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CITY OF ST. ANTHONY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2011 <br />FANNIE MAE LOAN PAYABLE <br />The City entered into a non -revolving line of credit agreement with Fannie Mae. The line of credit was for <br />a total of $3,350,000; proceeds were used to fund the acquisition of property in the Apache Plaza area <br />related to the Silver Lake Village development. The City disbursed the funds to the developer who applied <br />the funds towards purchase of property and other costs associated with the redevelopment project. The <br />project is primarily for residential purposes. The loan was for a period of 36 months and was set to mature <br />on August 27, 2007; however, the City extended the loan period to January 3, 2011. Interest on the loan is <br />payable quarterly. The interest rate is variable based on the three month LIBOR (as published in the Wall <br />Street Journal) plus 175 basis points. In addition, the interest rate will be reset quarterly on the first day of <br />each calendar quarter. The City paid off this line of credit on January 3, 2011. <br />59 <br />