HomeMy WebLinkAbout1997-098
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RESOLUTION NO. 97 -98
A RESOLUTION AMENDING THE BUDGETS
FOR TAX INCREMENT FINANCING
DISTRICTS NO.1 AND 4,
DEVELOPMENT DISTRICT NO.1
WHEREAS, part of the Tax Increment Financing Plan for Tax Increment Financing
District No.4, Development District No.1, provides that Tax Increment may be used for the
construction or renovation of a public park or a facility used for social, recreational or conference
purposes; and,
WHEREAS, on April 30, 1990, the City Council adopted a Resolution, among other
things, adopting an amended budget for Tax Increment Financing District No.4, as well as Tax
Increment Financing Districts 1,2,3, and 5, providing for an increase in the bonded indebtedness
authorized by the Districts by a total increase of$14,397,500.00; and,
WHEREAS, heretofore, the allocation of budgets between Districts has carried the sum
of$16,547,500.00 as the budgeted amount of bonded indebtedness allocable to Tax Increment
Financing District No.1 and $4,800,000.00 allocated to the budget for Tax Increment Financing
District No.4; and,
WHEREAS, it appears unlikely that the total amount of bonded indebtedness allocated to
Tax Increment Financing District No. 1 is necessary in the immediate future, however, activity
requiring the issuance of bonds is anticipated in Tax Increment Financing District No.4 and,
therefore, it is necessary to reallocate the budgeted amount for bonded indebtedness that has been
authorized by prior action of the City Council.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the amended budgets for Tax Increment Financing District No. 1 and Tax
Increment Financing District No.4 as adopted for the year ended December 31, 1996, be and the
same hereby are amended by reducing the budgeted amount for bond proceeds in Tax Increment
Financing District No.1 from $16,547,500.00 to $11,547,500.00 and by increasing the amended
budget for bonded indebtedness in Tax Increment Financing District No.4 from $4,800,000.00
to $9,800,000.00.
2. That the Tax Increment Plan for Tax Increment Financing District No.4 be clarified
by adding an additional sentence to paragraph R on page 8, V A-2 "That the City Council is
authorized to issue Tax Increment Bonds for the purpose of assisting in the construction of a
multi-purpose sports complex expected to be built on real estate previously acquired in the
District by the City. It is expected that funding will be obtained through the solicitation of gifts
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from individuals and other governmental units; and that the facility may be built in conjunction
with the Minnesota National Guard on the same site; provided that the amount of bonds issued
must not exceed the bond indebtedness authorized previously and reflected in the Amended
Budget."
3. That the foregoing amendments are effective Nunc Pro Tunc for the year ended
December 31, 1996, since none of the amendments set forth in this Resolution require the form
of notice, discussion, public hearing and findings as needed for approval of the original plan
pursuant to the terms of M.S. 9469.175, Subd. 4.
Enacted by the City Council this 29th day of April, 1997.
CITY OF STILL WATER
ATTEST:
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