HomeMy WebLinkAbout23-18 - ADMIN Resolution - Economic Development Authority - 2023/07/24EDA Resolution No. 23-18
Resolution amending EDA Resolution No. 13-16 and EDA Resolution
No. 19-04 relating to interfund loans for advances of certain costs in
connection with the Beltline Station development
Be it resolved by the board of commissioners (the “board”) of the St. Louis Park
Economic Development Authority (the authority”) as follows:
Section 1. Recitals.
1.01. On November 18, 2013, the board adopted EDA Resolution No. 13-16 (the “2013
interfund loan resolution”), which approved an interfund loan under section 469.178,
subdivision 7 of the TIF Act in the amount of $2,850,000 (the “2013 interfund loan”) to pay for
certain costs of the project consisting of land acquisition, public improvements, including but
not limited to design and planning costs and interest, and for administrative expenses, including
but not limited to fees of attorney and financial advisors, and interest (the “2013 qualified
costs”).
1.02. On April 1, 2019, the board adopted EDA Resolution No. 19-04 (the “2019
interfund loan resolution”), which approved an interfund loan under section 469.178,
subdivision 7 of the TIF Act in the amount of $3,125,000 (the “2019 interfund loan”) to pay for
certain costs of the project consisting of land acquisition (in the amount of $3,100,000) and
administrative costs (in the amount of $25,000) (collectively, the “2019 qualified costs”).
1.03. Pursuant to the 2013 interfund loan resolution and the 2019 interfund loan
resolution, both the 2013 interfund loan and the 2019 interfund loan are payable from
available tax increments as defined therein.
1.04. The authority has previously established various tax increment financing districts
including the Park Center Tax Increment Financing District, the Zarthan/16th Avenue Tax
Increment Financing District, Mill City Tax Increment Financing District, Park Commons Tax
Increment Financing District, Wolfe Lake Tax Increment Financing District, Aquila Commons –
Tax Increment Financing District, Elmwood Village Tax Increment Financing District, Highway 7
Corporate Center Tax Increment Financing District, West End Tax Increment Financing District,
Ellipse on Excelsior, Tax Increment Financing District, Hardcoat Tax Increment Financing District,
Eliot Park Tax Increment Financing District, The Shoreham Tax Increment Financing District,
4900 Excelsior Tax Increment Financing District, Elmwood Apartments Tax Increment Financing
District, Wooddale Station Tax Increment Financing District, Bridgewater Bank Tax Increment
Financing District, Parkway Residences Tax Increment Financing District, Texa Tonka Tax
Increment Financing District, Beltline Residences Tax Increment Financing District, Rise on 7 –
Housing Tax Increment Financing District, 9920 Wayzata Blvd Tax Increment Financing District,
Wooddale Ave. Apartments Tax Increment Financing District (collectively, the “pooled TIF
districts”).
1.05. The EDA has determined to amend the 2013 interfund loan resolution and the
2019 interfund loan resolution to allow the 2013 interfund loan and the 2019 interfund loan to
be repayable from any pooled tax increment that may be available from the pooled TIF districts
(the “pooled TIF”).
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Section 2. Approvals.
2.01. The 2013 interfund loan resolution is hereby amended to provide that the 2013
interfund loan used to pay the 2013 qualified costs shall be repayable from both the available
tax increments as defined therein and pooled TIF.
2.02. The 2019 interfund loan resolution is hereby amended to provide that the 2019
interfund loan used to pay the 2019 qualified costs shall be repayable from both the available
tax increments as defined therein and pooled TIF.
2.03. Unless otherwise amended by this resolution, the 2013 interfund loan resolution
and the 2019 interfund loan resolution are ratified and shall remain in full force and effect.
2.04. Authority staff is authorized to take all actions necessary to implement this
resolution.
Section 3. Effective date. This resolution shall be in full force and effect following its
adoption.
Reviewed for administration: Adopted by the Economic Development
Authority July 24, 2023
Karen Barton, executive director Nadia Mohamed, president
Attest
Melissa Kennedy, secretary
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