87-1439 WNITE - CITV CL�RK
PINK - FINANC G I TY OF SA I NT PAU L Council
� CANARV - DEPART ENT 7
B l U E - M A V O R . F�Ie �0• • �/���
1
� � C �cil Resolution
Presented By
Refe o Committee: . _ Date
Out of Committee By Date
WHERErAS, the Park Nursery Tax Increment District was established
in 1 78 to facilitate a $14 ,000 ,000 housing development of 60
townY�ouses and 240 condominium units in a high-rise and a $700 ,000
expar�sion of a public park and neighborhood recreation center, and
WHER�AS, $2 ,065 ,000 in tax increment bonds were issued to finance
publ"c costs, with debt service payments for said bonds scheduled
to ru�n through 1994 , and
WHERE�S, all development objectives have been met, and tax increment
collelctions are greater than anticipated, and
WHERE�S, with collection of tax increments in 1988 and 1989 , there
will be a sufficient fund balance in the debt service fund to
closelthe district down in 1989 , five years ahead of plan, and
WHERE�S, the City Council has determined, upon the recommendation
of thle Mayor, that the fund balance in the Park Nursery Debt Service
Fund �n 1988 will be large enough to provide prudent reserves
and y�t allow for a distribution of excess tax increments to all
units of government taxing Saint Paul, and
WHERE.�,S, the City Council has adopted the City' s 1988 budget to
allow' for the distribution of $100 ,000 in excess tax increments
from he Park Nursery Development District, in proportion to 1988
mill �ates for each governmental unit,
NOW, �CHEREFORE, BE IT RESOLVED that the Mayor inform the Saint Paul
SchooJ. Board, the Ramsey County Board of Commissioners , the Port
Autho ity Coinmissioners , and the metropolitan agencies that they
will �eceive, after the collection of 1988 property taxes, their
fair �hare of the excess fund balance not needed for debt service.
i
COUNCIL EN
Yeas Drew � Nays Requested by Department of: �
� t
Re� , In Favor 4
Scheibel �' Against BY �
Sonnen
Weida .
WilsOri �CT — � '�87 Form Approved by City Attorney
Adopted by Counc�l: Date �� � /� p
Certified Passe uncil Se ry By �� !d`` Jt��C'A-�..tL l�'��U 2_
By
App ov Mavor: Date �CT — r �87 Appr ed by Mayor for Subn' sio to Council
B
Pt��a��� �,�; , i � 1987