HomeMy WebLinkAbout1996-176
RESOLUTION NO. 96-176
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W ASlDNGTON COUNTY HOUSING AND REDEVELOPMENT AUTHORITY
WHEREAS, Financing District No.3 was established on December 12. 1985, and modified
February 21, 1989, to adopt a project and a project area, a portion of which was intended for and is
actually occupied by person or families of low and moderate income as defined by Minnesota Statutes
Chapter 462A, as amended; and,
WHEREAS, the Washington County Housing and Redevelopment Authority (WCHRA) owns the
Ann Bodlovick Apartments, a qualified housing property located within the District and the Brick Pond
Apartments located within the City and the pooled first mortgage upon the Brick Pond property requires
refinancing and to facilitate the refinancing, a cash contribution is required by the Washington County
HRA in order to avoid foreclosure and to secure the continued payment of in lieu taxes to local
municipalities and in addition, to continued payment of a municipal service charge as promised to the City
pursuant to the Agreement between the Washington County HRA made the last day of December, 1993;
and
WHEREAS, a recent review of Tax Increment projects contemplated and existing within Tax
Increment District No.3, revealed that funds exist within the District to meet any ongoing obligations
of the District and that the funds collected within a housing district, if used for housing supported
purposes such as the proposed HRA refinancing, the statute and any public purpose is satisfied that the
payment satisfies not only the spirit, but the intent of the Tax Increment and Municipal Development Act.
e NOW, THEREFORE, BE IT RESOLVED, that the Finance Director is hereby authorized, upon
the signature of the Mayor and Clerk to disburse from the funds of Tax Increment Financing District No.
3, in the amount of one hundred thousand and nolloo dollars ($100,000.00) to the Washington County
Housing and Redevelopment Authority on the condition that the money be used by the Authority to
achieve more favorable interest rates in a refinancing arrangement as set forth and proposed to the City
by the Washington County HRA and this payment is made on the condition that the Washington County
HRA continues to pay the municipal service charge in accordance with the prior agreement.
Enacted this 16th day of July, 1996.
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y . Mayor
ATTEST:
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Modi eldon, Clerk
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