HomeMy WebLinkAboutResolution 90-27RESOLUTION NO. 90-27
CITY OF COLUMBIA HEIGHTS, MINNESOTA
A RESOLUTION RELATING TO THE APPROVAL OF AN
AMENDMENT TO A TAX INCREMENT PLEDGE AGREEMENT
RELATING TO THE COLUMBIA HEIGHTS CENTRAL BUSINESS
DISTRICT REVITALIZATION PROJECT.
BE IT RESOLVED by the City Council (the "Council") of the City of
Columbia Heights, Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of
Columbia Heights, Minnesota (the "Authority") proposes to issue its tax increment
revenue bonds in the principal amount of up to $30,000 to finance public
redevelopment costs, specifically those listed on Exhibit A attached hereto, of the
Central Business District Revitalization Project (the "Project") and the Authority
has requested the City to amend the Tax Increment Pledge Agreement (the "Pledge
Agreement") for the Project, dated August 11, 1980, to provide for the issuance of
the Authority's revenue note to finance such costs (the "Note").
1.02. The Authority and the City have amended the Pledge Agreement by
an Amendment to a Tax Increment Pledge Agreement dated as of July 10, 1984, by
an Amendment to a Tax Increment Pledge Agreement dated as of September 10,
1985, by an Amendment to a Tax Increment Pledge Agreement dated as of June 23,
1987, and by an Amendment to a Tax Increment Pledge Agreement dated as of
March 27, 1990.
1.03. The Authority has caused to be prepared a proposed amendment to
the Pledge Agreement in the form attached hereto as Exhibit B.
1.04. The council hereby determines that it is necessary and in the best
interest of the Authority and the City at this time to amend the Tax Increment
Pledge Agreement dated as of August 11, 1980, as amended, between the City and
the Authority to provide for the Note.
Section 2. Findings Relating to the Amendment
2.01. The Council hereby confirms the findings made with respect to the
original approval of the Project.
Section 3. Approval of the Amendment to the Pledge Agreement.
3.01. The Amendment to the Pledge Agreement (the "Amendment") is
hereby approved in substantially the form of Exhibit B attached hereto. The Mayor
and City Manager are authorized to execute the Amendment on behalf of the City.
Resolution No. 90-27
page 2
Adopted this 14th day of May, ]990.
Offered by:
Seconded by:
Ro]t call:
Peterson
Ruettimann
A]] ayes
6~Ann~ Student, Coufic;1 Secretary
Mayor Edward ~l'. Cart-son