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m <br />CITY OF ST. ANTHONY <br />RESOLUTION NO. 05-050 <br />AUTHORIZING INTERNAL LOANS FOR <br />ADVANCE OF PUBLIC REDEVELOPMENT COSTS IN CONNECTION WITH <br />TAX INCREMENT FINANCING DISTRICT NO. 3-5 <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ST. ANTHONY, MINNESOTA <br />(the "City") AS FOLLOWS: <br />Section 1. Back round. <br />1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.179 (the "TIF Act") the St. Anthony <br />Housing and Redevelopment Authority (the "Authority") previously established Tax Increment Financing <br />District No. 3-5 (the "TIF District") within the Redevelopment Project No. 3 (the "HRA Project"). <br />1.02. The Authority may incur certain costs related to the TIE Districts and Redevelopment Project, <br />which costs may be financed on a temporary basis from available fiords in the account for other tax increment <br />financing districts administered by the Authority, or from other Authority or City finds available for such <br />purposes. <br />1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the Authority and City are authorized to <br />advance or loan money from any find from which such advances may be legally made in order to finance <br />expenditures that are eligible to be paid with tax increments under the TIF Act. <br />1.04. On June 14, 2005, the Authority approved a resolution (the "Loan Resolution") authorizing an <br />internal loan and setting the terms for reimbursement of public redevelopment costs of the Redevelopment <br />Project to be repaid with tax increments from the respective TIF District. <br />Section 2. Interfand Loans Authorized. <br />2.01. The City approves the interfund loan described in the Loan Resolution, and authorizes use <br />of any unencumbered City or Authority finds available for such purposes under law as the source of the <br />funds for the loan. <br />2.02. The City Chief Financial Officer is authorized and directed to determine the fund(s) or <br />account(s) from which monies are drawn for the inter£ nd loans, and to credit repayments under the Loan <br />Resolution to the relevant fund(s) or account(s). <br />2.03. City staff and officials are authorized and directed to execute any collateral documents and <br />take any other actions necessary to carry out the intent of this resolution. <br />Approved by the City Council of the City of St. Anthony this 14th day of June, 2005. <br />ATTEST: <br />City Clerk <br />Mayor <br />Reviewed for Administration: <br />City Manager <br />