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HomeMy WebLinkAboutCC RES 07-031 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING), SERIES 2007 BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY Meeting Sheet IIIIIIVIIIVIIIVIIIVIIIVIII IIIIIIII 104189 Box: 31 Folder: RES 2007 Document: CC RES 07-031 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING), SERIES 2007 BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY CERTIFICATION OF MINUTES RELATING TO • TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING) SERIES 2007 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 13, 2007, at 7:00 o'clock p.m., at the City Hall, St. Anthony, Minnesota. Members present: �Ft l(A-4, 6 rtk kl � tt cc&I !S6 (l L T ► PSE' Members absent: Mont Documents Attached: Minutes of said meeting, including: Pages 1 through 2 RESOLUTION NO. 07-031 RESOLUTION APPROVING ISSUANCE OF TAX • INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING), SERIES 2007 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 / 2007. P Ci lerk • Councilmember introduced the following resolution and moved its • adoption,which motion was seconded by Councilmember RESOLUTION NO. 07-031 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING), SERIES 2007 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 391i' Avenue N.E. (the"Phase lA For Sale Housing 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 Phase IA For Sale Housing Property has been assigned to Silver Lake Homes I, 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 October 19, 2004 (the"Series 2004 Note"), in the principal amount of$2,931,681,payable solely from tax increment revenues generated from Phase IA For Sale Housing Property. Pursuant to the terms of the Contract,the Agency agreed to refund the Series 2004 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 2004 Note. To finance certain costs with respect to the housing component of the Redevelopment Project, the City obtained a credit facility from Fannie Mae pursuant to a Loan and Security Agreement dated August 27, 2004 between the City and Fannie Mae (the"Fannie Mae Loan"). • To refund the Series 2004 Note and to pay a portion of the Fannie Mae Loan, it has been • proposed that the Authority issue its Tax Increment Revenue Bonds(Silver Lake Village Phase IA Housing), Series 2007 (the"Bonds"), pursuant to a resolution to be adopted by the Board of Commissioners of the Authority setting for the terms and security of the Bonds(the"Bond Resolution"). 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 2004 Note and to pay a portion of the Fannie Mae Loan. The Bonds shall be payable solely from tax increment revenues from the Phase IA For Sale Housing Property and any other funds pledged to the payment thereof pursuant to the Bond Resolution.. 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$4,840,000 for the purposes of refunding the Series 2004 Note, paying a portion of the Fannie Mae Loan, 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 Ci of St. Anthony on this 13'' day of March, 2007. • Mayor Attest: City Cle k Reviewed for Administration: AU I it--- Ciiy Man g • -2-