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HomeMy WebLinkAboutResolution No. 2013-101 RESOLUTION 2013-101 CITY OF COLUMBIA HEIGHTS RESOLUTION APPROVING THE TERMS OF AN INTER-FUND LOAN FROM THE COMMUNITY DEVELOPMENT CAPITAL IMPROVEMENT FUND 420 TO THE ANOKA COUNTY COMMUNITY DEVELOPMENT PROGRAMS FUND 202 RECITALS A. The City of Columbia Heights ("City") and its Economic Development Authority ("Authority"), by participation in the Anoka County Housing and Redevelopment Authority (the "ACHRA") economic development activities, can request funds to support the City's redevelopment and housing maintenance and improvement goals within the City. B. The Authority purchased 3927 Central Avenue NE (the "Property") in December 2012 using Community Development Capital Improvement Fund (fund 420). C. The City adopted Resolution 2012-51, requesting that the ACHRA dedicate the annual ACHRA levy collection for fiscal years 2008-2012 for the purchase of the Property, $573,383.82. D. October 14, 2013 the Council approved a grant agreement by and between the ACHRA and the City regarding the disbursement of levy funds. E. The grant agreement(Contract 2538) dedicates the annual ACHRA levy collected in the City for the tax levy payable in 2013 and 2014 towards the purchase of the Property. F. The City has determined to temporarily finance the remaining levy committed, $340,839.87, from fund 420 at 0% interest, until it is collected from the tax levy payable in 2013 and 2014. G. Upon annuaf receipt of ACHRA funds, payment will be made to fund 420, until the outstanding balance is paid. NOW, THEREFORE, BE IT RESOLVED, The City Council authorizes a loan to the Authority for $340,839.87, from the Community Development Capital Improvement Fund 420 until funds are disbursed from the ACHRA. Passed this 12'h day of November 2013 Offered by: Diehm Seconded by: Williams Roll call: All Ayes T c:DLA11 Attest: Mayor Gary L. Peterson Tori L o ar t City Clerk/Council Secretary