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HomeMy WebLinkAboutResolution 94-40RESOLUTION 94 - /40 RESOLUTION OF THE CITY COUNCIL FOR THE CITY OF COLUMBIA HEIGHTS, MINNESOTA, APPROVING THE DEVELOPMENT PROJECT BUDGET FOR 4600 BLOCK BETWEEN PIERCE STREET AND FILLMORE STREET WHEREAS, the Authority did authorize the creation of a "redevelopment project" as that term is defined at Minnesota Statutes, Section 469.001, Subd. 14 and a "housing development project" as that term is defined at Minnesota Statutes, Section 469.001, Subd. 15, which project is referred to as the Sheffield Redevelopment Housing Development Project (the "Redevelopment and Housing Development Project") and adopted a *redevelopment plan~ as that term is defined at Minnesota Statutes, Section 469.001, Subd. 16 for said "Redevelopment and Housing Development Project" which is referred to as the Sheffield Neighborhood Redevelopment and Housing Development Plan (the "Redevelopment and Housing Development Plan") on February 8, 1994; and WHEREAS, the City Council did approve the Housing Development and Redevelopment Plan for the Redevelopment and Housing Development Project on February 28, 1994; and WHEREAS, the Redevelopment and Housing Development Plan proposes redevelopment and housing development activities to be undertaken within the project boundaries and to specifically occur to the area defined as the 4600 block between Pierce Street and Fillmore Street (commonly described as "target block"); and WHEREAS, the City has acquired property on the target block and funded said acquisitions through interfund loans of Sewer Infrastructure Fund 652 in the amount of $710,000 and Liquor Fund 609 in the amount of $469,000; and WHEREAS, it is the intention of the City Council to establish a final redevelopment and housing development project budget that specifically establishes expenditure limits and sources of repayment for the Sewer Infrastructure Fund 609 and the Liquor Fund 652. NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF COLUMBIA HEIGHTS, MINNESOTA, THAT: The City Council approves a Redevelopment and Housing Development Project budget for the 4600 block between Pierce and Fillmore Street of $1,330,000 to accomplish property acquisition, demolition/removal, tenant relocation, public improvements, professional services and holding costs related to the objectives set forth within the Housing and Redevelopment plan, and further the attached Exhibit A (Sheffield 4600 Block Redevelopment Expenditures Budget) is hereby adopted, amending to the 1994 Budget Fund 410. The City Council hereby establishes that the interfund loan of $710,000 from Sewer Infrastructure Fund 652 shall be repaid with interest at 4% or $199,000 interest accumulation from proceeds of the Housing and Redevelopment Authority Annual Levy of approximately $71,000 throush the year 2003; and with potential of tax increment financing revenues of the Sheffield Redevelopment and Housing Develop- ment Tax Increment Financing District estimated to be approximately $25,000 annually, over a period not exceeding the year 2009. The City Council hereby establishes a loan of up to $469,000 from Liquor Fund 609 to be repaid in the principal amount only from the use of surplus TIF revenues of the CDB Tax Increment Financing District, estimated at approximately $300,000; and revenues from the sale of cleared land or individual lots on the 4600 block between Pierce and Fillmore Street estimated up to $320,000 in sales proceeds. The City Council approves $131,000 of expenditures for the project derived from revenues including payments of the house removal contract in the amount of $10,000, a 1994 Housing and Redevelopment Authority Annual Levy in the amount of $71,000, and proceeds from the sale of surplus property of the City and HRA in the amount of $70,000. The City Council approves these sources of funds and expenditures amounts as the current budget for the Sheffield Redevelopment and Housing Development Project located on the 4600 block between Pierce and Fillmore Street and any increase in the redevelopment activities will be submitted for approval by the City Council. Approved this 18th day of duly Motion by: Rue t t i m0nn Seconded by: Pcterson Voting Aye: Jolly, Nawrocki, Voting Nay: None Absent: None ,1994. Ruettimann, Peterson, TEST: /f~Anne gtudent ' (~ity Council Secretary Sturdevant ~pfi Sturdevant ayor