HomeMy WebLinkAbout2016-100RESOLUTION NO. 2016-100
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLUMBIA
HEIGHTS, MINNESOTA (the "City ") AS FOLLOWS:
Section 1. Background.
1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF
Act ") the Columbia Heights Economic Development Authority (the "Authority ") has established
the Central Valu Center Tax Increment Financing District (the "TIF District ") within the Downtown
Central Business Redevelopment Project (the "Project ").
1.02. The Authority may incur certain costs related to the TIF District (the "Qualified
Costs "), which costs may be financed on a temporary basis from available funds in the City's
redevelopment fund, or from other Authority or City funds available for such purposes.
1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the Authority and City are
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.
1.04. On this date, the Authority has approved a resolution (the "Loan Resolution ")
authorizing an internal loan in the amount of $25,000 together with interest at the rate of 4.0% per
annum, and setting the terms for reimbursement of Qualified Costs incurred in connection with the
TIF District.
Section 2. Interfund Loan Authorized.
2.01. The City approves the interfund loan described in the Loan Resolution, and
authorizes use of any unencumbered City funds available for such purposes under law as the
source of the funds for the loan.
2.02. The City Finance Director is authorized and directed to determine the fund(s) or
account(s) from which monies are drawn for the interfund loan, and to credit repayments under
the Loan Resolution to the relevant fund(s) or account(s).
2.03. City staff and officials are authorized and directed to execute any collateral
documents and take any other actions necessary to carry out the intent of this resolution.
Section 3. Effective Date. This resolution is effective upon the date of its approval.
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Passed this 241 day of October 2016
Offered by: Williams
Seconded by: Murzyn, Jr.
Roll Call: All Ayes
ary L. Petersori, Mayor
Attest:
Katie Bruno, Council Secretary /City Clerk
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