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CITY OF ST. ANTHONY VMLAGE <br /> RESOLUTION NO. 10-045 <br /> RESOLUTION AUTHORIZING AN INCREASE IN THE <br /> PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX <br /> INCREMENT FINANCING DISTRICT NO.3-5 <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ST. <br /> ANTHONY, MINNESOTA(the"City"), AS FOLLOWS: <br /> Section 1. Recitals. Pursuant to Resolution No. 05-050 adopted June 14, 2005, <br /> Resolution No. 06-025 adopted February 14, 2006 and Resolution No. 09-060 adopted June 23, <br /> 2009, the City Council approved an interfund loan (the "Loan") by the City and the St. Anthony <br /> Housing and Redevelopment Authority (the "HRA") in the amount of up to $1,000,000 to <br /> finance on a temporary basis certain public redevelopment costs of the City and HRA with <br /> respect to Redevelopment Project No. 3 of the HRA (the "Redevelopment Project") and Tax <br /> Increment Financing District No. 3-5 of the HRA (the "TIF District"). The Loan is to be repaid <br /> from available tax increments from the TIF District. It has been proposed that the maximum <br /> principal amount of the Loan be increased to up to $2,630,000. <br /> Section 2. Approvals. The increase in the principal amount of the Loan to up to <br /> $2,630,000 from the water filtration fund, Chandler Place Tax Increment District, Tax Increment <br /> Financing District No. 3-3 of the HRA (CUB TIF District) or any other authorized source is <br /> hereby approved. Repayments of the sources of the funds for the Loan by the HRA shall be first <br /> to the water filtration fund, second to the Chandler Place Tax Increment District and third to Tax <br /> Increment Financing District No. 3-3 (CUB TIF District). All other approvals and authorizations <br /> in Resolution No. 05-050, Resolution No. 06-025 and Resolution 09-060 are hereby ratified, <br /> confirmed and approved and Resolution No. 05-050, Resolution No. 06-025 and Resolution 09- <br /> 060 remain in full force and effect except to the extent of such increase in the principal amount <br /> of the Loan. This approval is contingent on the approval by the HRA of the increase in the <br /> principal amount of the Loan. <br /> Adopted by the City Council of the City of St. Anthony on this 22"d day of June, 2010. <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Reviewed for Administration: <br /> ivy Manager <br />