94-02 Comm{s~ioner Robb~ns
its adoption:
int~,oduced the following ~esolution, and moved
RESOL~ION NO. 2-94
RESOLUTION OF THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF CHANHASSEN,
MINNESOTA APPROVING CONTRACT FOR PRIVATE
REDEVEr~)PMENT WITH JAMES COMPANY
WHEREAS ~ the Authority was created pursuant to ~tnnesota Statutes ~ Sections
469.001-.047 (tho "Act") and was authorized to t~naact business and exercise its
powers by a resolution of the City Council of the City of Chanhaasen (hereinafter the
"City") pursuant to Section 469.003 (formerly Section 462.425) of the Act; and
WHEREAS, in furtherance of the objectives of the Act, the Authority has
engaged in eam~g out a redevelopment project Known as the Redevelopment pis,
for the Downtown Chanhassen Redevelopment Area (her~_tnRfter refe~ to as the
"Project") in an area (hereinafter refer~ed to as the "Project Area") located in the
City; and
WHEREAS, as of the date of this resolution there has been prepaeed and
approved by the Authority and the City Council of the City a redevelopment plRn for
the preJect (which Plan is he~e_-~n~fter refem-ed to as the "Redevelopment Plan"); and
WHEREAS, in order to finance, in part, the public redevelopment costs of the
P~oJect the Authority and City have the cmmted Tax Increment District for the
Downtown Cb-ph-ssen Redevelopment Area (the "Tax Increment District"); and
WHEREAS, there has been presented to the Authority for its consideration a
preposal for the development of an office-retail facility to be developed by the J~mes
Company wit_Bin the Project on preperiy located wit_bin the Tax Increment District;
and
WHEREAS, the Authority has reviewed the development p~oposal and has
detez-mtned that such proposal if completed would serve to accomplish the Koals and
objectives for which the Project and the Tax Increment District were created; and
WHEREAS, the Authority has reviewed a proposed contract for private
redevelopment between the Authority and James Company and finds that such
contract is necessaey and appropriate for the purpose of ~ out the proposed
redevelopment.
NOW, THEREFORE, be it resolved by the Board of Commisilon~l'~ of the
Authority as follows:
1. That the Contract, as presented to the Authority, is hereby in all
respects approved, subject to insubstantial modifications which may be subsequently
approved by the Board CbAt~ and the Authority's legal counsel.
2. That the proper Authority officere a~e hereby authorized to execute the
Contract on behalf of the Authority and to cam-y out, on behalf of the Authority, the
Authority's obligations thm~tmder.
The motion for adoption of the foregoing resolution was duly seconded by
Commissioner Mason , and upon vote being taken thereon, the following
voted in favor thereof:
JBD&i177
CH130-:Z8
I I
and the followin~ voted ag~{nRt the s~me:
Whereupon said resolution was declared duly passed and adopted by the Boamt
of Commtsaione~'s of the Housinl~ and Redevelopment Autho~dty in and for the City
of Chanhassen, l~in~esota on January 20 1994
_
Board Secretary
u"~64,177
C11130-28
RESOLUTION NO. 2-94
RESOLUTION OF THE HOUSING AND REDEVEI~PIW~'T
AUTHORITY AUTHORIZING THE ISSUANCE OF A
LIMITED REVENUE TAX INCREMENT NOTE
WHEREAS, the Housin~ and Redevelopment Authority in and for the City of
Chanhassen (the "Authority") was established pursu,,t to Mt--esota Statutes,
Sections 469.001 throul~h 469.047 (formerly Minn. Stat. ! 462.411 e.~t. seq. ); and
WHEREAS, the Authority is authorized to issue its r~venue bonds pursuant
to _.Minnesota Statutes, Section 469.0114; and
WHEREAS, the bonds of the Authority shall be authorized by its resolution
pursuant to Minnesota Statutes, Section 469.01~5; and
WHEREAS, pursuant to Minnesota Statutes, Section 489.042, the Authority
may pledKe and appropriate any or all of the tax increments received for any
redevelopment project, and any part or all of the revenues received fi-om lends in the
project area while owned by the authority, for the payment of the principal of and
interost on bonds issued in and of the project pursuant to _Minnesota Statutes,
Section 469.034; and
WHEREAS, the Authority created and the City Council approved the creation
of the "redevelopment project" as defined in Minnesota Statutes, Section 469.002,
subd. 14 and prepared a "redevelopment plan" as defined at __l__~lnnesota Statutes,
Section 469.002, subd. 16, knnwn as the Redevelopment Plan for the Downtown
Chanhassen Redevelopment Area dated December 19, 1977 and modified on December
18, 1978 for the redevelopment project (hereinafter refereed to as the "PeoJect
Area ") located in the City of Chanhassen; and
WHEREAS, pursuant to the Redevelopment ple~, the Authority has souEht to
provide public assistance to Redevelopers who have demonstrated the need for
financial assistance for proposed developments to be located in the Pro, t; and
C]].10-28
WHEREAS, T. F. James Company (hereinafter referred to as the
"Redeveloper") has presented a proposal to develop a retail and office facility in the
Project and demonstrated the need for public assistance in accordance with the
Redevelopment Plan; and
WHEREAS, the Redeveloper and the Authority have agreed to the terms of the
public assistance to be provided in an agreement entitled "Private Contract for
Redevelopment By and Between The Housing and Redevelopment Authority in and
for the City of Cb~,nhassen and T. F. James Company dated--':' January 20 , 1994; and
WHEREAS, the Authority proposes to provide the financial assistance to the
Redeveloper through the issuance of a r.4m4ted Revenue Tax Increment Note payable
from available tax increments generated by the Redeveloper's p~opoaed development
in the l~x'oJect according to the terms of the L~ndted Revenue Tax Increment Note.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS
OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
CHANHASSEN:
1.
o
0
That the Authority issues and executes its ?Jmtted Revenue Tax
Increment Note in the amount of seven hundred sixty-seven thousand
eight hundred fifty-three dollars ($767,853) payable to the
Redeveloper.
That the payments to the Redeveloper shall be made according to the
terms of the ?.1mired Revenue Tax Increment Note.
That the sole source of payments to the Redeveloper shall be tax
inurements derived from the Redeveloper's pr~rposed development
received by the Authority.
Adopted this 20th day of January , 1994.
Executive Director
CH130-28