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HOUSING AND REDEVELOPMENT AUTHORITY <br />OF THE CITY OF ST. ANTHONY VILLAGE <br />RESOLUTION NO. 09-008 <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 BOARD OF COMMISSIONERS OF THE HOUSING AND <br />REDEVELOPMENT AUTHORITY CITY OF ST. ANTHONY, MINNESOTA (the "HRA"), AS <br />FOLLOWS: <br />Section 1. Recitals. Pursuant to Resolution No. 05-008 adopted June 14, 2005, and <br />Resolution No. 06-006 adopted February 16, 2006, the Board of Commissioners of the HRA approved an <br />interfund loan (the "Loan") by the HRA in the amount of up to $500,000 to finance on a temporary basis <br />certain public redevelopment costs of the City of St. Anthony (the "City") and HRA with respect to <br />Redevelopment Project No. 3 of the HRA (the "Redevelopment Project") and Tax Increment Financing <br />District No. 3-5 of the I -IRA (the "TIP District'). The Loan is to be repaid from available tax increments <br />from the TIF District. It has been proposed that the maximum principal amount of the Loan be increased <br />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 fund or any other authorized source is hereby approved. All other <br />approvals and authorizations in Resolution No. 05-008 and Resolution No. 06-006 are hereby ratified, <br />confirmed and approved and Resolution No. 05-008 and Resolution No. 06-006 remain in full force and <br />effect except to the extent of such increase in the principal amount of the Loan. <br />Adopted June 23, 2009. <br />Chair <br />Executive Director <br />5 <br />