HomeMy WebLinkAbout06-077 - ADMIN Resolution - City Council - 2006/05/01RESOLUTION NO. 06-077
RESOLUTION APPROVING INTERNAL LOAN FOR ADVANCE
OF QUALIFIED HOUSING COSTS IN CONNECTION WITH PARK
CENTER TAX INCREMENT FINANCING DISTRICT
BE IT RESOLVED by the City Council of the City of St Louis Park as follows:
Section 1. Recitals
1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.179 (the "TIF Act"), the
Authority previously established its Park Center Boulevard Housing Tax Increment Financing
Distnct (the "TIF District") within Redevelopment Project No 1 in the City.
1.02. The Authonty and City are authorized to use increment from the TIF District to
rehabilitate qualified low-income housing outside the geographic area of the TIF District.
1.03. The City has approved a $400,000 loan (the "Loan") to PPL Louisiana Court Limited
Partnership to rehabilitate Louisiana Court, a qualified low-income multifamily housing facility.
1.04. The City intends to fund $131,100 of the Loan from City or Authority development
account funds, and further desires to reimburse itself for the costs of $131,100 of the Loan through
an interfund loan (the "Interfund Loan") using tax increment from the TIF District, subject to the
passage of legislation clarifying the so-called "five-year rule" within Section 469 1763 of the TIF
Act concerning the availability of tax increment for housmg project expenditures outside the
geographic area of a TIF district.
1.05. On May 1, 2006, the Authonty approved a resolution (the "Loan Resolution")
authonzing the Interfund Loan and setting the terms for repayment of the Interfund Loan using tax
increment from the TIF Distnct
Section 2. Interfund Loan Approved.
2.01. The City approves the Interfund Loan described in the Loan Resolution, and
authorizes the use of any unencumbered City or Authonty development account funds available for
such purposes under the law as the source of funds for the Interfund Loan.
2.02. The City Manager is authorized and directed to determine the fund from which monies
are drawn for the Interfund Loan and to credit repayments to the relevant fund according to the
terms set forth in the Loan Resolution.
.03. City staff and officials are hereby authorized and directed to execute any collateral
ocume is and take any other actions necessary to carry out the intent of this resolution.
Rev : ed for Administration:
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City - a�
Attest:
City Clerk U
A o ted by the City Council May 1, 2006