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CITY OF MOUNDS VIEW RAMSEY COUNTY STATE OF MINNESOTA Council member %"��1 ! or wd.Q, introduced the following resolution and moved its adoption: RESOLUTION NO. 8927 RESOLUTION AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 1-6 (A HOUSING DISTRICT) BE IT RESOLVED by the City Council (the "Council') of the City of Mounds View, Minnesota (the "City"), as follows: Section 1. Background. 1.01. The Mounds View Economic Development Authority (the "Authority") was created pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and was authorized to transact business and exercise its powers by a resolution of the Council. 1.02. The Authority and the City have undertaken a program to promote economic development and job opportunities, promote the development and redevelopment of land which is underutilized within the City, and facilitate the development of affordable housing, and in this connection created a redevelopment district known as the Mounds View Economic Development Project (the "Project") in the City, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended. 1.03. The City and the Authority have approved the establishment of Tax Increment Financing District No. 1-6 (a housing district) (the "TIF District') within the Project, pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act'), and have adopted a Tax Increment Financing Plan (the "TIF Plan") for the purpose of financing certain improvements within the Project. 1.04. The Authority has determined to pay for certain costs identified in the TIF Plan consisting of land/building acquisition/site improvements/preparation, affordable housing, public utilities, streets and sidewalks, other qualifying improvements, interest, and administrative costs (collectively, the "Qualified Costs"), which costs may be financed on a temporary basis from Authority or City funds available for such purposes. 1.05. Under Section 469.178, subdivision 7 of the TIF Act, the Authority and the City are 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, including the Qualified Costs. 1.06. The City will loan funds to the Authority finance the Qualified Costs (the "Interfund Loan") in an amount of up to $30,000 in accordance with the terms of this resolution and the resolution adopted or to be adopted by the Board of Commissioners of the Authority on the date hereof. 518501 Q JAE MU205-47