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HomeMy WebLinkAboutAug 5, 1985OFFICIAL PROCEEDINGS CQLUI"JBJ~ HEIGHTS CITY COUNCIL SPECIAL COUNCIL MEETING GUST 5, 1985 The meeting was ca~lled to order by Mayor Nawrocki at 7:30 P.M.. 1. Roll Call Hovland, Petkoff, Peterson, Nawrocki - present Carlson - absent Councilmember Carlson was attending a Traffic Commission meeting. 2. Purpose of the Meeting Authorize the issuance of General Obligation Tax Increment Bonds and authorize the execution of a joint powers agreement for certain revenue bonds. 3. Reading of Ordinances a. Second Reading of Ordinance No. llO6; Being an Ordinance Authorizing the Issuance of $2,100,000 General Obligation Tax Increment Bonds of 1985, Series A The funds being authorized with Ordinance No. 1106 are for financing the project which consists of the Columbia Park Properties .and the construction of a 280 stall parking ramp. It was noted that the parking ramp agreement is still under consideration. Motion by Petkoff, second by Peterson to 'waive the reading of the ordinance there being ample copies available to the public. Roll call: All ayes ORDINANCE NO. 1106 BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF $2,lOO,000 GENERAL OBLIGATION TAX OCREMENT BONDS OF 1985 SERIES A The City of Columbia Heights does ordain: l. The City of Columbia Heights (the "City") is a home rule charter city and a political subdivision of the State of Minnesota. 2. Pursuant to Minnesota Statutes, Section 273.77 the City is authorized to issue general obligation bonds to finance public redevelopment costs incurred by The Housing and Re- development Authority in and for the City of Columbia Heights, Minnesota (the "Authority") pursuant to Minnesota Statutes, Chapter 462. 3. It is hereby found and determined to be necessary and in the best interest of the City for the Ci'ty to issue its General Obligation Tax Increment Bonds of 1985, Series A (the "Bonds") in a principal amount not to exceed $2,1OO,OOO for the purpose of financing the public redevelopment costs incurred by the Authority in connection with the Downtown C.B.D Revitalization Project. The City Council of the City will provide for the public sale of the Bonds by resolution. 4. This ordinance will be in full force and effect from and after thirty (30) days after its passage. First Reading: Second Reading: Date of Passage: July 8, 1985 August 5, 1985 August 5, 1985 Offered By; Seconded By; Roll £all: Peterson Petkoff All ayes (Carlson absent) Special Council Meeting August 5, 1985 page 2 Bruce G. Nawrocki, Mayor Jo-Anne Student, Cj~?uncil Secretary It was noted by an HRA staff member that a $250,000 letter of credit had been signed by Columbia Park Properties on August 5, 1985. b. Resolution No. 85-33; Approving the Form of and Authorizing Execution of a Joint Powers Agreement. This resolution would authorize the execution of a joint powers agreement with the City of Shoreview to use its entitlement allocation of $1,O00,000. This amount combined with the City of Columbia Heights' 1985 IRB Entitlement Allocation of $3,385,453, plus the $2,200,000 the City will receive from the City of Silver Bay (Washington County) will result in a total bonding authority of $6,585,453. This amount should be sufficient to cover issuance of revenue bonds for the Columbia Park Medical Clinic Project. The preliminary IRB Ordinance passed for this project by the City Council was in the amount of $7,000,000. Motion by Hovland, second by Peterson to waive the reading of Resolution No. 85-33 there being ample copies available to the public. Roll call: All ayes RESOLUTIION NO. 85-33 APPROVING THE FORM OF AND AUTHORIZING EXECUTION OF A JOINT POWERS AGREEMENT PURSUANT TO MINNESOTA STATUTES, SECTION 474.18, SUBD. 4, AND DESIGNATING AN UNDERWRITER FOR CERTAIN REVENUE BONDS ~EREAS, the City of Columbia Heights (the "City") by Ordinance No, 1104 has given preliminary approval to the issuance of revenue bonds in an amount not to exceed $7,000,000 to finance a 36,000 square foot office facility (the "Project") to be developed by Columbia Park Properties (tlhe "Developer") and WHEREAS, in order to issue tax exempt revenue bonds to finance the Project, the City must obtain an allocation to issue private activity bonds in addition to the City's entitlement allocation of $3,385,453 and WHEREAS, pursuant to Minnesota Statutes, Section 474.18, Subd. 4 an entitlement issuer may enter into an agreement with a local issuer under which agreement the local issuer may issue bonds pursuant to authority allocated to the entitlement issuer. NOW, THEREFORE BE IT RESOLVED BY THE CITY OF COLUMBIA HEIGHTS AS FOLLOWS: 1. The Joint Powers Agreement prepared pursuant to Minnesota Statutes, Section 474,18, Subd. 4, with the City of Shoreview is hereby approved in substantially the form set forth in Exhibit A attached hereto and the Mayor and City Manager of the City are authorized and directed to execute such agreement on behalf of the City. 2. Miller and Schroeder Municipals, Inc. is authorized to act as the underwriter for the bonds to be issued to finance the project. Passed this 5th day of August, 1985. by: Hovland Seconded by: Peterson Roll call: All ayes (Carlson absent) Jo-Anne Student, Council Secretary Bruce G, Nawrocki, Mayor ~Speci~l Council Meeting August 5, 1985 page 3 Second Reading of Ordinance No. ll07; Being an Ordinance Authorizing the Issuance of $2,460,000 General Obligation Refunding Bonds of 1985, Series B The bond counsel ~dvised the Council again that refinancing at a more desirable interes~ rate could realize a savings for the City of approximately $200,000. Motion by Peterson, second by Petkoff to waive the reading of the ordinance there being ample copies available to the public. Roll call: All ayes ORDINA~ICE NO. ll07 BEING AN ORDINANCE AUTHORIZING THE ISSUANCE OF $2,460,000 GENERAL OBLIGATION REFUNDING BONDS OF 1985 SERIES B The City of Columbia Heights does ordain: 1. The City of Columbia Heights (the "City") is a home rule charter city and a political subdivision of the State of Minnesota. 2. Pursuant to Ordinance No. IO82 and Resolution 84-41 the City issued its General Obligation Permanent Improvement Fund Bonds Series 1984 dated June 1, 1984 in the aggregate principal amount of $2,600,000 (the "Prior Issue") which bonds are subject to redemption on March 1, 1988, at a price equal to par plus accrued interest. 3. It is hereby found and determined that it is in the best interests of the City to issue its General Obligation Refunding Bonds of 1985, Series B in an aggregate principal mount not to exceed $2,460,000 (the "Bonds") for the purpose of redeeming the Prior ,~sue. The City Council of the City will provide for the public sale of the Bonds by resolution. 4. This ordinance will be in full force and effect from and after thirty (30) days after its passage. First Reading: Second Reading: Date of Passage: July 8, 1985 August 5, 1985 August 5, 1985 Offered By: Seconded By: Roll Call: Peterson Petkoff All ayes (Carlson absent) Bruce G. Nawrocki, Mayor Jo-Anne Student, Council Secretary 4. Block Party Request Motion by Petkoff, second by Hovland to authorize a block party to be held Saturday, August 10, 1985 from 5:00 P.M. to approximately 1:00 A.M, with barricades being placed to block off traffic on Monroe Street, between 43rd and 44th Avenues. Roll call: All ayes 5. Selection of Police Captain Mayor Nawrocki advised the Council selection has been made by the Police and Fire Civil Service Commission and the Police Chief for police captain. Sergeant Leonard son has been promoted to that position. ,Special Council Meeting August 5, 1985 page 4 ournment Motion by Peterso~, second by Hovland to adjourn the special Roll call: All aye%