1997.08.18 RESO 1997-0017 - Laserfiche WebLink

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF HUGO, MINNESOTA HELD: August 18, 1997 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Hugo, Washington County, Minnesota, was duly held at the City Hall in said City on Monday, the 18th day of August, 1997, at 7:00 o'clockP .M., for the purpose, in part, of authorizing the issuance of, and awarding the sale of, $320,000 Taxable General Obligation Tax Increment Bonds, Series 1997 of the City. The following members were present: Fran Miron, Andrew Goiffon, Deborah Johnson, and James Leroux and the following were absent: Debra Barnes Member Fran Mi ron introduced the following resolution and moved its adoption. RESOLUTION 97-1_ RESOLUTION AND PROVIDING FOR THE ISSUANCE AND SALE OF $320,000 TAXABLE GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1997, AND PLEDGING FOR THE SECURITY THEREOF TAX INCREMENTS A. WHEREAS, on August 19, 1996, the City Council of the City of Hugo, Minnesota (the "City"), created Development District No. 1 (the "Development District") pursuant to the provisions of Minnesota Statutes, Sections 469.124 through 469.134, and approved a development program (the "Program") with respect to the Development District; and B. WHEREAS, on August 19, 1996, the Council also approved a tax increment financing plan (the "Plan") and designated Tax Increment Financing District No. 1-1, a "scattered site" redevelopment district within the Development District (the "Tax Increment District") under the provisions of Minnesota Statutes, Sections 469.174 through 469.179; and C. WHEREAS, pursuant to the provisions of the Program and the Plan, funds are to be expended within the Development District to provide money to finance the cost of land acquisition 360858.1