HomeMy WebLinkAbout90-3 - ADMIN Resolution - Economic Development Authority - 1990/03/05RESOLUTION NO. EDA 90-3
RESOLUTION GIVING PRELIMINARY APPROVAL TO
THE ISSUANCE OF TAX INCREMENT REVENUE
BONDS, SERIES 1990 IN THE APPROXIMATE
PRINCIPAL AMOUNT OF $10,000,000 TO FINANCE
PROJECT COSTS OF THE EXCELSIOR BOULEVARD
REDEVELOPMENT PROJECT AND OAK PARK
VILLAGE REDEVELOPMENT PROJECT AND THE
HIGHWAY 7 DEVELOPMENT DISTRICT
MICROFILMED
WHEREAS, the City of St. Louis Park (the "City") has heretofore created
the Excelsior Boulevard Redevelopment Project and the Oak Park Village
Redevelopment Project (the "Districts") pursuant to the provisions of Minnesota
Statutes, Section 469.001-469.047 (or their predecessor statutes); and
WHEREAS, the City.or the Housing and Redevelopment Authority in and for
the City has previously requested the Director of Property Taxation of Hennepin
County to certify the original assessed value of the property within the Districts
and has been collecting tax increment from the Districts since their inception; and
WHEREAS, the City has transferred control of the Districts to the St. Louis
Park Economic Development Authority (the "EDA"); and
WHEREAS, the EDA and the City have identified additional projects to be
undertaken within or related to the Districts and propose to issue bonds to finance
the costs of such projects;
NOW, THEREFORE BE IT RESOLVED By the Board of Commissioners of the
St. Louis Park Economic Development Authority:
Section 1. The Board of Commissioners of the EDA hereby give
preliminary approval to the issuance of tax increment revenue bonds in the
approximate principal amount of $10,000,000, the proceeds of which are to be
applied to the payment of public redevelopment costs of the Excelsior Boulevard
and Oak Park Village Redevelopment Project areas and the Highway 7 Develop-
ment District.
Section 2. The EDA hereby engages Holmes & Graven, Chartered as bond
counsel, and Miller & Schroeder Financial, Inc. as underwriter with respect to the
proposed issuance of bonds. The EDA authorizes the staff of the EDA to work with
bond counsel and the underwriter in the preparation of documents and the
preliminary marketing of the bond issue.
Adopted by the St. Louis Park Economic Development Authority on
March 5, 1990.
President
ATTEST:
William C. Dixon
Executive Director
(SEAL)