HomeMy WebLinkAboutResolution 2000-97RESOLUTION NO. 2000-97
RESOLUTION APPROVING AGREEMENTS RELATING TO A PROPOSED
DEVELOPMENT IN TAX INCREMENT FINANCING DISTRICT NO. 9 WITHIN THE
CITY
BE IT RESOLVED By the City Council of the City of Columbia Heights, Minnesota
(City) as follows:
Section 1. Recitals.
1.01. The City of Columbia Heights ("City") has previously established the Central
Business District Redevelopment Project (the "Project") and a redevelopment plan therefor (the
"Redevelopment Plan"), originally administered by the Housing and Redevelopment Authority
in and for the City of Columbia Heights ("HRA").
1.02. By resolution approved January 8, 1996, the City transferred the control, authority
and operation of the Project from the I-IRA to the Columbia Heights Economic Development
Authority ("Authority").
1.03. The Authority has proposed the establishment within the Project of Tax Increment
Financing District (Redevelopment) No. 9 (the "TIF District") and a Tax Increment Financing
Plan ("TIF Plan") therefor, pursuant to the HRA Law and Minnesota Statutes, Sections 469.174
through 469.179 ( the "TIF Act").
1.04. The Authority and the City have approved a document titled "City of Columbia
Heights, Minnesota, Columbia Heights EDA Tax Increment Financing Plan for Tax Increment
Financing District (Redevelopment) No. 9 (Crestview/Real Estate Equities Project)" (the "Plan")
and the creation of the Tax Increment Financing District (Redevelopment) No. 9 described in the
Plan (the "TIF District").
1.05. The City Council has reviewed certain agreements presented to it, and certain
agreements presented to the Authority, in connection with development of an affordable housing
project (the "Affordable Housing Project") and a senior housing project (the "Senior Housing
Project") proposed within the TIF District and has determined that approval of such agreements
will be in the best interests of the City and its residents and will further the public health, safety,
and welfare.
Section 2. Approvals.
2.01. The following documents are hereby approved, and the authorized officials
directed to execute the same, subject to modifications that do not alter the substance of the
transactions and are approved by such officials, provided that execution of the documents by
such officials is conclusive evidence of their approval:
The Community Development Block Grant Agreement in the amount of $127,000
by and between the City and Columbia Heights Housing Limited Parmership I.
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The Community Development Block Loan Agreement in the amount of $104,000
by and between the City and Columbia Heights Housing Limited Partnership I.
The Livable Community Act Fund Grant in the amount of $235,350 by and
between the City and Columbia Heights Transition Block LLC.
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The Livable Community Act Fund Grant in the amount of $235,350 by and
between the City and Crest View ONDC I.
The Payment in Lieu of Taxes (P.I.L.O.T) Agreement pertaining to the
Affordable Housing Project. '
2.02. The City hereby approves all actions taken or approved by the Authority with
regard to the Affordable Housing Project and the Senior Housing Project, including but not
limited to the Authority's approval of a Resolution Approving Contract For Private Development
And Awarding The Sale Of, And Providing The Form, Terms, Covenants And Directions For
The Issuance Of Its $175,100 Taxable Tax Increment Revenue Note, Series 2000 and a
Resolution Approving Contract For Private Development And Awarding The Sale Of, And
Providing The Form, Terms, Covenants And Directions For The Issuance Of Its $780,000
Taxable Tax Increment Revenue Note, Series 2000.
2.03. City staff and consultants are authorized to take all actions necessary to implement
the agreements hereby approved.
Passed this 11 th day of December, 2000
Offered by: Hunter
Second by: Szurek
Roll Call: Szurek - aye, Jolly - aye, Hunter - aye, Peterson - aye, Wycko~ff- nay /' ~
/Q~~ -~Ma~ GarfL. Pe~erson
~atricia muscovitz, Dep-u-ty- C~lerk