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HomeMy WebLinkAbout10-160 - ADMIN Resolution - City Council - 2010/12/20CITY OF ST. LOUIS PARK RESOLUTION NO. 10-160 RESOLUTION APPROVING INTERNAL LOAN FOR ADVANCE OF CERTAIN COSTS IN CONNECTION WITH HARDCOAT 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 St. Louis Park Economic Development Authority (the "Authority") and the City have established the Hardcoat Tax Increment Financing District (the "TIF District") within Redevelopment Project No. 1 in the City. 1.02. The Authority is authorized to use increment from the TIF District to pay certain costs (the "Qualified Costs") identified in the Tax Increment Financing Plan (`TIF Plan"). 1.03. Pursuant to Minnesota Statutes, Section 469.178, Subd. 7 of the TIF Act, the Authority is authorized to advance or loan money from legally available City or Authority funds, in order to finance the Qualified Costs, and to reimburse itself for the Qualified Costs from tax increments derived from the TIF District. 1.04. On the date hereof, the Authority approved a resolution (the "Loan Resolution") authorizing the Interfund Loan, designating funds from certain prior tax increment financing districts authorized for such purposes pursuant to the Spending Plan (as defined in the Loan Resolution) as the source of funds for the Interfund Loan, and setting the terms for repayment of the Interfund Loan using tax increment from the TIF District. Section 2. Interfund Loan Approved. 2.01. The City approves the Interfund Loan described in the Loan Resolution, and authorizes the use of the Spending Plan funds as the source of funds for the Interfund Loan. 2.02. The City Controller is authorized and directed to credit repayments of the Interfund Loan to the relevant Spending Plan funds according to the terms set forth in the Loan Resolution. 2.03. City staff and officials are hereby authorized and directed to execute any collateral docum - is and take any other actions necessary to carry out the intent of this resolution. Revi :, d f. r Administration MIAMI Cit�i•' ':e� Attest: City Clerk Adopted_b_ the City Council December 20, 2010 Mayor