HomeMy WebLinkAboutCC RES 06-065 RESOLUTION RELATING TO THE REIMBURSEMENT OF QUALIFIED COSTS IN THE DISTRICT NO. 3-5 ORIGINALLY OUTLINED IN THE REDEVELOPMENT CONTRACT Meeting Sheet
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Box: 31
Folder: RES 2006
Document: CC RES 06-065 RESOLUTION RELATING TO THE
REIMBURSEMENT OF QUALIFIED COSTS IN THE DISTRICT NO. 3-5
ORIGINALLY OUTLINED IN THE REDEVELOPMENT CONTRACT
CITY OF ST.ANTHONY
• HENNEPIN AND RAMSEY COUNTIES
STATE OF MINNESOTA
RESOLUTION NO. 06-065
RESOLUTION RELATING TO THE REIMBURSEMENT OF QUALIFIED COSTS IN TIF
DISTRICT NO. 3-5 NOT ORIGINALLY OUTLINED IN THE REDEVELOPMENT
CONTRACT
WHEREAS,the City of St. Anthony(the "City") and the St.Anthony Housing and
Redevelopment Authority(the "Authority") entered into a Redevelopment Agreement, dated December
19, 2003,regarding an area located in the northwest portion of the City(as amended,the
"Redevelopment Agreement"); and
WHEREAS, the City and Authority were required to install various public improvements
including roadways, sidewalks, lighting, landscaping, etc; and
WHEREAS, it was agreed to that if these expenditures exceeded available revenue to the City
and Authority that the developer would pay for these qualified costs and the Authority would reimburse
the developer through additional tax increment, if available; and
WHEREAS, the developer has paid for such qualified cost expenditures in the amount of
• $360,777 and is seeking reimbursement from the Authority in this amount; and
WHEREAS,this expenditure is consistent with the TIF Plan; and
WHEREAS, the Authority has verified that these costs have been expended and has determined
that sufficient increment is available to reimburse the developer for these costs.
NOW, THEREFORE,BE IT RESOLVED, by the City Council of St. Anthony as follows:
1. The City Council approves the reimbursement by the Authority to the developer.
Approved by the City Council on July 25,2006.
ayor
ATTEST: (,,M LA(A44, /
City Clerk
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Reviewed for Administration:
City Manager
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