HomeMy WebLinkAbout13-13 - ADMIN Resolution - Economic Development Authority - 2013/09/03ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
EDA RESOLUTION NO. 13-13
RESOLUTION AUTHORIZING INTERFUND LOAN FROM
THE EDA DEVELOPMENT FUND TO THE HRA LEVY
FUND
BE IT RESOLVED By the Board of Commissioners (the "Board") of the St. Louis Park
Economic Development Authority (the "Authority"), as follows:
Section 1, Background.
1.01. The Authority has created and maintained a fund for various municipal
development purposes (the "Development Fund").
1.02. The Authority has also created and maintained a fund from the proceeds of its
HRA levy (the "HRA Levy Fund').
1.03. The Authority is authorized to advance monies from any legally available fund to
temporarily finance costs associated with capital improvements, construction and other costs
within the City of St. Louis Park (the "City").
1.04. The Authority has determined to temporarily finance up to $5,000,000 of the costs
of construction of infrastructure improvements to the interchange of Highway 7 and Louisiana
Boulevard using funds legally available to the Authority (currently expected to be from the
Development Fund), as determined by the City Controller, and to reimburse such costs from its
HRA Levy Fund as provided in this resolution (the "Interfund Loan").
Section 2. Approval of the Loan.
2.01. The Interfund Loan in the amount of up to $5,000,000 is hereby approved, and shall
be reimbursed from the HRA Levy Fund and repaid over a term of up to eight years at the interest
rate of 3.0% percent per annum.
2.02. The Board and Authority staff and consultants are authorized and directed to take all
actions necessary to effectuate the loan.
Effective Date. This resolution is effective upon approval.
Administration: Adopted by the Economic Development
Authority September 3, 2013
resident
Attest
Secretary