HomeMy WebLinkAboutCC RES 05-050 RESOLUTION AUTHORIZING INTERNAL LOANS FOR ADVANCE OF PUBLIC REDEVELOPMENT COSTS IN CONNECTION WITH TAX INCREMEMNT FINANCING DISTRICT NO. 3-5 Meeting Sheet
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104365
Box: 31
Folder: RES 2005
Document: CC RES 05-050 RESOLUTION AUTHORIZING INTERNAL
LOANS FOR ADVANCE OF PUBLIC REDEVELOPMENT COSTS IN
CONNECTION WITH TAX INCREMEMNT FINANCING DISTRICT NO. 3-5
• CITY OF ST.ANTHONY
RESOLUTION NO.05-050
AUTHORIZING INTERNAL LOANS FOR
ADVANCE OF PUBLIC REDEVELOPMENT COSTS IN CONNECTION WITH
TAX INCREMENT FINANCING DISTRICT NO.3-5
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ST. ANTHONY, MINNESOTA
(the"City")AS FOLLOWS:
Section 1. Back rg ound.
1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.179(the"TIF Act")the St. Anthony
Housing and Redevelopment Authority (the "Authority") previously established Tax Increment Financing
District No. 3-5 (the"TIF District")within the Redevelopment Project No. 3 (the "HRA Project").
1.02. The Authority may incur certain costs related to the TIF Districts and Redevelopment Project,
which costs may be financed on a temporary basis from available funds in the account for other tax increment
financing districts administered by the Authority, or from other Authority or City funds available for such
purposes.
1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the Authority and City are authorized to
advance or loan money from any fund from which such advances may be legally made in order to finance
• expenditures that are eligible to be paid with tax increments under the TIF Act.
1.04. On June 14, 2005, the Authority approved a resolution (the "Loan Resolution") authorizing an
internal loan and setting the terms for reimbursement of public redevelopment costs of the Redevelopment
Project to be repaid with tax increments from the respective TIF District.
Section 2. Interfand Loans Authorized.
2.01. The City approves the interfund loan described in the Loan Resolution, and authorizes use
of any unencumbered City or Authority funds available for such purposes under law as the source of the
funds for the loan.
2.02. The City Chief Financial Officer is authorized and directed to determine the fund(s) or
account(s) from which monies are drawn for the interfund loans, and to credit repayments under the Loan
Resolution to the relevant fund(s)or account(s).
2.03. City staff and officials are authorized and directed to execute any collateral documents and
take any other actions necessary to carry out the intent of this resolution.
Approved by the City Council of the City of Sthony this 14th day of June,2005.
Mayor
• A ES//T:110—
City Clerk
Reviewed for Administration:
ity Manager