assume the liabilities, duties and obligations of the City with respect to all completed and ongoing development or redevelopment proj_ects— with_in_the Excelsior Blvd. Tax Increment Financing District. Such conveyance shall include but not be limited to all real estate interests, all contract rights., all legal actions, all accounts receivable, all cash and investments, all rights to future tax increment and all personal property. Such liabilities shall include but not be limited to all accounts payable, all contractual liabilities and obligations, all liability associated with ongoing legal actions and all contingent liability. Section 2. The City shall assign and convey to the EDA all its assets, rights, title and interest with respect to all completed and ongoing development or redevelopment projects within the Oak Park Village Tax Increment Financing District and the EDA shall assume the liabilities, duties and obligations of the City with respect to all completed and ongoing development or redevelopment projects within the Oak Park Village Tax Increment Financing District. Such conveyance shall include but not be limited to all real estate interests, all contract rights, all legal actions, all accounts receivable, all cash and investments, all rights to future tax increment and all personal property. Such liabilities shall include but not be limited to all accounts payable, all contractual liabilities and obligations, all liability associated with ongoing legal actions and all contingent liability. Section 3. This resolution shall become effective December 18, 1989. Adopted by the City Council December 18, 1989 Ma or Attest: 4 4cie Reviewed for Administration Approved as to form and execution: P00//N(vil City Manger Puy' LA City Attorney