HomeMy WebLinkAboutCC RES 09-060 RSOLUTION AUTHORIZING AN INCREASE IN THE PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX INCREMENT FINANCING DISTRICT NO. 3-5 Meeting Sheet
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103998
Box: 31
Folder: RES 2009
Document: CC RES 09-060 RSOLUTION AUTHORIZING AN INCREASE IN
THE PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX INCREMENT
FINANCING DISTRICT NO. 3-5
• CITY OF ST. ANTHONY VILLAGE
RESOLUTION NO.09-060
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, and
Resolution No. 06-025 adopted February 14, 2006, 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 $500,000 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 $1,000,000.
Section 2. Approvals. The increase in the principal amount of the Loan to up to
$1,000,000 from the water filtration fund or any other authorized source is hereby approved. All other
approvals and authorizations in Resolution No. 05-050 and Resolution No. 06-025 are hereby ratified,
• confirmed and approved and Resolution No. 05-050 and Resolution No. 06-025 remain in full force and
effect except to the extent of such increase in the principal amount of the Loan.
Adopted by the City Council of the City of St. Anthony on this 23rd day of June, 2009.
Mayor
Attest:
City ClerO
Reviewed for Administration:
City Ma ger