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Councilmember introduced the following resolution and moved its adoption, which motion was seconded by Councilmember RESOLUTION NO. 06-029 RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT REVENUE BONDS (SILVER LAKE VILLAGE PROJECT), SERIES 2006 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 ) pp g 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 3 9th Avenue N.E. (the "Commercial Development 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 Commercial Development Property has been assigned to St. Anthony Retail Development, 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 proj ects 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 December 19, 2003 (the "Series 2003 Note"), in the principal amount of $2,554,583, payable solely from tax increment revenues generated from Commercial Development Property. Pursuant to the terms of the Contract, the Agency agreed to refund the Series 2003 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 2003 Note. To refund the Series 2003 Note and to finance public improvements to be undertaken by the City in the Redevelopment Project, it has been proposed that the Authority issue its Tax Increment Revenue bonds (Silver Lake Village Project), Series 2006 (the "Bonds"), pursuant to an Indenture of Trust (the "Indenture") between the Authority and U.S. Bank National Association as trustee (the "Trustee"). The Authority is authorized by the Tax Increment Act and Minnesota Statutes, Chapter 475 to issue tax increment revenue 118