HomeMy WebLinkAboutResolution 80-01CITY
OF
CITY OF COLUMBIA HEIGHTS
590 40th Ave. N. E.
(612) 788- 9221
"SERVICE IS OUR BUSINESS"
RESOLUTION 80- 1
RESOLUTION RATIFYIIIG AND CONFIRMING PRIOR OFFICIAL
ACTION OF THE CITY COUNCIL AND REASSERTING THE INTENT
OF THE CITY TO ASSIST DEVELOPMENT OF THE DOWNTOWN
REDEVELOPMENT PROJECT THROUGH THE ISSUANCE AND SALE
OF GENERAL OBLIGATION TAX INCREMENT BONDS PURSUANT TO
MINNESOTA STATUTES, SECTION 462.585, INDUSTRIAL DEVELOPMENT
REVENUE BONDS PURSUANT TO MINNESOTA STATUTES, CHAPTER 474
AND MULTIFAMILY HOUSING REVENUE BONDS PURSUANT TO MINNESOTA
STATUTES, CHAPTER 462C
WHEREAS, on May 10, 1978, The Hou'sing and Redevelopment Authority in
and for the City of Columbia Heights (the "HRA") and the City of Columbia
Heights (the "City") entered into an agreement for exclusive negotiations with
the Columbia Heights Development Consortium, a joint venture of Landmark Devel-
opment of Columbia Heights and Northeast Development of Columbia Heights (the
"Consortium"), for the redevelopment of.the Downtown Redevelopment Project
(the "Project"); and
WHEREAS, on September 13, 1978, the Consortium presented preliminary plans to
the HRA and the City in accordance with which the Consortium would construct
or cause to be constructed the Project, consisting of office, retail and
housing facilities provided the City issue tax exempt construction and perma-
nent financing therefor; and
WHEREAS, between September 13, t978 and April 25, 1979, the Consortium submitted
to the City and HRA detailed plans and specifications regarding the Project; and
WHEREAS, in November, 1978, the above-mentioned agreement for exclusive
negotiations with the Consortium was extended until June 22, 1979; and
WHEREAS, on January 8, 1979, the City Council adopted a resolution giving
preliminary approval to the financing of the Project pursuant to Minnesota
Statutes, Chapter 474; and
WHEREAS, prior to April 25, 1979, the City and HRA retained bond counsel and
a fiscal consultant to assist in the development of a financing plan for the
Project; and
WHEREAS, the Consortium, the City and the HRA were subsequently unable to agree
to the terms and conditions of a redevelopment contract and subsequent to
April 25, 1979, the HRA and the City terminated negotiations with the
Consortium; and
Bruce G. Nawrocki, Mayor
E. "Sebe" Heintz, Councilmember Waiter Logacz, Councilmember
Gayle R. Norberg, Councilrnember Kenneth E. Hentges, Councilmember
EQUAL OPPORTUNITY EMPLOYER
WHEREAS, since termination of the agreement with the Consortium the City
and the HRA have been seeking'developers willing to enter into a redevelopment
contract and to construct or cause to be constructed the Project substantially
as designed through negotiations with the Consortium; and
WHEREAS, such design includes approximately
space, square feet of bank facility,
retail space and 132 condominium units; and
square feet of office
square feet of
WHEREAS, several developers have now indicated a willingness to develop or
cause to be developed the Project intended and desired by the City and HRA;
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF COLUMBIA
HEIGHTS, MINNESOTA, AS FOLLOWS:
1. That this Council ratifies and confirms its intention to complete and
assist in completing the above-described Project; and
That the Council and the HRA will proceed to obtain a substitute developer
which will construct and develop the Project substantially in accordance
with the plans and specifications presented to the Council and the HRA by
the Consortium; and
That upon securing such developer, it is the intention of the Council to
rescind its action of February 14, 1979, and in accordance with now existing
state law, to substitute a preliminary resolution for the financing of
commercial, rental and office facilities with industrial development
revenue bonds issued pursuant to Minnesota Statutes, Chapter 474 and 132
condominium units with multifamily housing revenue bonds issued pursuant
to Minnesota Statutes, Chapter 462C.
Passed this 14th day of danuary, 1980.
Offered by: Hentges
Seconded by: Logacz
Roll Call: Logacz, Heintz,
Norberg - Nay
Hentges, Nawrocki - Aye r~/
Bruce G. Nawrocki, Mayor
hCF6unci I Secretary