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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