Resolution - #86-146 - 09/02/1986

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CourlcJ.]_I~[£~fi!t)~!!~'. (bx introduced the following resolution and moved for its adol;~;~ oi~ RESOLUTION #86-146 RESOLL~I'ION i~R('~/IDING FOR THE ISSUANCE AND SALE OF $2,350,000 GENERAL OBLIGATION ~P~{ INCREMENT BONDS, SERIES 1986A Bf~ t9.' i~]~:OLVED by the City Council of the City of Ramsey, Anoka (bunty, ~.I:,nu.e.'~ota (City) as follows: 1.DJ.. '.llJ~(.~ City has duly established Developaent District No. (Di~fl':,:[ct.), Tax Increment Financing Redevelopment District No. (TIP ])[~-;l:rict), and adopted a Tax Increment Financing Plan (TIF Plan) fo]~ the TIF Districts, all pursuant to Minnesota Statutes, Chapte[~ /.'72A and 475, and Sections 273.71 to 273.78 (collectively, 1.02~ <ij,e pur]~se of the TIF Plan is to provide financing for the put([i~ development costs (Costs) of various public improvements (Project) t~ ]~.~. constructed in the District. ]..03 'I']~e Oosts for the various elem~ents of the Project as J.dentili~l i~, the TIF Plan are presently estimated to be as follows: Estimated Project Costs ind~urh~ J.~l Park. Water and Sewer Wate~ ;Jt~ FI :i~d ?~oo~ ~-].itls Water ~d Sewer $1,059,250 776,250 110,000 290,350 $2,235,850 25,000 150,000 46,000 t;ubi otei!. $2,456,850 leas: ?.ond Proceeds .- 1985 Issue (80,000) Le~;;.. ,, .! tvest:raent Earnings (26,850) J,~.-[ Lond ]issue $2,350,000 inc~luO-:d in the above comf~sition is $150,000 for capitalized interest~ <:f-~:~Jgned to meet the interest expenses on the bonds from their date~. (~kt.o~.r 1, 1986, through the February 1, 1988 payment. The est]me'd.-~d ~mot.tn.t of interest is approximately $224,000. ] .04, I'L is necessary and desirable to the sound financial managemeni .~f the City and its orderly economic development that the City issue ,~.~d sell ].ts General Obligation Tax Increment Bonds, Series 1986A pn,~,~M to the Act to provide financing for the Costs.