Laserfiche WebLink
• <br /> rate levied by all governmental entities having authority to <br /> levy taxes on such property to the Captured. Assessed Value, is <br /> the Tax Increment to be derived from the District (the Tax <br /> Increment) . <br /> 1 . 03 . The HRA has determined to pay certain public <br /> redevelopment costs in connection with the Project in <br /> accordance with the Plan as follows : <br /> Land Acquisition $1 , 650 , 000 <br /> Relocation 400 , 000 <br /> Demolition 90 , 000 <br /> Capitalized Interest 420 , 573 <br /> Administrative and Legal 34 , 000 <br /> Issuance Costs 30 , 000 <br /> Allowance for Discount Bidding 41 , 500 <br /> Subtotal $2 , 666, 073 <br /> Less : Land Sales (442, 400) <br /> Interest Earnings (98 , 673) <br /> Total $2 , 125 , 000 <br /> 1 . 04 . The City has previously issued its General <br /> Obligation Tax Increment Bonds, Series 1985A (the "Series 1985A <br /> Bonds) , in the principal amount of $545 , 000 , pursuant to <br /> Resolution 85-025 duly adopted on May 7 , 1985 (the Series 1985A <br /> Bond Resolution) . $165 , 000 of the proceeds of the Series 1985A <br /> Bonds were used to finance costs and expenses of the Project <br /> and such portion of the Series 1985A Bonds are payable from tax <br /> increment to be derieved from the District . Such portion of <br /> the Series 1985A Bonds payable from the tax increment to be <br /> derived from the District are herein referred to as the "Kenzie <br /> Bonds" . <br /> 1 . 05 . This Council , under the authority of Minnesota <br /> Statutes , Chapers 273 and 475 , and pursuant to a resolution <br /> adopted on November 12 , 1985, has determined to issue and sell <br /> $2, 125 , 000 General Obligation Tax Increment Bonds , Series 1985B <br /> (the Bonds) , $41 , 500 of said issue representing interest as <br /> provided in Minnesota Statutes , Section 475 . 56 , for the purpose <br /> of providing funds for the payment of the public redevelopment <br /> costs in connection with the Project . The Tax Increment <br /> generated from the District will be segregated and pledged for <br /> the payment of principal and interest on the Bonds under an <br /> agreement between the HRA and the City pursuant to. Minnesota <br /> Statutes, Section 273 . 77( a) . A public sale of the Bonds was <br /> held on December 4 , 1985 , and this Council by resolution <br /> adopted on that date, accepted the bid of Norwest Investment Services <br /> • ( and associates] , of Minneapolis, MN to purchase the Bonds <br /> _5_ <br />