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Q! <br />CITY OF ST. ANTHONY VILLAGE <br />RESOLUTION NO. 10-045 <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. <br />ANTHONY, MINNESOTA (the "City"), AS FOLLOWS: <br />Section 1. Recitals. Pursuant to Resolution No. 05-050 adopted June 14, 2005, <br />Resolution No. 06-025 adopted February 14, 2006 and Resolution No. 09-060 adopted June 23, <br />2009, the City Council approved an interfund loan (the "Loan") by the City and the St. Anthony <br />Housing and Redevelopment Authority (the "IIRA") in the amount of up to $1,000,000 to <br />finance on a temporary basis certain public redevelopment costs of the City and HRA with <br />respect to Redevelopment Project No. 3 of the HRA (the "Redevelopment Project") and Tax <br />Increment Financing District No. 3-5 of the HRA (the "TTP District'). The Loan is to be repaid <br />from available tax increments from the TIF District. It has been proposed that the maximum <br />principal amount of the Loan be increased to up to $2,630,000. <br />Section 2. Approvals. The increase in the principal amount of the Loan to up to <br />$2,630,000 from the water filtration fund, Chandler Place Tax Increment District, Tax Increment <br />Financing District No. 3-3 of the HRA (CUB TIF District) or any other authorized source is <br />hereby approved. Repayments of the sources of the funds for the Loan by the HRA shall be first <br />to the water filtration fund, second to the Chandler Place Tax Increment District and third to Tax <br />Increment Financing District No. 3-3 (CUB TIF District). All other approvals and authorizations <br />in Resolution No. 05-050, Resolution No. 06-025 and Resolution 09-060 are hereby ratified, <br />confirmed and approved and Resolution No. 05-050, Resolution No. 06-025 and Resolution 09- <br />060 remain in full force and effect except to the extent of such increase in the principal amount <br />of the Loan. This approval is contingent on the approval by the HRA of the increase in the <br />principal amount of the Loan. <br />Adopted by the City Council of the City of St. Anthony on this 22" `� day of June, 2010 <br />Mayor <br />City Clerk <br />Reviewed for Administration: <br />City Manager <br />