CC PACKET 06222010 - Laserfiche WebLink

Home Browse Search

CITY OF ST. ANTHONY VILLAGE RESOLUTION NO. 10-005 RESOLUTION AUTHORIZING AN INCREASE IN THE PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX INCREMENT FINANCING DISTRICT NO. 3-5 BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE HOUSING AND REDEVELOPMENT AUTHORITY CITY OF ST. ANTHONY, MINNESOTA (the "HRA"), AS FOLLOWS: Section 1. Recitals. Pursuant to Resolution No. OS -008 adopted June 14, 2005, and Resolution No. 06-006 adopted February 16, 2006 and Resolution No. 09-008 adopted June 23, 2009, the Board of Commissioners of the HRA approved an interfund loan (the "Loan") by the I -IRA in the amount of up to $1,000,000 to finance on a temporary basis certain public redevelopment costs of the City or St. Anthony (the "City") and HRA with respect to Redevelopment Project No. 3 of the HRA (the "Redevelopment Project") and Tax Increment Financing District No. 3-5 of the HRA (the "TIF District"). The Loan is to be repaid from available tax increments from the TIF District. It has been proposed that the maximum principal amount of the Loan be increased to up to $2,630,000. Section 2. Approvals. The increase in the principal amount of the Loan to up to $2,630,000 from the water filtration fund, Chandler Place Tax Increment District of the HRA and Tax Increment Financing District No. 3-3 of the HRA (CUB TIF District) or any other authorized source is hereby approved. Repayment of the sources of the funds for the Loan shall be first to the water filtration fund, second to Chandler Place Tax Increment District and third to Tax Increment Financing District No. 3-3 (CUB TIF District). All other approvals and authorizations in Resolution No. 05-008, Resolution No. 06-006 and Resolution No. 09-008 are hereby ratified, confirmed and approved and Resolution No. 05-008, Resolution No. 06-006 and Resolution No. 09-008 remain in full force and effect except to the extent of such increase in the principal amount of the Loan. Adopted June 22, 2009. Chair Executive Director 5