HomeMy WebLinkAboutCC RES 10-045 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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103920
Box: 31
Folder: RES 2010
Document: CC RES 10-045 RESOLUTION AUTHORIZING AN INCREASE
IN THE PRINCIPAL AMOUNT OF INTERFUND LOANS FOR TAX
INCREMENT FINANCING DISTRICT N0.3-5
CITY OF ST. ANTHONY VMLAGE
RESOLUTION NO. 10-045
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,
Resolution No. 06-025 adopted February 14, 2006 and Resolution No. 09-060 adopted June 23,
2009, 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 $1,000,000 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 $2,630,000.
Section 2. Approvals. The increase in the principal amount of the Loan to up to
$2,630,000 from the water filtration fund, Chandler Place Tax Increment District, Tax Increment
Financing District No. 3-3 of the HRA (CUB TIF District) or any other authorized source is
hereby approved. Repayments of the sources of the funds for the Loan by the HRA shall be first
to the water filtration fund, second to the Chandler Place Tax Increment District and third to Tax
Increment Financing District No. 3-3 (CUB TIF District). All other approvals and authorizations
in Resolution No. 05-050, Resolution No. 06-025 and Resolution 09-060 are hereby ratified,
confirmed and approved and Resolution No. 05-050, Resolution No. 06-025 and Resolution 09-
060 remain in full force and effect except to the extent of such increase in the principal amount
of the Loan. This approval is contingent on the approval by the HRA of the increase in the
principal amount of the Loan.
Adopted by the City Council of the City of St. Anthony on this 22"d day of June, 2010.
Mayor
Attest:
City Clerk
Reviewed for Administration:
ivy Manager