Agenda Packets - 1994/03/28 - Laserfiche WebLink

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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 8b111 "� Repaz c Number. 94-1 1 fl 7 a~.y T� '��` Report Date: 1/76./96 :E.':'a'V Council Action: O Special Order of Business CITY COUNCIL MEETING DATE Pnbiic Hearings1�4z 13 8, 199 G Consent Agenda Q Council Business Item Description: Resolution No. 4533 Transferring to the Mounds View EDA the Control, Authority and Operation of the City's Development Districts and Programs and the Tax Increment Fi nanri ng Dig triers Administrator's Review/Recommendation: - No comments to supplement this report - - Comments attached. Exnlanatio_n/Summarl (attach supplement sheets as necessary.) STIMMARY; State Statutes permit the City, by resolution, to transfer the control, authority and operation of any project or program located within• the City from the municipal governmental agency (the City) that established the project or program to the EDA. - . The attached Resolution transfers the control, authority and operation of the City's three (3) economic development districts to the EDA. In a separate resolution to be adopted by the Council-authorized EDA, the EDA will pledge to perform the terms, conditions and covenants of bond indentures, or other agreements executed for the security of any bonds that ' were issued by the governmental subdivision that initiated a project or projects. The EDA may exercise all of the powers necessary to perform the terms, conditions and contracts of any indenture or other agreements executed for the security of the bonds and will become obligated for the . bonds when project or program is transferred. li-y-re.';&9 (...k.A--e, LCA--,___S__ Sa ,antha Ord o, City. Administrator -- -_ RECOMMENDATION: - Motion to waive the reading and approve Resolution No. 4533 Transferring to the Mounds View EDA the Control, Authority, and Operation of the City's Development Districts and Programs and the Tax Increment Financing Districts Therein -