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HomeMy WebLinkAboutEDA RES 2004-09RESOLUTION 2004-09 RESOLUTION APPROVING AND SPECIFYING TERMS OF INTER-FUND LOAN FOR NATH (BURGER KING) PROPERTY RECITALS A. The City of Columbia Heights. ("City") and its Economic Development Authority ("Authority") have undertaken a program to promote the development and redevelopment of land which is underutilized within the City, and in this connection the Authority administers the Redevelopment Project No. 1 ("Project") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.090 to 469.1081 (the "Act"). B. Pursuant to the Act, the Authority is authorized to acquire real property for development and redevelopment by private enterprise or public use. C. The Authority proposes to acquire the Burger King property located in the Project at 3939 Central Avenue NE (the "Property"). D. The Authority and City may establish a Tax Increment Financing District ('°TIF District") under Minnesota Statutes, Sections 469.174 to 469.176 (the '~rlF Act") that includes the Burger King Property in order to facilitate development of that property;, or the Authority and City may develop the property for various public uses. E. Under Section 469.178, Subdivision 7 of the TIF Act, the City is authorized to advance or loan money from any fund from which such advances may be legally made in order to finance expenditures that are eligible to be paid with tax increments under the TIF Act. F. The City has determined that it is in the best interests of the City to loan funds to the EDA in order to acquire the Property, which loan may be reapaid from tax increments or other sources, all as further described in this resolution. G. By Resolution No. 2004-09 approved September 21, 2004 (the "Loan Resolution"), the City Council authorized a loan from the City to the Authority in the maximum principal amount of $800,000 (the "Loan"). NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Columbia Heights Economic Development Authority as follows: 1. The Authority accepts and approves the Loan from the City to the Authority as described in the Loan Resolution, and approves all terms of the Loan Resolution. 2. The Board authorizes and directs staff to take all actions and execute any collateral documents necessary to carry out the intent of this resolution. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 21 day of September, 2004. Presgent- Don M~j~i, Jr~ MTN-2532i4vl · CL205-24