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HOUSING AND REDEVELOPMENT AUTHORITY <br />RESOLUTION 10-007 <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 $353,175.00 AND TO SERIES 2007 BOND FUND #336 IN THE <br />AMOUNT OF $312,408.76. <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 IA - 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 TIP 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 $353,175.00 and to Series 2007 TIP <br />Revenue Bond Fund in the amount of $312,408.76. <br />Adopted this 14th day of December, 2010. <br />Chair <br />Executive Director <br />0:AMICROS0I:'1' WORD DOCUMGN I'S\APACIIG'PIF DISfRIC'I' 3-S IZGSOLI PCIO;V TRANSPHR 2014Aoc <br />