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Ranallo introduced the following <br /> q <br /> resolution and moved its adoption: <br /> RESOLUTION NO. 85-054 <br /> RESOLUTION RELATING TO $2, 125 , 00-0 GENERAL <br /> OBLIGATION TAX INCREMENT BONDS, SERIES <br /> 1985B; AWARDING THE SALE, FIXING THE FORM <br /> AND DETAILS, PROVIDING FOR THE EXECUTION <br /> THEREOF AND THE SECURITY THEREFOR AND <br /> LEVYING AD VALOREM TAXES FOR THE PAYMENT <br /> THEREOF <br /> BE IT RESOLVED by the City Council of the City of St . <br /> Anthony, Minnesota, as follows : <br /> Section 1 . Recitals ; Authorization and Sale of Bonds . <br /> 1 . 01 . The Housing and Redevelopment Authority of <br /> St . Anthony, Minnesota (the HRA) , has approved a redevelopment <br /> plan, as defined in Minnesota Statutes , Section 462 . 421 , <br /> • subdivision 15 , designated as the Kenzie Terrace -Redevelopment <br /> Plan (the Redevelopment Plan) , and a redevelopment project , as <br /> defined in Minnesota Statutes , Section 462 . 421 , subdivision 13 , <br /> designated as the Kenzie Terrace Redevelopment Project (the <br /> Project) to be undertaken by the HRA pursuant to the Plan . To <br /> finance the costs to be incurred by the HRA in connection with <br /> the Plan and the Project , the HRA has approved a tax increment <br /> financing plan, pursuant to the provisions of Minnesota <br /> Statutes , Section 273 . 74 (the Financing Plan) , which <br /> established a tax increment financing district , as defined in <br /> Minnesota Statutes , Section 273 . 73 , subdivision 9 (the <br /> District) . After appropriate proceedings conducted pursuant to <br /> Minnesota Statutes , Section 273 . 74 , 462 . 515 and 462 . 521 , this <br /> Council approved the Redevelopment Plan, the Project and the <br /> Financing Plan._ <br /> 1 . 02 . The District is located in Hennepin County and <br /> the HRA has requested the Director of Property Taxation of <br /> Hennepin County to certify to it the assessed value of all <br /> taxable property in the District as defined in Minnesota <br /> Statutes , Section 273 . 73 , Subdivision 7 (the Original Assessed <br /> Value) , and to certify to the City in each year the -captured <br /> assessed value of the District , as defined in Minnesota <br /> Statutes , Section 273 . 73 , Subdivision 4 (the Captured Assessed <br /> Value) . The ad valorem taxes derived from the property in the <br /> • District in each year , by application of the aggregate mill <br /> -4- <br />