HomeMy WebLinkAboutResolution 78-56CiTY
OF
CIT_Y OECOLUMBIA HEIGHTS
590 40th Ave. N. E.
C~lu Fn6i a --Flei c.:.:]h-t s_,~_ MN-554211
(6 2) 788-
"SERVICE IS OUR BUSINESS"
RESOLUTION # 78-56
WHEREAS, the Department of Housing and Urban Development has requested
certification from the City of Columbia Heights relative to the assurance of
the availability of local funds for the municipally funded portion of the
proposed downtown C.B.D. redevelopment project as outlined in the application
to H.U.D. for C.D.B.G. Small Cities Funds and,
WHEREAS, t,he City of Columbia Heights has identified the financial
tool of tax increment financing as the available local resource to be utilized,
should the proposed project occur as planned, and,
WHEREAS, the City of Columbia Heights, through its Housing and Redevelopment
Authority, applied for the C.D.B.G. Small Cities funds through the Department
of Housing and Urban Development to make the proposed downtown revitalization
project more feasible through the use of tax increment financing, and,
WHEREAS, the City of Columbia Heights recognizes that local funds will
be essential to complete this C.D.B.G. and overall redevelopment project.
NOW THEREFORE BE IT RESOLVED, by the City of Columbia Heights that if
the proposed project is found to be in the best interest of the City of
Columbia Heights through public hearings and further negotiations with the
developer that:
1. General obligation bonds will be sold by the City of Columbia
Heights to finance the local share of the downtown revitalization
project as outlined in the full application for C.D.B.G. funds.
2. Local funds will be available if required to assure adequate
parking for the project.
No federal funds will be expended in regards to this proposed
project unless a firm contract is entered into with a developer
outlining the responsibilities of all parties concerned and a
con~nitment for the sale of general obligation bonds to finance the
local share of said project has been made by the City Council
of Columbia Heights, MN.
P,,~ssed this 9th day of November, 1978.
Offered by: Hentges
Seconded by: Heintz
Roll Call: All Ayes CI~~~U.~BI~/~~, MZ
Gayle R. Norberg, Ceun¢ilmem~er Kennet~ E. Henlge$, Coun¢iJmember
E~UAL OPPORTUNITY EMPLOYER