HomeMy WebLinkAboutCC RES 06-025 RESOLUTION AUTHORIZING AN INCREASE IN THE PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX INCREMENT FINANCING DISTRICT NO. 3-5 Meeting Sheet
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104292
Box: 31
Folder: RES 2006
Document: CC RES 06-025 RESOLUTION AUTHORIZING AN INCREASE
IN THE PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX
INCREMENT FINANCING DISTRICT NO. 3-5
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• RESOLUTION NO. 06-025
RESOLUTION AUTHORIZING AN INCREASE IN THE
PRINCIPAL AMOUNT OF INTERFUND LOANS FOR 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. Recitals. Pursuant to Resolution No. 05-050 adopted June 14,
2005, the City Council approved an interfund loan (the "Loan") by the City and the St.
.Anthony Housing and Redevelopment Authority (the "HRA") in the amount of up to
$200,000 to finance on a temporary basis certain public redevelopment costs of 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 $500,000.
Section 2. Approvals. The increase in the principal amount of the loan to
• up to $500,000 is hereby approved. All other approvals and authorizations in
Resolution No. 05-050 are hereby ratified, confirmed and approved and Resolution No.
05-050 remain in full force and effect except to the extent of such increase in the
principal amount of the Loan.
Adopted on this 14th day of February, 2006.
Mayor
I ///Y/,I/IVA
Attest: htl
City Cl
Reviewed for Administration:
City Manager
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