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RESOLUTION NO. 06-025 <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, <br />2005, the City Council approved an interfund loan (the "Loan") by the City and the St. <br />.Anthony Housing and Redevelopment Authority (the "HRA") in the amount of up to <br />$200,000 to finance on a temporary basis certain public redevelopment costs of the City <br />and HRA with respect to Redevelopment Project No. 3 of the HRA (the <br />"Redevelopment Project") and Tax Increment Financing District No. 3-5 of the HRA <br />(the "TIF District"). The Loan is to be repaid from available tax increments from the TIF <br />District. It has been proposed that the maximum principal amount of the Loan be <br />increased to up to $500,000. <br />Section 2. Approvals. The increase in the principal amount of the loan to <br />up to $500,000 is hereby approved. All other approvals and authorizations in <br />Resolution No. 05-050 are hereby ratified, confirmed and approved and Resolution No. <br />05-050 remain in full force and effect except to the extent of such increase in the <br />principal amount of the Loan. <br />Adopted on this 14th day of February, 2006. <br />Attest: <br />City Clerk <br />Reviewed for Administration: <br />33 <br />Mayor <br />City Manager <br />