HomeMy WebLinkAbout09-07 - ADMIN Resolution - Economic Development Authority - 2009/05/18ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 09-07
RESOLUTION AUTHORIZING INTERFUND LOAN TO
VICTORIA PONDS TIF DISTRICT
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") has
created several Tax Increment Financing districts; and
WHEREAS, approved loans are considered tax increment, and
WHEREAS, the Authority desires to pay all development costs of each district with tax
increment and avoid paying for redevelopment costs with unrestricted funds;
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the St. Louis
Park Economic Development Authority:
1. The following loans are approved from the Development Fund to the indicated district.
District Maximum Loan
Victoria Ponds $570,000
2. Such loans are to be repaid with 5% interest when sufficient increment is available in
each district.
Attest:
MXF
Adopted by the Economic Development Authority
May 18, 2009
-n Awdl"
President