4.3. SR 04-19-2004 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2004-__ HENNEPIN COUNTY REGIONAL RAILROAD AUTHORITY RESOLUTION INTENT TO ISSUE BONDS TO FINANCE LOCAL SHARE OF COMMUTER RAIL PROJECT SUBJECT TO CERTAIN CONDITIONS SET FORTH HEREIN. WHEREAS, the Hennepin County Regional Railroad Authority (the "Authority") is a regional railroad authority organized and existing as a political subdivision and local government unit pursuant to Minnesota Statutes, Section 398A.03; and WHEREAS, the Authority has entered into a Joint Powers Agreement with various other counties, county regional railroad authorities, cities and towns for the purpose of addressing transportation needs along the Northstar Corridor, and such joint powers entity is known as the Northstar Corridor Development Authority; and WHEREAS, by Resolution #71-HCRRA-99, adopted November 30, 1999, the Authority approved a funding plan for the Northstar Corridor including an agreement to contribute a share of the debt service costs on bonds to be issued to finance project costs; and, WHEREAS, on January 8, 2004, the Northstar Corridor Development Authority (NCDA) approved the concept of undertaking the Northstar Corridor project in two phases, by adoption of Resolution 2004-1 Approving Phase One of the Northstar Commuter Rail Project that includes the portion of the corridor between Big Lake and Minneapolis with stations in Big Lake, Elk River, Anoka, Coon Rapids - Riverdale, Fridley, and downtown Minneapolis; and WHEREAS, Northstar Phase One includes the connection to the Hiawatha Light Rail Transit (LRT) corridor in downtown Minneapolis; and, WHEREAS, on January 13, 2004, Governor Pawlenty announced his support for Northstar Phase One; and, WHEREAS, Governor Pawlenty is proposing that the State of Minnesota contribute an amount equal to 33.3% of the total Phase One project cost, an estimated $88.3 million, and that the Northstar Capital Funding Partners (Hennepin, Anoka, Sherburne, and Benton Counties or County Regional Railroad Authorities) contribute an amount equal to 16.7% of the total Phase One project cost, an estimated $44.2 million; and WHEREAS, on January 22, 2004, the NCDA adopted Resolution 2004-02 approving in concept Governor Pawlenty's funding proposal; and WHEREAS, the Authority is authorized to issue bonds for the purpose of financing the acquisition, development, construction and equipment of railroads and railroad facilities including but not limited to terminal buildings, roadways, crossings, bridges, causeways, tunnels, equipment and rolling stock.