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5 <br />HOUSING AND REDEVELOPMENT AUTHORITY <br />RESOLUTION 09-009 <br />A RESOLUTION AUTHORIZING THE TRANSFER OF TIF REVENUE FROM <br />APACHE TIF DISTRICT #3-5 TO SERIES 2006 BOND FUND #335 IN THE <br />AMOUNT OF $347,300.00 AND TO SERIES 2007 BOND FUND #336 IN THE <br />AMOUNT OF $306,173.76. <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, per the development agreement, the City issued take out bonds for the <br />Commercial and Phase I - Housing portions of the project; and <br />WHEREAS, the tax increment generated from District #3-5 supports the annual debt <br />payments for the Series 2006 and 2007 TIF Revenue Bonds; and <br />WHEREAS, the tax increment revenue generated from the District is to pay for all debt <br />service obligations for the year; and <br />WHEREAS, as part of the pay -back process the City transfers TIF revenue from the <br />District to the Series 2006 and Series 2007 Bond Funds; and <br />WHEREAS, the amount of the annual TIF revenue transfer is equal to the amount <br />of the annual debt service payments. <br />BE IT RESOLVED, that the Housing Redevelopment Authority of the City of St. <br />Anthony authorizes the transfer of TIF Revenue from the Apache TIF District #3-5 to <br />Series 2006 Bond Fund #335 in the amount of $347,300.00 and to Series 2007 TIF <br />Revenue Bond Fund in the amount of $306,173.76. <br />Adopted this 8th day of December, 2009. <br />Chair <br />Executive Director <br />UAMICROSOPT WORD DOCUMENTS\APACHE TIP DISTRICT 3-5 RESOLUTION TRANSFER 2009.doc <br />