RES. 1984-3115
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Extract-of Minutes of Meeting
of the City Council of the City
of Hopkins, Hennepin County, Minnesota
Pursuant to due call and notice thereof a regular meeting of the City
Council of the City of Hopkins, Hennepin County, Minnesota, was held at the City
Hall in said City on Monday, January 16, 1984, commencing at 7:00 p.m.
The following members "{yere present: Ellen Lavin, Donald Milbert,
Robert F.Miller, James Shirley, Robert G. Anderson
and the following were absent:
None
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The following resolution was presented bv Councilmember
Anderson
who moved its adoption:
RESOLUTIO~ NO. 84-3115
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF $2,650,000 GENERAL OBLIGATION REDEVELOPMENT
BONDS 'OF 1984
BE IT RESOLVED By the City Council of the City of Hopkins, Hennepin County,
Minnesota (City) as follows:
Section 1.
Findings.
1.01. The City has duiy
Redevelopment Area (Project Area) as a
provisions of Minnesota Statutes, Section
Housing and Redevelopment Act (Act).
establ ished the Central Business
redevelopment project under the
462.411 to 462.716, the Municipal
1.02. The City has heretofore issued and sold its $400,000 General
Obligation Redevelopment Bonds of 1977 (1977 Bonds) to finance public
redevelopment costs (Costs) in the Proj~ct Area. The 1977 Bonds were issued and
sold pursuant to a tax increment agreement (Agreement) dated September 30, 1977
between the City and the Housing and Reqevelopment Authority in and for the City
of Hopkins (Authority). The Agreement provides that the Authority may request
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the City to issue additional series of bonds to finance additional Costs in the
Project Area pursuant to the Agreement.
1.03. The Authority has by resolution of this date requested the
City to issue and sell additional general obligation bonds to finance all or a
portion of additional Costs in the Project Area which Costs are presently
estimated to be as follows:
Block 7 Property Acquisition & Clearance
Harriman Property Purchase
3 additional h~use purchases
Relocations - 8 tenants
Relocation - 3 owners
Demolition - II structures
Contingency
$510,000
250,000
32,000
45,000
33,000
30,000
$900,000 $ 900,000
Block 5 Property Acquisition
Purchase of structures for redevelopment/
writedown/resale
Block 11 Parking Deck Construction
Basic Construction Contract
Testing (soil, beams, etc.)
Engineering
Fire Sprinkler
Relocate Utilities & Fuel Tank
Contingency
$410,000
10,000
25,000
20,000
44,000
41 ,000
$550,000
Commercial Rehabilitation Loans
Capital for Loan Revolving Fund
Design Services/Promotion for Downtown
Redevelopment
Construction of Footbridge from Block 11
. across County Road 3
General Development Contingency
Discount
Costs of Issuance
TOTAL
725,000
550,000
275,000
50,000
50,000
25,000
50,000
25,000
$2,650,000
1.04. The City is authorized to issue and sell its general
obligation bonds for the purposes above stated by the Act and by Sections 273.71
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to 273.78, the Tax Increment Financing Act, and all conditions of those Acts
necessary for the issuance of bonds' have been met.
1.05. This Council finds and determines that it is necessary for
the sound financial management of the City and the achievement of its redevelop-
ment goals for the Proj ect Area that bonds for the above stated purposes be
issued and sold.
Section 2.
Sale of Bonds.
2.01. The City shall issue and sell its General Obligation Re-
development Bonds of 1984 (Bonds) as provided in this Resolution.
2.02. In order to provide financing for the Public Redevelopment
Costs, the City shall therefore issue and sell Bonds in the amount of
$2,600,000. In order to provide in part the additional interest required to
market the Bonds at this time, additional Bonds shall be issued in the amount of
$50,000. Any excess of the purchase price of the Bonds over the sum of
$2,600;'000 shall be credited to the debt service fund for the Bonds for the
purpose of paying interest first coming due on the Bonds. The Bonds in the
principal amount of $2,650,000 shall be issued and sold in accordance with the
terms of the following Official Notice of Sale: