HomeMy WebLinkAbout07-02 - ADMIN Resolution - Economic Development Authority - 2007/01/16ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 07-02
RESOLUTION AUTHORIZING TRANSFER OF TOLD/EXCELSIOR AND GRAND
INTERNAL LOAN
WHEREAS, the St. Louis Park Economic Development Authority (the "Authority") has
loaned funds to the Park Commons Tax Increment Financing district from the Excelsior Blvd
TIF district; and
WHEREAS, the life of the loan runs longer than the life of the Excelsior Blvd TIF
District; and
WHEREAS, all funds in the Excelsior Blvd TIF district must be spent on approved
project costs or returned to Hennepin County at the time the district is decertified; and
WHEREAS, the Authority desires to use all funds in this district for projects costs;
NOW, THEREFORE, be it resolved by the Board of Commissioners of the St. Louis
Park Economic Development Authority:
1. The TOLD/Excelsior and Grand internal loan in the amount of $2,945,497.40 is
hereby transferred from the Excelsior Blvd TIF district to the Development Fund.
2. Funds will be transferred from the Development Fund into the Excelsior Blvd TIF
district in order to fulfill this transfer.
3. The loan terms remain the same and will be repaid with increment from the Park
Commons TIF district over the life of that district.
Passed and duly adopted by the Board of Directors of the St. Louis Park Economic Development
Authority this 16th day of January, 2007.
Attest
Secretary
Adopted by the Economic Development
Authority Januaryl6, 2007
President