1985-3230
'0
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 Tuesday, December 3, 1985, commencing at 7: 30
o'clock P.M.
The following members were present:
Q
LAVIN, MILBERT, SHIRLEY, REDEPENNING, ANDERSON
and the following were absent:
NONE
***
***
***
o
The following written resolution was presented by Councilmember
Shirley
who moved its adoption, the reading of which was dispensed
with by unanimous consent:
RESOLUTION NO. 85- 32 30
RESOLUTION PROVIDING FOR THE ISSUANCE
AND SALE OF $5,330,000 GENERAL OBLIGATION
TEMPORARY TAX INCREMENT BONDS, SERIES 1985A
-0
BE IT RESOLVED By the City Council of the Ci ty of Hopkins,
Hennepin County, Minnesota (City) as follows:
1. It is hereby determined:
o
(a) The Housing and Redevelopment Authority in and for the
City of Hopkins, Minnesota (HRA) has prepared and
submitted to this Council a redevelopment project plan
(Plan) for a redevelopment proj ect (proj ect Area) and
modifications thereto and a related tax increment
financing plan (TIF Plan) for a redevelopment tax
'0
increment financing district (TIF District) within the
Project Area, all pursuant to Minnesota Statutes,
Sections 462.411 to 462.705 and 273.71 to 273.78 (Act).
The Plan, the Proj ec t Area, the TIF Plan and the TIF
District are described in a document entitled "Modi-
fication 113 to the Hopkins CBD Redevelopment Proj ect
Boundary [Minnesota Statutes, Section 462.411 ~. ~.]
and Create Tax Increment District & Adopt Financing
Plan for the CBD South Sector Project & Modification of
the Financing Plan for the Original HopkinsCBD Rede-
velopment Tax Increment District (North Sector Proj-
ect)" dated November 15, 1985.
(b)
After public hearing this date upon duly published
notice thereof as required by the Act, this Council has
approved the Plan and the TIF Plan and established the
Project Area and the TIF District.
"
(c) The HRA has duly requested the City to issue and sell
its general obligations to provide financing for all or
a portion of the public redevelopment costs (Costs) in
the Project Area and has presented this Council with a
proposed Tax Increment Agreement (Agreement) pursuant
to Section 273.77 of the Act. The form of the Agree-
ment is approved and the Mayor and City Manager are
authorized and directed to execute and deliver the
Agreement on behalf of the City.
o
(d) The City is authorized by Section 277.77, Clauses (a)
and Cd) to issue and sell its general obligations
pursuant to those sections and Minnesota Statutes,
Chapter 475 to provide temporary and definitive financ-
ing for the Costs.
Ce) It is necessary and expedient to the sound financial
management of the affairs of the City to issue and sell
$5,330,000 General Obligation Tax Increment Bonds,
Series 1985 (Bonds) to provide temporary financing for
the Costs as more fully identified in the TIF Plan.
o
2. In order to provide temporary financing for the Costs, the
City shall therefore issue and sell Bonds in the amount of $5,276,700.
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 $53,300. Any excess of the purchase price of the Bonds over the
sum of $5,276,700 shall be credited to the debt service fund for the
Bonds for the purpose of paying interest first coming due on such
additional Bonds. The Bonds shall be issued and sold in accordance
with the terms of the following Official Notice of Sale:
o
"
o
time of awar~ and deducted from the purchase price at delivery. The
bid authorizing the lowest net interest cost (total interest from date
of bonds to stated maturities, less any cash premium or plus any
- amount less than $5,330,000 bid for principal) will be deemed the most
favorable. No oral bid and no bid of less than $5,276,700 for princi-
pal plus accrued interest on all of the bonds will be considered, and
the City reserves the right to reject any and all bids and to waive
any informality in any bid.
BY ORDER OF THE CITY COUNCIL
/s/ J. Scott Renne
City Clerk
Dated: December 3, 1985.
&>
o
o
------,"
o
4 -