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Home My WebLink AboutCC RES 06-029 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PROJECT), SERIES 2006 NYT THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIIIIIIIIIII ioazas Box: 31 Folder: RES 2006 Document: CC RES 06-029 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PROTECT), SERIES 2006 NYT THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CIN OF ST. ANTHONY t • CERTIFICATION OF MINUTES RELATING TO TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PROJECT) SERIES 2006 HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY Municipality: City of St. Anthony Governing Body: City Council Kind, date, time and place of meeting: A regular meeting,held on March 14, 2006, at 7:00 o'clock p.m., at the City Hall, St. Anthony, Minnesota. Members present: 4y-ay) 440V-4, Wle- i -MueSM Members absent: Focus+ Documents Attached: Minutes of said meeting, including: Pages 1 through 2 RESOLUTION NO. 06-029 RESOLUTION APPROVING ISSUANCE OF TAX • INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PROJECT), SERIES 2006 BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY 1, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of the corporation in my legal custody, from which they have been transcribed; that the documents are a correct and complete transcript of the minutes of a meeting of the governing body of the corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at the meeting, insofar as they relate to the bonds; and that the meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above,pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording on March 14, 2006. w Clerk • • for Bonds of other authorized denominations. Upon such transfer or exchange,th P e City will cause a new Bond or Bonds to be issued in the name of the transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date, subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to such.transfer or exchange. The Bonds have been designated by the Issuer as"qualified tax-exempt obligations"pursuant to Section 265(b)(3) of the Internal Revenue Code of 1986. The City and the Bond Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment and for all other purposes, and neither the City nor the Bond Registrar shall be affected by any notice to the contrary. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done,to exist,to happen and to be performed precedent to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City according to its terms have been done, do exist,have happened and have been performed as so required; that prior to the issuance hereof the City has levied or agreed to levy special assessments on property specially benefited by the local improvements finance or refinanced by the Bonds and ad valorem taxes on all taxable property within the City, collectible in the years and amounts required to produce • sums not less than 5%in excess of the principal of and interest on the Bonds as such principal and interest respectively become due, and has appropriated the same to the Fund in the manner specified in Minnesota Statutes, Section 429.091, Subdivision 4;that,to take care of any accumulated or anticipated deficiency in the Fund, additional ad valorem taxes are required by law to be levied upon all taxable property in the City without limitation as to rate or amount; and that the issuance of this Bond does not cause the indebtedness of the City to exceed any charter, constitutional or statutory limitation. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution,until the Certificate of Authentication hereon shall have been executed by the Bond Registrar by manual signature of a person authorized to sign on its behalf. IN WITNESS WHEREOF, the City of St. Anthony, Hennepin and Ramsey Counties, State of Minnesota,by its City Council, has caused this Bond to be executed by the signatures of the Mayor and the City Manager and has caused this Bond to be dated as of the date set forth below. City Manager Nfayor Pro m • -4- Councilmember 446r4 introduced the following resolution and moved its • adoption, which motion was seconded by Councilmember —ifoU e5eyi RESOLUTION NO. 06-029 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PROJECT), SERIES 2006 BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY BE IT RESOLVED by the City Council of the City of St. Anthony(the "City"), as follows: Section 1. Recitals. 1.01. Authorization. The City and the Housing and Redevelopment Authority of the City of St. Anthony(the "Authority")have established Tax Increment Financing District No. 3- 5 (the "TIF District") pursuant to authority granted by Minnesota Statutes, Sections 469.174 to 469.179, as amended (the"Tax Increment Act"), within the Redevelopment Project Area No. 3 of the Authority(the "Redevelopment Project"), and have approved a tax increment financing plan for the purpose of financing certain improvements within the TIF District. In order to provide for the redevelopment of the Redevelopment Project and the TIF District, including, but • not limited to, the redevelopment of the portion of the Redevelopment Project and TIF District located west of Silver Lake Road in the vicinity of the intersection of Silver Lake Road and 39`x' Avenue N.E. (the "Commercial Development Property"), the Authority and the City entered into a Redevelopment Agreement, dated December 19, 2003, as amended (the "Contract"),between the City,the Authority and Apache Development, LLC, the portion of which with respect to the redevelopment of the Commercial Development Property has been assigned to St. Anthony Retail Development, LLC (the "Redeveloper"). Pursuant to Section 469.178 of the Tax Increment Act,the Authority is authorized to issue and sell its bonds or notes for the purpose of financing public development costs in a redevelopment projects and to pledge tax increment revenues derived from a tax increment financing district established within the Redevelopment Project to the payment of the principal of and interest on such obligations. Pursuant to the terms of the Contract, the Authority issued to the Redeveloper its Limited Revenue Taxable Tax Increment Revenue Note, dated December 19, 2003 (the"Series 2003 Note"), in the principal amount of$2,554,583,payable solely from tax increment revenues generated from Commercial Development Property. Pursuant to the terms of the Contract,the Agency agreed to refund the Series 2003 Note with tax-exempt tax increment revenue bonds when the conditions set forth in the Contract for the issuance of such revenue bonds have been satisfied. Such conditions have been satisfied for the Series 2003 Note. To refund the Series 2003 Note and to finance public improvements to be undertaken by the City in the Redevelopment Project, it has been proposed that the Authority issue its Tax Increment Revenue bonds (Silver Lake Village Project), Series 2006 (the "Bonds"),pursuant to an Indenture of Trust(the "Indenture") between the Authority and U.S. Bank National Association as trustee (the"Trustee"). The Authority is authorized by • the Tax Increment Act and Minnesota Statutes, Chapter 475 to issue tax increment revenue • bonds to redeem and prepay the outstanding amount of the Series 2003 Note and to finance public improvements to be undertaken by the City in the Redevelopment Project. The Bonds shall be payable solely from tax increment revenues from the Commercial Development Property pledged to the payment thereof pursuant to the Indenture and from certain funds held by the Trustee under the Indenture and pledged to the payment of the Bonds. Section 2. Approval of Bonds. 2.01. The City Council hereby determines that the issuance of Bonds is in the best interests of the City and the Authority and approves the issuance of the Bonds by the Authority in the maximum principal amount of$5,800,000 for the purposes of refunding the Series 2003 Note, financing public improvements to be undertaken by the City in the Redevelopment Project, funding a debt service reserve fund for the Bonds, if determined to be necessary to market the Bonds, and paying costs of issuance of the Bonds. Adopted by the City Council of the City of St. Anthony on this 14th day of March, 2006. • ayor Pro Tem Attest: City Cl Reviewed for Administration: Aa City Mdnager • -2-