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Home My WebLink About1985 IRB Entitlement Allocation Joint Powers Agreement with City of ShoreviewHOUSING AND REDEVELOPMENT AUTHORITY Of COLUMBIA HEIGHTS, MINNESOTA 590 40th Avenue Northeast, Columbia Heights, MN 55421 . Tele.6l2-788-922L mEGEruEm August 73, L985 I"tr. Garg Dickson Citg Manager Citg of Shoreview 4565 North Victoria ,Street Shoreview, Minnesota 55112 AUG 14 1985 MANAGER CITY OF COLUMBIA HEIGHTS RE: 7985 fRB EntitLement ALTocation Joint Powers Agreement Citg of Columbia Heights Dear Mr. Dickson: EncTosed pJease find an executed originaT of a Joint Powers Agreement which transfers $J-,000,000 in EntitLenent ALTocation for the caTendar gear 7985 from the Citg of Shoreview to the Citg of CoJumbia Heights. I wish to extend mg appreciation of gour efforts in consutrunating this transfer. Eecause of gour efforts, the Citg of CoTumbia Heights wi77 see the construction of a 36 1000 sguare foot medicaT faciTitg in the fteart of our downtown redeveTopment district. ff f magbe of ang assjstance to gou in the future, pJease do not hesrtate to contact me. Youts Trul-9, Todd M. Stutz Director of Cotwnunitg DeveTopment TMS: par Encl-osure cc: Magor Bruce G. Nawrocki Robert S. Bocwinski, Citg lfianagez Jeff Mo7de, lliLLer and Schroeder Gregorg Btadburg, Benson, MaTkerson, Bradburg and GabrieTson Barbara Portwood, HoTmes and Graven E. "Sebe" Heinlz . Patricia Jindra . Kenneth E. Hentges . Gary L. Peterson . Richard A. Anderson CITY OF COLI.'MBIA HEIG}TTS RESOLUTTON NO. g5_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 UNDERh'RITER FOR CERTAIN PGVENUE BONDS IIIIEREAS, the City of Colunbia Heights (the I'City'r) by Ordinance No. ll04 has given preliminary approval to the issuance of revenue bonds in an amount not exceeding $7,000,000 to finance a 56,000 square foot office facility (the "Project'r) to be developed by Columbia Park Properties (the I'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 entitlenent 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 nay issue bonds pursuant to authority allocated to the entitlement issuer. NOW, THEREFORE BE IT RESOLVED BY THE CITY OF COLI,'MBIA HEIG}ITS AS FOLLOWS: 1. The Joint Powers Agreement prepared pursuant to Minnesota Statutes, Section 474.78, Subd. 4, with the City of Shoreview is hereby approved in substantially the forn 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, fnc. is authorized to act as the underwriter for the bonds to be issued to finance the project. Passed this 5th day of August , 1985. 0ffered by Seconded by RoIl Cal1 Ho'y I anil Peterson Hoyland, Petkcff Carl son =, QEsent t , Peterson,oc ki'ye t t,cretary Bruce G. a SHoREVIEW, MINNESOTA Resolution No. 85-78 Approving the Trarsfer of a Portion of the Cityrs 1985 IDB Alloeation to the City of Columbia Heights WHEREAS, the Tax Reform Act of 1984 generally limits the volume of industrial development bonds whieh may be issued within a state during any ealendar year to $tSo per eapiia (the 'tstate Ceiling"); and WHEREAS, Minnesota Statutes 1984, Sections 474.16 to 474.25 (tne "Alloeation Aet") provide for an alloeation of the State Ceiling among various issuers of industrial development bonds; and WHEREAS, the City ef Shoreview (tne "City") has quatif ied as an entitlement issuer and has reeeived an entitlement alloeation of $114?61577 pursuant to the Alloeation Aet for the issuanee of industrial development bonds during ealendar year 1985; and WHEREAS, Sreetion 474.18, Subdivision 4 of the Alloeation Aet allows an entitlement issuer to eontraet with another entitlement issuer of industrial development bonds to transfer a portion of the first entitlement issuerts entitlement alloeation to the other issuer; WHEREAS, the City has reeeived a request from the City of Colulnbia Heiglrts ("Columbia Heiglrts") that the City transfer $1,000,000 of its Entitlement Allocation for ealendar year 1985 to Columbia Heights; and WHEREAS, the City desires to transfer $1r000,000 of its Entitlement Allocation for calendar year 1985 to Columbia Heights. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Shoreview: 1. That the City hereby authorizes the transfer of $1,U00,000 of the City's Entitlement Allocation for ealendar year 1985 to Columbia Heights. 2. That the Mayor and the Ciry Manager are authorized and directed to exeeute the Joint Powers Agreement pursuant to Minnesota Statutes, Seetion 474.18 (the "Agreernent") in the form now on file with the City Clerk with sueh neeessary and appropriate omission, lnodifieations, insertions and additions as are not materially ineonsistent with the form of the Agreement on file with the City Manager as the Mayor in his diseretion shall deterrnine. The exeeution of the Agreement by the Mayor shall be eonelusive evidenee of sueh determination. 3. That the offieers and other agents or employees of the City are hereby authorized to do all aets and things required of them by or in eonneetion with tlris resolution and the Agreernent for the full, punctual and eomplete performanee of all the terms, covenants and agreements eontained in the Agreement and this resolution. -1- 4. That this resolution shall be in full foree and effeet from and after its date of passage Psssed and Approved this 5th day of I 985. (SEAL) Attest: -2- JOINT POWERS AGREEMENT PURfIUANT TO MTNNESOTA STATUTES, SECTION 4?4.18 THIS AGREEMENT has been entered into as of the 5th day of Aucmst , 198 5, pursuant to Minnesota Statutes, Seetion 47 4.t8, by and between the City of Columbia Heights, Minnesota ("Columbia Heights') and the City of Shoreview, Minnesota (rtshoreview') (together, the t'Citiestt), each a body eorporate and politie organized under the laws of the State of Minnesota. The Cities hereby eovenant and agrees as follows: 1. Shoreview is an entitlement issuer of eommercial development revenue bonds under Minnesota Statutes, Section 474.L8, with an entitlement alloeation in the amount of $1,47615?7. Pursuant to Minnesota Statutes, Section 4?4.18, Subd. 4, an entitlement issuer is authorized to enter into agreements with other entitlement issuers under whieh the other entitlement issuer issues revenue bonds pursuant to the issuanee authority of the entitlement issuer. 2. Columbia Heights is hereby autlrorized to issue revenue bonds in an amount not exeeeding $1r000r000 (tfre "Transferred Allocation") under the entitlement allocation of Shoreview. Shoreview has neither issued private aetivity bonds rel,ating to sueh $1,000,00tt of its entitlement allocation nor entered into an agreement with any loeal issuer pursuant to Minnesota Statutes, Section 4?4.18, Subd. 4 relating to sueh $1,000,000. 3. Shoreview authorizes Columbia Heights to, and Columbia Heights hereby agrees to, deposit any apptieation deposit required by Seetion 4?4.18 with respeet to the Transferred Alloeation, with the Minnesota Department of Enetgy and Econornie Development (the "Department") pursuant to Seetion 474.L8. 4. lf, and only if, on or before Oetober 25, 1985, Columbia Heights notifies Shoreview of the portion of the Transferred Allocation whieh Columbia Heights does not intend to issue, Shoreview shall, on or before Octobcr 31, 1985, 1 notify the Department as provided by Seetion {?{.18 that bonds will not be issued in an amount equal to the amount stated by Columbia Heights in its notice to Shoreview. If on or before Oetober 25, 1985, Columbia Heights delivers copies of preliminary resolutions to Shoreview for bonds to be issued after Oetober 31, 1985, Shoreview shal! on or Uefore Oetober 31, 1985, deliver such resolutiors to the Department. If, and only if, on or before Deeember 14, 1985, Columbia Heights notifies Shoreview of the portion of the Translerred Alloeation whieh Columbia Heights does not intend to issue, Shoreview shall before Deeember 20, 1985, notify the Department as provided by Seetion 474.18 that bonds wilt be issued in an amount equal to the amount stated by Columbia Heights in its notiee to Shoreview. Columbia Heights may submit the notices and resolution described in this seetion direetly to the Department. This Agreernent may be amended by the Cities at any tirne, provided, however, that no amendrnent may impair the rights of the holders of any bonds issued by Columbia Heights under this agreement. ADDENDUM 5. City of Coulumbia Heights hereby agrees to reimburse Shoreview from amounts provided by the Borrower for aII rea- sonable and necessary direct out-of-pocket expenses which Shore- view may incur in the execution of this Agreement and the per- formance by Shoreview of its obligations hereunder. 2 IN WITNESS WHIiREOF, the City of Columbia Heights has eaused this Agreement to be exeeuted on its behalf by its Mayor and its City Manager, and the City of Shoreview has caused this Agreement to be exeeuted by its Mayor and its City Cterk. COLU Mayor w ty Managel SHOREV ll, Mayor By son, 3