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The City's Housing and Redevelopment Authority (HRA) is overseeing the administration and <br />development within the above referenced Tlli District. As part of this administration, the HRA has <br />been required to loan funds to this District to temporarily finance qualified TIF costs. The funding <br />for these costs can come from available funds in the account for other tax increment fmancing districts <br />administered by the Authority, or from other Authority or City funds available for such purposes. In <br />the case of this District, the HRA has loaned the funds from its Development Fund. <br />State Statute requires that the HRA approve a resolution authorizing an internal (interfund) loan to the <br />respective TIF District and set the terms for reimbursement of the qualified TIF costs to be repaid <br />with tax increments from the respective TIF District. The HRA will be approving an interfund loan <br />resolution for the above referenced District on June 14, 2005. In addition to the HRA's approval of <br />the resolution, State Statute requires that the City Council approve the interfund loan as well, even if <br />it is made by the HRA. <br />Please contact me at 651-697-8506 with any questions. <br />cc: Jerry Gilligan — Dorsey & Whitney <br />File <br />LEADERS IN PUBLIC FINANCE <br />3660 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br />Phone: 651-60-K06 Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />To: <br />f <br />E H L E R S <br />t <br />3j <br />& ASSOCIATES INC <br />✓Til <br />From: <br />The City's Housing and Redevelopment Authority (HRA) is overseeing the administration and <br />development within the above referenced Tlli District. As part of this administration, the HRA has <br />been required to loan funds to this District to temporarily finance qualified TIF costs. The funding <br />for these costs can come from available funds in the account for other tax increment fmancing districts <br />administered by the Authority, or from other Authority or City funds available for such purposes. In <br />the case of this District, the HRA has loaned the funds from its Development Fund. <br />State Statute requires that the HRA approve a resolution authorizing an internal (interfund) loan to the <br />respective TIF District and set the terms for reimbursement of the qualified TIF costs to be repaid <br />with tax increments from the respective TIF District. The HRA will be approving an interfund loan <br />resolution for the above referenced District on June 14, 2005. In addition to the HRA's approval of <br />the resolution, State Statute requires that the City Council approve the interfund loan as well, even if <br />it is made by the HRA. <br />Please contact me at 651-697-8506 with any questions. <br />cc: Jerry Gilligan — Dorsey & Whitney <br />File <br />LEADERS IN PUBLIC FINANCE <br />3660 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br />Phone: 651-60-K06 Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />To: <br />Mike Morrison — City Manager <br />O <br />Roger Larson — Finance Director <br />2 <br />From: <br />Stacie Kvilvang -- Ehlers and Associates <br />LU <br />E <br />Date: <br />June 14, 2005 <br />Subject: <br />Interfund Loan — TIF District 3-5 (Apache Redevelopment) <br />The City's Housing and Redevelopment Authority (HRA) is overseeing the administration and <br />development within the above referenced Tlli District. As part of this administration, the HRA has <br />been required to loan funds to this District to temporarily finance qualified TIF costs. The funding <br />for these costs can come from available funds in the account for other tax increment fmancing districts <br />administered by the Authority, or from other Authority or City funds available for such purposes. In <br />the case of this District, the HRA has loaned the funds from its Development Fund. <br />State Statute requires that the HRA approve a resolution authorizing an internal (interfund) loan to the <br />respective TIF District and set the terms for reimbursement of the qualified TIF costs to be repaid <br />with tax increments from the respective TIF District. The HRA will be approving an interfund loan <br />resolution for the above referenced District on June 14, 2005. In addition to the HRA's approval of <br />the resolution, State Statute requires that the City Council approve the interfund loan as well, even if <br />it is made by the HRA. <br />Please contact me at 651-697-8506 with any questions. <br />cc: Jerry Gilligan — Dorsey & Whitney <br />File <br />LEADERS IN PUBLIC FINANCE <br />3660 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br />Phone: 651-60-K06 Fax: 651-697-8555 <br />skvilvang@ehlers-inc.com <br />