CC RES 06-065 RESOLUTION RELATING TO THE REIMBURSEMENT OF QUALIFIED COSTS IN THE DISTRICT NO. 3-5 ORIGINALLY OUTLINED IN THE REDEVELOPMENT CONTRACT

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CITY OF ST.ANTHONY • HENNEPIN AND RAMSEY COUNTIES STATE OF MINNESOTA RESOLUTION NO. 06-065 RESOLUTION RELATING TO THE REIMBURSEMENT OF QUALIFIED COSTS IN TIF DISTRICT NO. 3-5 NOT ORIGINALLY OUTLINED IN THE REDEVELOPMENT CONTRACT WHEREAS,the City of St. Anthony(the "City") and the St.Anthony Housing and Redevelopment Authority(the "Authority") entered into a Redevelopment Agreement, dated December 19, 2003,regarding an area located in the northwest portion of the City(as amended,the "Redevelopment Agreement"); and WHEREAS, the City and Authority were required to install various public improvements including roadways, sidewalks, lighting, landscaping, etc; and WHEREAS, it was agreed to that if these expenditures exceeded available revenue to the City and Authority that the developer would pay for these qualified costs and the Authority would reimburse the developer through additional tax increment, if available; and WHEREAS, the developer has paid for such qualified cost expenditures in the amount of • $360,777 and is seeking reimbursement from the Authority in this amount; and WHEREAS,this expenditure is consistent with the TIF Plan; and WHEREAS, the Authority has verified that these costs have been expended and has determined that sufficient increment is available to reimburse the developer for these costs. NOW, THEREFORE,BE IT RESOLVED, by the City Council of St. Anthony as follows: 1. The City Council approves the reimbursement by the Authority to the developer. Approved by the City Council on July 25,2006. ayor ATTEST: (,,M LA(A44, / City Clerk /r Reviewed for Administration: City Manager •