HomeMy WebLinkAboutResolution - 95-214 - Adoption of 1996 Tax Levy and 1996 Budget - 12/19/1995 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO. 8 5 - 2 4
A RESOLUTION CERTIFYING THE 1995 TAX LEVY, COLLECTIBLE IN 1996,
AND ADOPTING THE 1996 GENERAL FUND BUDGET
WHEREAS,the City Council has reviewed the budget recommended by the City Manager,listened
to public comment, and discussed the proposals and tax levy for the 1996 General Fund Budget,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL of the City of Eden
Prairie, County of Hennepin, Minnesota, that the following sums of money be levied upon the
taxable property in said City the following purposes:
Taxes to be levied against tax capacity
General Fund $12,929,612
Equipment Revolving Fund 480,000
Bonds and Interest
1986 Fire Bonds 226,500
Equipment Certificates 913,000
1977 Fire Bonds 86,100
1989 Recreation Facility Refunding Bond 356,500
Special Assessment Bonds--City Share 500,000
1989 Public Facility Refunding Bonds 260,000
$15,751,712
Less HACA 588,226
Net tax capacity levy
for certification $15.163,486
Less Fiscal Disparities distribution 675,876
Net tax collectible in 1996 $14,487,610
Taxes to be levied against market value
1992 & 1993 Park Bonds $ 290,700
1994 Open Space Bonds 144,600
Market value tag levy
for certification 435,300
Total net tax collectible in 1996 $149922,910
Funds have been provided for principal and interest payments on all bond issues except as shown
above, and no other levies are required(as shown in Exhibit 1).
AMENDED AND RESTATED
PROGRAM FOR THE FINANCING
OF A MULTIFAMILY HOUSING DEVELOPMENT
(TANAGER CREEK PROJECT)
Pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City of Eden
Prairie, Minnesota (the "City") has been authorized to develop and administer programs
of multifamily housing development under the circumstances and within the limitations
set forth in the Act. Section 462C.07 of the Act provides that such programs for
multifamily housing development may be financed by revenue bonds issued by the City.
The City has received a proposal from Tanager Limited Partnership, a Minnesota
limited partnership (the"Developer") that, pursuant to the authority found in the Act, the
City approve a program providing for the issuance of tax exempt and taxable bonds of the
City to provide funds for the redemption and prepayment of the City's Multifamily
Housing Revenue Refunding Bond (Tanager Creek Project) Series 1991 and to achieve
the purposes of this housing program, including the payment of interest on taxable and
tax exempt bonds, the establishment of reserves to secure such bonds and the payment of
all other expenditures of the City incident to and necessary or convenient to carry out
such program obligations (the "Program"), all in connection with an existing 185-unit
multifamily rental housing development located at the northwest and southwest quadrants
of Baker Road(County Road 60)and Edenvale Boulevard within the City(the"Project").
The Program will be funded through the issuance by the City of its multifamily housing
revenue refunding bonds in the aggregate principal amount of approximately $9,600,000
(the "Tax Exempt Bonds") and its taxable multifamily revenue refunding bonds in the
aggregate principal amount of approximately $4,077,350 (the "Taxable Bonds'). The
Tax Exempt Bonds and the Taxable Bonds are collectively referred to as,the"Bonds."
The City, in adopting the Program, has considered(i)the amount, timing and sale
of the Bonds to finance the estimated costs of the Program; (ii) the method of monitoring
and implementation of the Program to insure compliance with the housing portion of the
comprehensive plan of the City, (iii) whether the Program furthers local and regional
housing policies; (iv) the method of administering, servicing and supervising the
Program; (v) the cost to the City, including future administrative expenses; (vi) the
restrictions on the multifamily development to be financed under the Program; and (vii)
.certain other limitations.
The City, in adopting the Program, considered the potential financing impact of a
bond issue on affected public agencies. In addition, the City reviewed the method of
marketing the Program. Such review examined the equal opportunity for participation by
(i) minorities; (ii) households with incomes at the lower-end of the range that can be
served by the Program; (iii) households displaced by public or private actions; and (iv)
accessibility to the handicapped.
The Project will be financed pursuant to Section 462C.07 of the Act.
Resolution Certifying 1995 Tax Levy, Collectible in 1996, and Adopting the 1996 General
Fund Budget
BE IT FURTHER RESOLVED that the City Council declare its compliance with the "Truth-in-
Taxation" requirements,having published a notice of Proposed Property Tax and Budget Hearing
in the Eden Prairie News on November 30, 1995 and conducting the hearing on December 6, 1995.
BE IT YET FURTHER RESOLVED that,with the conclusion of the Proposed Property Tax and
Budget Hearing process,the City Council approves the 1996 Budget for the General Fund and Debt
Service Obligations totalling$22,572,980.
Adopted by the City Council December 19, 1995
Aeanarris,Mayor
Attest:
Jo VD. Frane, City Clerk