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Last modified
7/17/2007 9:29:34 AM
Creation date
1/10/2006 3:17:23 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
12/19/2006
Resolution #
10367
Resolution Title
RESOLUTION AUTHORIZING THE ACQUISITION OF CERTAIN PROPERTY FOR PUBLIC USE BY RIGHT OF EMINENT DOMAIN
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<br />in the Hazardous Materials Transportation Act, 40 US.C. S 1801, et seq., as amended; or (viii) <br />substances listed as a hazardous air pollutant pursuant to the federal Clean Air Act, 42 U.S.C. <br />S 7401 et seq., as amended. <br /> <br />"Minimum Improvements" means the improvements to be constructed by the Redeveloper <br />on the Redevelopment Property shown as Blocks 1,2,3,4, 5,6, 7, and 8 on the Site Plan attached <br />as Exhibit B, as described in Exhibit G and as to be further described in the Construction Plans. <br /> <br />"MPCA" means the Minnesota Pollution Control Agency. <br /> <br />"Parcel" means anyone of the 21 parcels of the Redevelopment Property identified by <br />number and by current property identification number on Exhibit A. <br /> <br />"Party" means either the Redeveloper or the City. <br /> <br />"Parties" means both the Redeveloper and the City. <br /> <br />"Plan" means, collectively, (i) the Restated Development Program adopted and approved <br />by the City for Development District No.1, and (ii) the Tax Increment Plan. <br /> <br />"Project" means the Redevelopment Property (Areas 1-5 and 8 as described in Exhibit A) <br />and Public, Site and Minimum Improvements thereon as contemplated herein, and to be <br />constructed as Stages 1,2,3 and 4. <br /> <br />"Project Area" means Development District No.1 established in accordance with the Act. <br /> <br />"Project Costs" means all costs of the Project under generally accepted accounting <br />principles to be shown on the Sources and Uses, not including the Redeveloper Return. Land <br />acquisition costs shall be calculated pursuant to Section 4.5(a). . <br /> <br />"Project Revenues" shall mean all available cash sources to be shown on the Sources and <br />Uses, including: (i) Tax Increment Bond proceeds, net of reasonable costs of issuance, <br />underwriter's discount, debt service reserves, capitalized interest and other items which reduce <br />bond proceeds available to the Project, (ii) grants, (iii) proceeds of sales of real property, net of <br />sales costs, calculated pursuant to Section 4.5(b), (iv) any other Project-related income, and (v) <br />the projected present value, using a discount rate of seven percent (7%) and an inflation rate of <br />three percent (3%), of any Tax Increment not required for debt service on Tax Increment Bonds. <br /> <br />"Public Improvements" means the public improvements to be constructed by the <br />Redeveloper on or adjacent to the Redevelopment Property and described in Exhibit E. <br /> <br />"POO Agreement" means one or more Planned Unit Development Agreements to be <br />negotiated, approved, executed, and recorded against the Redevelopment Property by the City <br />and the Redeveloper. <br /> <br />4 <br />
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