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RESOLUTION09-005 <br />A RESOLUTION AUTHORIZING THE TRANSFER OF $346,175 TO FUND <br />#335 - 2006 TIF REVENUE BOND FUND AND $227,773.76 TO <br />FUND #336 - 2007 TIF REVENUE BOND FUND FROM <br />APACHE TIF DISTRICT #3 - 5 <br />WHEREAS, the Housing and Redevelopment Authority of the City of St. Anthony <br />established the Apache TIF District #3-5 for the redevelopment of Apache <br />Plaza area (now known as Silver Lake Village); and <br />WHEREAS, the tax increment generated from District #3-5 supports the annual debt <br />for these two issues and in addition the pay-as-you-go note for the <br />Landings; and <br />WHEREAS, in 2008, the City collected $1.2 million in tax increment revenue from the <br />District and has paid all debt service obligations for the year; and <br />WHEREAS, as part of the pay -back process the City is required to reclassify the annual. <br />TIF revenues from. the District to the 2006 and 2007 TIF Revenue Bond <br />Fund. This amount of the transfer is equal to that of the annual debt <br />services payments, <br />BE IT FURTHER RESOLVED, that the Housing Redevelopment Authority of the City of <br />St. Anthony authorizes the Transfer of $346,175 to Fund #335 - 2006 TIF Revenue Bond <br />Fund and $227,773.76 to Fund #336 - 2007T IF Revenue Bond Fund from. Apache TIF <br />District #3 - 5 <br />Adopted this 13th day of Lanuary, 2009. <br />Chair <br />Executive Director <br />Z:\Council Meetings\2009\0113200%eshm09005 of Imnsfendoc <br />13 <br />