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21 <br /> RESOLUTION NO. 04-047 <br /> RESOLUTION AUTHORIZING EXECUTION OF <br /> LOAN DOCUMENTS WITH FANNIE MAE <br /> FOR$3,350,000 LOAN <br /> WHEREAS, pursuant to Minnesota Statutes, Section 469.028 the City of St. Anthony (the "City") is <br /> authorized to establish redevelopment projects in order to provide for the redevelopment of the City; and <br /> WHEREAS, pursuant to Minnesota Statutes, Section 469.176, the City is authorized to finance the <br /> public redevelopment costs of a redevelopment project with tax increment revenues derived from a tax <br /> increment financing district established within such Redevelopment Project; and <br /> WHEREAS, in connection with the Redevelopment Project, the City prepared and approved a tax <br /> increment financing plan creating its Tax Increment Financing District No. 3-5 (the "Tax Increment District); <br /> and <br /> WHEREAS, on December 19, 2003 the City of St. Anthony and the St. Anthony Housing and <br /> Redevelopment Authority (HRA) executed a Development Agreement with Apache Redevelopment LLC (the <br /> "Developer") for the redevelopment of the area commonly referred to as the Northwest Quadrant (the <br /> "Northwest Quadrant") <br /> WHEREAS, according to Section 12.11 of the Development Agreement, the City and HRA agreed to <br /> obtain short term financing from Fannie Mae for the purpose of acquiring certain commercial properties, <br /> relocating the tenants and demolishing these properties located within the Northwest Quadrant for <br /> redevelopment; and <br /> WHEREAS, the City of St. Anthony is authorized to obtain these loan funds and issue General <br /> Obligation Tax Increment Bonds for purposes of repayment of these loan funds pursuant to Minnesota <br /> Statutes, Section 469.178, subdivision 2. <br /> NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of St. Anthony as follows: <br /> 1. That the City Manager and City Attorney are hereby authorized' to proceed with <br /> negotiating the terms of this loan and to prepare necessary documents for execution by the City. <br /> Adopted this 8`h day of June,2004. <br /> Mayor <br /> ATTEST: <br /> City Clerk <br /> Reviewed for Administration: <br /> City Manager <br />