HomeMy WebLinkAboutResolution 90-20RESOLUTION NO. 90-20
BEING A RESOLUTION RELATING TO THE APPROVAL OF AN AMENDMENT TO A TAX INCREMENT
PLEDGE AGREEMENT RELATING TO THE COLUMBIA HEIGHTS CENTRAL BUSINESS DISTRICT
REVITALIZATION PROdECT
BE IT RESOLVED by the City Councit (the "Council") of the City of Columbia
Heights, Minnesota (the "City"), as follows:
Section 1. Recitals
1.O1. The Housing and Redevelopment Authority in and for the City of Columbia
Heights, Minnesota (the "Authority") proposed to issue its tax increment revenue
bonds in the principal amount of up to $2,400,000 to finance public redevelopment
costs, specifically a senior housing project, 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 ll, 1980, to provide for the issuance of the Authority's
revenue bonds, to finance such senior housing project, (the "Revenue Bonds").
1.02. The Authority and the City have amended the Pledge Agreement by an Amend-
me~t to a Tax Increment Ptedge Agreement dated as of duly 10, 1984, by an Amend-
ment to a Tax Increment Pledge Agreement dated as of September lO, 1985, and
by an Amendment to a Tax Increment Pledge Agreement dated as of dune 23, 1987.
1.O3. The Authority has cuased to be prepared a proposed amendment to the
Pledge Agreement in the form attached hereto as Exhibit A for the Project.
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 Revenue Bonds.
Section 2. Findings Relatlng to the Amendment
2.0t. The Council hereby confirms the findings made with respect to the origin~l
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 A attached hereto. The Mayor and City Manager
are authorized to execute the Amendment on behalf of the City.
Passed this 14th day of March, 1990.
Offered by: Nawrocki
Seconded by: Cterkin
Roll call: Nawrocki, Clerkin, Ruettimann, Carlson - aye
Peterson - abstain
' Mayor Edward M. Carlson
/'~Anne~tudent, Counci~e-retary