HomeMy WebLinkAbout07-031 - ADMIN Resolution - City Council - 2007/03/05RESOLUTION NO. 07-031
RESOLUTION APPROVING THE ISSUANCE OF A
TAXABLE TAX INCREMENT REVENUE NOTE
(HOIGAARD VILLAGE PROJECT), SERIES 2007A, IN AN
ORIGINAL AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $2,600,000.
THEREFORE 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 Authority (the
"Authority") have heretofore approved the establishment of the Elmwood Village Tax
Increment Financing District (the "TIF Distract") 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 Authority is authorized 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 derived from the TIF
District and pledged to the payment of the bonds. The Authority 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 (Hoigaard Village Project), Series 2007A in an original aggregate principal amount not to
exceed $2,600,000 (the "Serres 2007A Note") for the purpose of financing certain public
redevelopment costs of the Project.
1 03. Pursuant to the Enabling Resolution Establishing an Economic Development
Authority 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
set forth in the Authority's Resolution Awarding the Sale of, and Providing the Form, Terms,
Co nts and Directions for, the Issuance of a Taxable Tax Increment Revenue Note (Hoigaard
Vi age Project), Series 2007A in an Original Aggregate Principal Amount Not to Exceed
$2, 600,110.
Rev
or Administration
City Ma
Attest:
Nancy Stroot y Clerk
Adopty the City Council March 5, 2007