HomeMy WebLinkAbout06-115 - ADMIN Resolution - City Council - 2006/07/17ST. LOUIS PARK CITY COUNCIL
RESOLUTION NO. 06-115
RESOLUTION APPROVING THE ISSUANCE OF A
TAXABLE TAX INCREMENT REVENUE NOTE
(HOIGAARD VILLAGE PROJECT), SERIES 2006A, IN AN
ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $1,725,000
BE IT RESOLVED BY the City Council ("Council") of the City of St. Louis Park,
Minnesota (the "City") as follows:
Section 1. Recitals.
1.01. The City and the St. Louis Park Economic Development Authonty (the
"Authonty") have heretofore approved the establishment of the Elmwood Village Tax
Increment Financing Distnct (the "TIF Distnct") within Redevelopment Project No 1 (the
"Project"), and have adopted a tax increment financing plan for the purpose of financing
certain improvements within the Project
1 02 Pursuant to Minnesota Statutes, Section 469 178, the Authonty is authonzed to
issue and sell its bonds for the purpose of financing a portion of the public Redevelopment costs
of the Project Such bonds are payable from all or any portion of revenues denved from the TIF
Distnct and pledged to the payment of the bonds. The Authonty has found and determined that it
is in the best interests of the Authority that it issue and sell its Taxable Tax Increment Revenue
Note in an original aggregate principal amount not to exceed $1,725,000 (the "Note") for the
purpose of financing certain public redevelopment costs of the Project
1 03 Pursuant to the Enabling Resolution Establishing an Economic Development
Authonty for the City of Saint Louis Park, dated November 3, 1988 (the "Enabling Resolution"),
the sale of all bonds or obligations issued by the Authority must be approved by the Council
before issuance
Section 2 Note Approved
2 01. The Council hereby approves issuance of the Note in accordance with the terms
letforth in the Authonty's Resolution Awarding the Sale of, and Providing the Form, Terms,
(l;ove ants and Directions for, the Issuance of a Taxable Tax Increment Revenue Note (Hoigaard
Village Project) in an Original Aggregate Pnncipal Amount not to Exceed $1,725,000
Revie
for Administration:
Cit a age
Attest.
Adopted by the City Council July 17, 2006
i
Mayor,