HomeMy WebLinkAbout10-061 - ADMIN Resolution - City Council - 2010/06/07ST. LOUIS PARK CITY COUNCIL
RESOLUTION NO. 10-061
RESOLUTION APPROVING THE ISSUANCE OF A TAX-
EXEMPT TAX INCREMENT REVENUE REFUNDING
NOTE (HOIGAARD VILLAGE PROJECT), SERIES 2010A,
IN THE PRINCIPAL MAXIMUM AMOUNT OF $ 4,300,000
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 Authority (the
"Authority") have heretofore approved the establishment of the Elmwood Village Tax Increment
Financing District (the "TIF District") 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 previously issued and sold its
Taxable Tax Increment Revenue Note (Hoigaard Village Project), Series 2006A in the aggregate
principal amount of $1,663,000 (the "Series 2006A Note") and its Taxable Tax Increment Revenue
Note (Hoigaard Village Project), Series 2007A in the aggregate principal amount of $2,540,000 (the
"Series 2007A Note") for the purpose of financing certain public redevelopment costs of the Project.
The Series 2006A Note and the Series 2007A Note are payable solely from Available Tax Increments
as defined in such notes and in the Contract for Private Redevelopment by and between the
Authority and Union Land II, LLC and its assigns, dated March 6, 2006, as amended.
103. Pursuant to Minnesota Statutes, Section 475.67, subdivision 3, the Authority is
authorized to issue and sell its bonds to refund obligations and the interest thereon before the due date of
the obligations, if consistent with covenants made with the holders thereof, when determined by the
Authority, in the case of obligations payable solely from a special fund, to be necessary and desirable for
the more advantageous sale of additional obligations paid from the same fund. The Authority has
determined that it is necessary and desirable to issue and sell its Tax Increment Revenue Refunding Note
(Hoigaard Village Project), Series 2010A, in the principal amount of $ to refund the
outstanding principal of the Series 2006A Note and the Series 2007A Note.
1.04. Pursuant to the Enabling Resolution Establishing an Economic Development Authority
for the City of Saint Lotus 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.
Resolution No. 10-061 -2-
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,
Covenant d Directions for, the Issuance of a Tax -Exempt Tax Increment Revenue Refunding
Note (H . igaar i Village Project), Series 2010A in the Principal Amount of $
Reviewe
mi istration
City Manager
Attest:
Adopted b the Ci Council June 7, 2010
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Mayor
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