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21 <br />CITY OF ST. ANTHONY VILLAGE <br />RESOLUTION NO. 09-060 <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. ANTHONY, <br />MINNESOTA (the "City"), AS FOLLOWS: <br />Section 1. Recitals. Pursuant to Resolution No. 05-050 adopted June 14, 2005, and <br />Resolution No. 06-025 adopted February 14, 2006, the City Council approved an interfund loan (the <br />"Loan") by the City and the St. Anthony housing and Redevelopment Authority (the "HRA") in the <br />amount of up to $500,000 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 "Redevelopment Project') and <br />Tax Increment Financing District No. 3-5 of the HRA (the "TIF District'). The Loan is to be repaid from <br />available tax increments from the TIF District. It has been proposed that the maximum principal amount <br />of the Loan be increased to up to $1,000,000. <br />Section 2. Approvals. The increase in the principal amount of the Loan to up to <br />$1,000,000 from the water filtration find or any other authorized source is hereby approved. All other <br />approvals and authorizations in Resolution No. 05-050 and Resolution No. 06-025 are hereby ratified, <br />confirmed and approved and Resolution No. 05-050 and Resolution No. 06-025 remain in full force and <br />effect except to the extent of such increase in the principal amount of the Loan. <br />Adopted by the City Council of the City of St. Anthony on this 23rd day of June, 2009. <br />Mayor <br />City Clerk <br />Reviewed for Administration: <br />City Manager <br />