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HomeMy WebLinkAbout2007-098 Council ResolutionCouncil Member Reinert introduced the following resolution and moved its adoption: RESOLUTION NO. 07-98 CITY OF LINO LAKES AUTHORIZING INTERNAL LOAN IN CONNECTION WITH LAKE DRIVE INTERCHANGE AND TAX INCREMENT FINANCING DISTICT NO. 1-11 BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota (the "City") as follows: Section 1. Background. 1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.179 (the "TIF Act ") the Lino Lakes Economic Development Authority ( "Authority ") and the City previously established tax increment financing district no. 1 -11 (the "TIF District ") within Development District No.1. 1.02. The Authority or City may incur certain costs related to the TIF District, which costs may be financed on a temporary basis from available Authority or City funds. 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the Authority or City is authorized to advance or loan money from any fund from which such advances may be legally made in order to finance expenditures that are eligible to be paid with tax increments under the TIF Act. 1.04. The City currently plans to construct improvements to the I -35W and Lake Drive Interchange within the TIF District (the "Interchange Improvements "), financed by various sources including proceeds of the City's $4,215,000 General Obligation Tax Increment Bonds, Series 2007A (the "TIF Bonds "). 1.05. The Authority has requested the City to advance certain other City funds to finance a portion of Interchange Improvements, and the Authority intends to reimburse the City for the funds so advanced as an interfund loan in accordance with the terms of the Authority's resolution approved June 25, 2007 (the " Interfund Loan Resolution "). Section 2. Interfund Loan Authorized. 2.01. The City approves the interfund loan described in the Interfund Loan Resolution, and authorizes use of any unencumbered City funds available for such purposes under law as the source of the funds for the loan. 2.02. The City Finance Director is authorized and directed to determine the fund(s) or account(s) from which monies are drawn for the interfund loan, and to credit repayments under the Interfund Loan Resolution to the relevant fund(s) or account(s). 2.03. City staff and officials are authorized and directed to execute any collateral documents and take any other actions necessary to carry out the intent of this resolution. • • Section 3. Effective Date. This resolution is effective upon approval. Adopted by the Lino Lakes City Council this 25th day of J e Bartell, Ci y Clerk Jeff O'Donnell, Acting Mayor The motion for the adoption of the foregoing resolution was duly seconded by Council Member Carlson and upon vote being taken thereon, the following voted in favor thereof: Reinert, Carlson, O'Donnell The following voted against same: none (Absent - Bergeson, Stoltz) Whereupon said resolution was declared duly passed and adopted.