HomeMy WebLinkAboutHRA Resolution No. 2001-01 Modifying Budgets District @1200 & #1201 A,
HRA RESOLUTION NO.2001-1
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RESOLUTION MODIFYING BUDGETS City of Edina
TAX INCREMENT FINANCING DISTRICTS#1200 AND#1201
BE IT RESOLVED by the Board of Commissioners (the 'Board") of the Housing and
Redevelopment Authority(the"HRA")for the City of Edina,Minnesota(the "City") as follows:
1. Background
1.1. The tax increment financing plans (the "TIF Plans") for the following tax increment financing
districts (the "TIF Districts") allow for the pooling of revenues to support bonded indebtedness:
District #1200 (50'h and France), District #1201 (Edinborough), and District #1203 (Centennial
Lakes).
1.2. All of the TIF Districts were established by the HRA prior to 1990..
1.3. The TIF plans currently authorize tax increment revenues to be transferred from District#1200
and District #1.201 into District #1203 for the payment of principal and interest on bonded
indebtedness. It is necessary and desirable to allow for the ability to account the use of tax
increment revenues to pay principal and interest on bonded indebtedness as either a transfer of
funds or as a direct expenditure.
• 1.4. The adopted TIF Plans authorize the use of funds, however, the format of the budget is not
consistent with the current reporting requirements of the Office of the State Auditor.
1.5. Proposed legislation, if adopted, would prohibit the HRA and the City from making any
modifications to the TIF Plans after April 30, 2001, including the reallocation of authorized
expenditures to comply with statutory reporting criteria.
2. Action
2.1. The budget for District#1200 (50"' and France) is hereby modified to increase the line item for
Bond Principal Payments to $34,460,000 and the line item for Bond Interest Payments to
$24,468,956. The Board finds that the modifications do not increase authorized expenditures or
increase bonded indebtedness and, therefore, a public hearing is not required prior to the
adoption of this modification.
2.2. The budget for District #1201 (Edinborough) is hereby modified to increase the line item for
Bond Principal Payments to $50,650,000 and the line item for Bond Interest Payments to
$39,830,627. The Board finds that the modifications do not increase authorized expenditures or
increase bonded indebtedness and, therefore, a public hearing is not required prior to the
adoption of this modification.
Adopted this 6th day of c 2001.
ATTEST:0 7
xecutive Dire r Chair
City Hall 1 (952) 927-8861
4801 WEST 50TH STREET FAX(952)826-0390
EDINA,MINNESOTA 55424-1394 TDD(952)826-0379
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
CERTIFICATE
I, the undersigned duly appointed and acting Executive Director for the City of Edina do hereby certify
that the attached and foregoing Resolution was duly adopted by the Edina Housing and Redevelopment
Authority at its Regular Meeting of March 6, 2001, and as recorded in the Minutes of said Regular
Meeting.
WITNESS my hand and seal of said City this day of , 20
E ecutive Director
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