HomeMy WebLinkAboutEDA RES 2009-13COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
Resolution 2009 -13
RESOLUTION APPROVING AND SPECIFYING
TERMS OF INTER -FUND LOAN FOR ACQUISITION OF 4502 WASHINGTON ST. NE
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 admuiisters 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 properly for development
and redevelopment by private enterprise or public use.
C. The Authority proposes to acquire certain property in the Project located at 4502
Washington St. NE (the "Properly)."
D. The Authority and City may establish a scattered -site tax increment financing district
( "TIF District ") under Minnesota Statutes, Sections 469.174 to 469.176 (the "TIF Act ") that
includes the 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 deterinined that it is in the best interests of the City to loan funds to the
EDA u1 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 a resolution approved April 27, 2009 (the "Loan Resolution"), the City Council
authorized a loan fiom the City to the Authority in the maximum principal amount of $35,000 plus
actual closing costs on acquisition of the Property and the actual cost of demolition (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 hi 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
Authority this 280' day of April, 2009.
ATTEST:
Secretary
of the Columbia Heights Economic Development
A.
CAAA A
President