HomeMy WebLinkAboutCC RES 04-047 RESOLUTION AUTHORIZING EXECUTION OF LOAN DOCUMENTS WITH FANNIE MAE FOR $3,350,000 LOAN Meeting Sheet
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Box: 31
Folder: RES 2004
Document: CC RES O4-047 RESOLUTION AUTHORIZING EXECUTION OF
LOAN DOCUMENTS WITH FANNIE MAE FOR $3,350,000 LOAN
RESOLUTION NO. 04-047
• RESOLUTION AUTHORIZING EXECUTION OF
LOAN DOCUMENTS WITH FANNIE MAE
FOR$3,350,000 LOAN
WHEREAS, pursuant to Minnesota Statutes, Section 469.028 the City of St. Anthony (the "City") is
authorized to establish redevelopment projects in order to provide for the redevelopment of the City; and
WHEREAS, pursuant to Minnesota Statutes, Section 469.176, the City is authorized to finance the
public redevelopment costs of a redevelopment project with tax increment revenues derived from a tax
increment financing district established within such Redevelopment Project; and
WHEREAS, in connection with the Redevelopment Project, the City prepared and approved a tax
increment financing plan creating its Tax Increment Financing District No. 3-5 (the "Tax Increment District);
and
WHEREAS, on December 19, 2003 the City of St. Anthony and the St. Anthony Housing and
Redevelopment Authority (HRA) executed a Development Agreement with Apache Redevelopment LLC (the
"Developer") for the redevelopment of the area commonly referred to as the Northwest Quadrant (the
"Northwest Quadrant")
WHEREAS, according to Section 12.11 of the Development Agreement, the City and HRA agreed to
obtain short term financing from Fannie Mae for the purpose of acquiring certain commercial properties,
• relocating the tenants and demolishing these properties located within the Northwest Quadrant for
redevelopment; and
WHEREAS, the City of St. Anthony is authorized to obtain these loan funds and issue General
Obligation Tax Increment Bonds for purposes of repayment of these loan funds pursuant to Minnesota
Statutes, Section 469.178, subdivision 2.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of St.Anthony as follows:
1. That the City Manager and City Attorney are hereby authorized to proceed with
negotiating the terms of this loan and to prepare ne ar documents for execution by the City.
Adopted this 80'day of June, 2004.
�.1
ayor
ATTEST: _
City Clerk
Reviewed for Administration:
City Matiager