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<br />. <br /> <br />. <br /> <br />. <br /> <br />MOUNDS VIEW ECONOMIC AND DEVELOPMENT AUTHORITY <br />CITY OF MOUNDS VIEW <br /> <br />RESOLUTION # OO-EDA-138 <br /> <br />RESOLUTION WITHDRAWING PRE-JULY 1ST, 1997 INTEREST REVENUE FOR <br />TAX INCREMENT FINANCING DISTRICTS NOS. 1, 2 AND 3 (ALL <br />REDEVELOPMENT DISTRICTS), AND PLACE THE REVENUE IN A NEWLY <br />CREATED ECONOMIC DEVELOPMENT FUND. <br /> <br />WHEREAS, the City Council established the EDA in 1994 to advance economic <br />development and redevelopment objectives in Mounds View; <br /> <br />WHEREAS, the City Council (the "Council") of the City of Mounds View, Minnesota (the <br />"City") established the Mounds View Economic Development Project Area and Tax Increment <br />Financing Districts Nos. 1, 2 and 3 pursuant to Minnesota Statutes, Minnesota Statutes, <br />Sections 469.174 through 469.179, inclusive, as amended, in an effort to encourage the <br />development and redevelopment of certain designated areas within the City; and <br /> <br />WHEREAS, the EDA has earned approximately $2,276,116 on TIF funds invested prior to <br />July 15\ 1997; <br /> <br />WHEREAS, the Economic Development Commission discussed this issue at their December 1, <br />2000 meeting; <br /> <br />NOW, THEREFORE BE IT RESOLVED by the Board as follows: <br /> <br />1. The EDA directs the Executive Director to withdraw $2,276,116 in Pre-July 151, 1997 <br />Interest Earnings from the TIF District Debt Service Funds; <br /> <br />2. The EDA directs the Executive Director to place the aforementioned $2,276,116 in a newly <br />created Mounds View Community Fund with the following conditions: <br /> <br />A. Funds not be immediately obligated until outstanding issues with the Office of the State <br />Auditor are resolved; <br />B. Funds not be utilized until funding priorities are more clearly defined; <br />C. Any deficits in the TIF District Debt Service Fund that may arise in current our future <br />years resulting from the transaction shall be financed through an interfund loan from <br />existing city funds. <br /> <br />Approved by the Board on December 11, 2000. <br /> <br />// <br /> <br />ATTE~l: <br /> <br />'A'~.'d/[~~71{jL- <br />Kathleen Miller, Executive Director <br /> <br /> <br />\ <br />