Agenda Packets - 1993/11/08 - Laserfiche WebLink

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(b) The City is authorized pursuant to Minnesota Statutes, Section 471. 191, to acquire and complete the Golf Course and to finance the same through the issuance of the City's gross revenue golf course bonds (the "Bonds" ) , and the Council hereby finds that it is necessary and expedient to the sound financial management of the City that the City do so. (c) The City has heretofore established its Development District No. 2 (as amended, the "Development District" ) which includes the property to be developed as the Golf Course, has adopted the Development Program for the Development District (as amended, the "Development Program" ) and has established and modified a Tax Increment Financing District and Plan No. 1 within the Development District (ccl-leetively, the "Tax Incremennt District" ) . The Development Plan contemplates the use of tax increments to assist with land acquisition and in the financing and construction of various facilities and improvement, including recreational facilities, to complement development of the City, is a stated objective of the Development Program and, by reference and incorporation, of the Tax Increment District. (d) In connection with the completion of the Golf Course, the City anticipates acquiring various properties, including Lot 16 in Blain's North Star Industrial Park Addition ( "Lot 16 " ) at an estimated purchase price of approximately $204,500 . It will be advantageous for the City to' acquire Lot 16 in advance of the actual sale of the Bonds, which is currently anticipated to occur in December 1993 for closing in January of 1994 . 2 . Authorization. The Council hereby authorizes the officers of the City to complete the acquisition of Lot 16 and, as a temporary loan to be repaid from the proceeds of the Bonds, to utilize available tax increments within the tax increment account for the Tax Increment District in order to complete said acquisition and purchase. The Council hereby finds that said use of such tax increments is consistent with an in furtherance of the Development Program and within budgetary parameters heretofore approved and adopted by the Council with respect to the financingo - - . .- . ."- . It is further found by the Council that the completion of the Golf Course will be in furtherance of the goals and objectives of the Development Program, will complete and provide needed recreational facilities with respect to other activities and improvement undertaken within and fore the benefits of the Development District, and will assist in providing needed amenities for the further development and redevelopment of the City and Development District. Adopted on November 8, 1993, by the Mounds View City Council. 2