HomeMy WebLinkAbout2011-085 RESOLUTION 2011— 85
A RESOLUTION AUTHORIZING AN EXPENDITURE
FROM FINANCING DISTRICT NO. 1 FOR THE
PAYMENT OF BONDED INDEBTEDNESS FOR
THE CONSTRUCTION OF A MUNICIPAL PARKING RAMP
WHEREAS, in order to achieve the objectives of the plan and the program for the
District, the City has constructed a Municipal Parking Ramp and funded the construction with
the sale of General Obligation Tax Increment Bonds, Series 2008B, (the Bonds), a project that
has been envisioned by the Plan that will ultimately benefit the economy of the City by
increasing job opportunities and enhancing the tax base of the City and by creating adequate
parking facilities in the downtown Central Business District; and
WHEREAS, that redevelopment, in the opinion of the City, was not reasonably expected
to occur solely through private investment and, therefore, the use of tax increment was deemed
necessary; and
WHEREAS, the tax increment assistance will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the development by private enterprise of
adjacent properties as it will enable the City to provide support of the public improvements for
development; thereby encouraging redevelopment in the area; and
WHEREAS, the TIF Plans for District 1 -5, Development District No. 1, modified `on
April 30, 1990, to create the Master Plan, were also modified by amending the budgets for each
District. Identified in those amended budgets as a "Parking Ramp" with $2,052,000 budgeted
for that purpose, and since the Ramp is located within the Project Area of Development District
No. 1, and is identified in the Budget for Districts 1 -5, up to $2,052,000 of District Funds may be
used to pay or defease these Bonds; and
WHEREAS, the tax transfer conforms to the general plan for the development of the City
as a whole and the Plan and the Budget for Tax Increment District No. 1, Development District
No. 1;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the Finance Director of the City is authorized and directed to pay over
$1,000,000 from the District to the Debt Service Fund for the Bonds and to take
the action necessary to accomplish this payment.
Enacted by the City Council of the City of Stillwater t 's 20 f -May, 2011.
�Harycki, Mayor
ATTEST:
%Li
Larry D. Han n, City Administrator