CC RES 07-031 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING), SERIES 2007 BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY

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Councilmember introduced the following resolution and moved its • adoption,which motion was seconded by Councilmember RESOLUTION NO. 07-031 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PHASE IA HOUSING), SERIES 2007 BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY BE IT RESOLVED by the City Council of the City of St. Anthony(the "City"), as follows: Section 1. Recitals. 1.01. Authorization. The City and the Housing and Redevelopment Authority of the City of St. Anthony(the "Authority") have established Tax Increment Financing District No. 3- 5 (the"TIF District")pursuant to authority granted by Minnesota Statutes, Sections 469.174 to 469.179, as amended (the"Tax Increment Act"), within the Redevelopment Project Area No. 3 of the Authority(the"Redevelopment Project'), and have approved a tax increment financing plan for the purpose of financing certain improvements within the TIF District. In order to provide for the redevelopment of the Redevelopment Project and the TIF District, including, but not limited to,the redevelopment of the portion of the Redevelopment Project and TIF District located west of Silver Lake Road in the vicinity of the intersection of Silver Lake Road and 391i' Avenue N.E. (the"Phase lA For Sale Housing Property"), the Authority and the City entered into a Redevelopment Agreement, dated December 19, 2003, as amended (the "Contract'), between the City, the Authority and Apache Development, LLC, the portion of which with respect to the redevelopment of the Phase IA For Sale Housing Property has been assigned to Silver Lake Homes I, LLC (the"Redeveloper"). Pursuant to Section 469.178 of the Tax Increment Act, the Authority is authorized to issue and sell its bonds or notes for the purpose of financing public development costs in a redevelopment projects and to pledge tax increment revenues derived from a tax increment financing district established within the Redevelopment Project to the payment of the principal of and interest on such obligations. Pursuant to the terms of the Contract,the Authority issued to the Redeveloper its Limited Revenue Taxable Tax Increment Revenue Note, dated October 19, 2004 (the"Series 2004 Note"), in the principal amount of$2,931,681,payable solely from tax increment revenues generated from Phase IA For Sale Housing Property. Pursuant to the terms of the Contract,the Agency agreed to refund the Series 2004 Note with tax-exempt tax increment revenue bonds when the conditions set forth in the Contract for the issuance of such revenue bonds have been satisfied. Such conditions have been satisfied for the Series 2004 Note. To finance certain costs with respect to the housing component of the Redevelopment Project, the City obtained a credit facility from Fannie Mae pursuant to a Loan and Security Agreement dated August 27, 2004 between the City and Fannie Mae (the"Fannie Mae Loan"). •