Laserfiche WebLink
CITY OF MOUNDS VIEW <br />RAMSEY COUNTY <br />STATE OF MINNESOTA <br />Council member introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 8927 <br />RESOLUTION AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF <br />CERTAIN COSTS IN CONNECTION WITH TAX INCREMENT FINANCING <br />DISTRICT NO. 1-6 (A HOUSING DISTRICT) <br />BE IT RESOLVED by the City Council (the "Council") of the City of Mounds View, Minnesota <br />(the "City"), as follows: <br />Section 1. Background. <br />1.01. The Mounds View Economic Development Authority (the "Authority") was created <br />pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended, and was authorized to <br />transact business and exercise its powers by a resolution of the Council. <br />1.02. The Authority and the City have undertaken a program to promote economic <br />development and job opportunities, promote the development and redevelopment of land which is <br />underutilized within the City, and facilitate the development of affordable housing, and in this connection <br />created a redevelopment district known as the Mounds View Economic Development Project (the <br />"Project") in the City, pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended. <br />1.03. The City and the Authority have approved the establishment of Tax Increment Financing <br />District No. 1-6 (a housing district) (the "TIF District") within the Project, pursuant to Minnesota <br />Statutes, Sections 469.174 through 469.1794, as amended (the "TIF Act"), and have adopted a Tax <br />Increment Financing Plan (the "TIF Plan") for the purpose of financing certain improvements within the <br />Proj ect. <br />1.04. The Authority has determined to pay for certain costs identified in the TIF Plan <br />consisting of land/building acquisition/site improvements/preparation, affordable housing, public utilities, <br />streets and sidewalks, other qualifying improvements, interest, and administrative costs (collectively, the <br />"Qualified Costs"), which costs may be financed on a temporary basis fiom Authority or City funds <br />available for such purposes. <br />1.05. Under Section 469.178, subdivision 7 of the TIF Act, the Authority and the City are <br />authorized to advance or loan money from any fund from which such advances may be legally made in <br />order to finance expenditures that are eligible to be paid with tax increments under the TIF Act, including <br />the Qualified Costs. <br />1.06. The City will loan funds to the Authority finance the Qualified Costs (the "Interfund <br />Loan") in an amount of up to $30,000 in accordance with the terms of this resolution and the resolution <br />adopted or to be adopted by the Board of Commissioners of the Authority on the date hereof. <br />518501v2 JAE MU205-47 <br />