HomeMy WebLinkAbout07-21 - ADMIN Resolution - Economic Development Authority - 2007/12/17ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 07-21
RESOLUTION AUTHORIZING INTERFUND LOANS TO
VARIOUS TIF DISTRICTS
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") has
created several new Tax Increment Financing districts; and
WHEREAS, in establishing those districts certain expenses were incurred prior to the
receipt of property tax increment; 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 development 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
Duke/West End $500,000
Hoigaard $500,000
2. Such loans are to be repaid with 5% interest when sufficient increment is available in
each district.
and duly adopted by the Board of Directors of the St. Louis Park Economic Development
this 17th day of December, 2007.
for Administration:
Attest:
Adopted by the Economic Development Authority
Dnecember 17, 2007
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President