Laserfiche WebLink
Resolution <br /> <br />,March 9, 2004 <br />DATE <br /> <br />Sherburne County Regional Rail Authority <br /> <br /> 030904-RRA-03 <br /> NUMBER <br /> SHERBURNE COUNTY REGIONAL RAILROAD AUTHORITY RESOLUTION INTENT <br /> TO ISSUE BONDS TO FINANCE LOCAL SHARE OF COMMUTER RAIL PROJECT <br /> SUBJECT TO CERTAIN CONDITIONS SET FORTH HEREIN, <br /> <br /> WHEREAS, the Sherburne County Regional Rail Authority (the "Authority") is a <br /> regional railroad authority organized and existing as a political subdivision and local <br /> government unit pursuant to Minnesota Statutes, Section 398A.03; and <br /> <br /> WHEREAS, the Authority has entered into a Joint Powers Agreement with <br />various other counties, county regional railroad authorities, cities and towns for the <br />purpose of addressing transportation needs along the Northstar Corridor, and such joint <br />powers entity is known as the Northstar Corridor Development Authority; and <br /> <br /> WHEREAS, by Resolution #110999-AD-613, adopted November 9, 1999, the <br />Authority approved a funding plan for the Northstar Corridor including an agreement to <br />contribute a share of the debt service costs on bonds to be issued to finance project <br />costs; and <br /> <br /> WHEREAS, on January 8, 2004, the Northstar Corridor Development Authority <br />(NCDA) approved the concept of undertaking the Northstar Corridor project in two <br />phases, by adoption of Resolution 2004-1 Approving Phase One of the Northstar <br />Commuter Rail Project that includes the portion of the corridor between Big Lake and <br />Minneapolis with stations in Big Lake, Elk River, Anoka, Coon Rapids - Riverdale, <br />Fridley, and downtown Minneapolis; and <br /> <br /> WHEREAS, Northstar Phase One includes the connection to the Hiawatha Light <br />Rail Transit (LRT) corridor in downtown 'Minneapolis; and <br /> <br /> WHEREAS, on January 13, 2004, Governor Pawlenty announced his support for <br />Northstar Phase One; and <br /> <br /> WHEREAS, Governor Pawlenty is proposing that the State of Minnesota <br />contribute an amount equal to 33.3% of the total Phase One project cost, an estimated <br />$88.3 million, and that the Northstar Capital Funding Partners (Hennepin, Anoka, <br />Sherburne, and Benton Counties or County Regional Railroad Authorities) contribute an <br />amount equal to 16.7% of the total Phase One project cost, an estimated $44.2 million; <br />and <br /> <br /> <br />