HomeMy WebLinkAbout90-137 - ADMIN Resolution - City Council - 1990/09/17RESOLUTION NO. 90-137
RESOLUTION APPROVING ISSUANCE OF TAX
INCREMENT REVENUE BONDS BY SAINT LOUIS
PARK ECONOMIC DEVELOPMENT AUTHORITY AND
AUTHORIZING AMENDMENT NO. 2 OF TAX
INCREMENT AGREEMENT IN CONNECTION
THEREWITH
WHEREAS, by Resolution No. 88-134 adopted September 19, 1988, the City
Council of the City of Saint Louis Park, Minnesota (the "City") created the Saint
Louis Park Economic Development Authority ("EDA"); and
WHEREAS, the City granted to the EDA various economic development
powers and the City reserved the right to approve before their issuance all bonds or
obligations proposed to be issued by the EDA; and
WHEREAS, the EDA has given approval to the issuance of tax increment
revenue refunding bonds (the "Bonds") in the approximate principal amount of
$6,000,000 the proceeds of which are to be applied to redeem the EDA's Tax
Increment Revenue Bonds, Series 1990 which were issued to pay public
redevelopment costs of the Excelsior Boulevard and Oak Park Village
Redevelopment Project areas; and
WHEREAS, the City and the Housing and Redevelopment Authority of St.
Louis Park (the "HRA") entered into a Tax Increment Agreement (the "Pledge
Agreement") dated January 26, 1976 pursuant to which the HRA pledged to the
City tax increment from the Oak Park Village Redevelopment Project to pay
certain general obligation bonds of the City; and
WHEREAS, the EDA has succeeded to the HRA's right, title and interest in
and to the Pledge Agreement; and
WHEREAS, the EDA and the City have amended the Pledge Agreement by
amendment dated March 29, 1990; and
WHEREAS, the EDA and the City desire to further amend the Pledge
Agreement to provide for the EDA's tax increment revenue bonds herein approved;
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of St.
Louis Park, Minnesota:
1.. The City Council hereby approves the issuance by the EDA of tax
increment revenue bonds in the principal amount of up to $6,000,000, the proceeds
of which are to be applied to redeem the EDA's Tax Increment Revenuebonds,
Series 1990 which were issued to pay public redevelopment costs of the Excelsior
Boulevard and Oak Park Village Redevelopment Project areas.
2. The City Council hereby authorizes the execution of the Amendment
No. 2 to Tax Increment Agreement substantially in the form on file with the City
Clerk on the date hereof.
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Adopted by the City Council September 1990
ATTEST:
Reviewed for administration:
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City Manager • City • rney
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Mayor
Approved as to form and execution:
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