10-13-1997 EDA Minutes - Laserfiche WebLink

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million for construction of the West Central Trunk sewer. After the modification just passed, this resolution states that the objectives of the district have been accomplished and will decertify it effective December 31, 1997. EDA Member Bergeson moved to approve Resolution No. 97-15. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-16 REQUESTING ANOKA COUNTY DECERTIFY TIF DISTRICT NO. 1-2 Mr. Wessel explained this TIF District was established in 1998 for the authorization of the sale of bonds for improvements in Sunrise Meadows. As with Rice Lake Estates, the improvements were financed by a developer, and no bonds were sold. $630,000 was transferred from the district in 1995 to reimburse the service area fund for the West Trunk sewer project. After tonight's modification, this district will be decertified effective December 31 1997. EDA Member Kuether moved to approve Resolution No. 97-16. EDA member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-17 REQUESTING ANOKA COUNTY DECERTIFY TIF DISTRICT NO. 1-3 Mr. Wessel explained this district was established in 1989 to assist with the redevelopment of the Ross' Corner site. Since no development has occurred, the district has been inactive and no TIF has been collected. This resolution asks Anoka County to decertify it immediately. EDA Member Kuether questioned why the city was decertifying it when no development had occurred. Mr. Batty explained he believed the district was dead since 1992. It has failed the 3-year test for development, but the county is charging an annual administrative fee. Mr. Wessel added that when a prospect becomes interested in the site, the city has the potential for developing a new district that includes the site. EDA Member Kuether moved to approve Resolution No. 97-17. EDA Member Neal seconded the motion. Motion passed unanimously. CONSIDERATION OF RESOLUTION NO. 97-18 PROVIDING FOR THE ISSUANCE. AND_ SALE OF $3.5MILLION LEASE REVENUE BONDS Mr. Wessel explained the issuance of $3.5 million in 20-year bonds is to assist in the financing of the construction of the public facilities complex in The Village. The interest rate is estimated at 5.9%. The bonds will be scheduled for sale on Monday, Nov. 10.