7.1. SR 04-21-2014 - Laserfiche WebLink

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taxable market valuation of the City. The available affordable senior housing in the City will expand by approximately 56 rental units with the completion of the development contemplated by the TIF Plan. 2.04. The provisions of this Section 2 are hereby incorporated by reference into and made a part of the TIF Plan. Section 3. Approval and Adoption of the Plans; Policy on Interfund Loans and Advances. 3.01. The TIF Plan and Program Modification, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved,ratified, established, and adopted and shall be placed on file at City Hall. 3.02. The staff of the City and the City's advisors and legal counsel are authorized and directed to proceed with the establishment of the TIF District and the implementation of the TIF Plan and this Resolution, including without limitation filing the TIF Plan and Program Modification with the County,the Commissioner of Revenue and the Office of the State Auditor. The Mayor and City Administrator are hereby authorized and directed to negotiate, draft, execute, prepare and file all further plans,resolutions,documents and contracts necessary to accomplish these actions. 3.03. The Council hereby approves a policy on interfund loans or advances ("Loans") for the TIF District,as follows: (a) The authorized tax increment eligible costs (including without limitation out- of-pocket administrative expenses) payable from the TIF District, as its TIF Plan is originally adopted or may be amended, may need to be financed on a short-term and/or long-term basis via one or more Loans, as may be determined by the City Finance Director from time to time. (b) The Loans may be advanced if and as needed from available monies in the City's general fund or other City fund designated by the City Finance Director. Loans may be structured as draw-down or"line of credit" obligations of the lending fund(s). (c) Neither the maximum principal amount of any one Loan nor the aggregate principal amount of all Loans may exceed the adopted and,if applicable, amended TIF Plan budget. (d) The maximum term of any Loan shall not exceed the lesser of the statutory duration limit of the TIF District or such earlier date as the City Finance Director may specify in writing. All Loans may be pre-paid, in whole or in part, whether from tax increment revenue,TIF bond proceeds or other eligible sources. (e) The outstanding and unpaid principal amount of each Loan shall bear interest at the rate prescribed by the statute (Minnesota Statutes, Section 469.178, Subdivision 7),which is the greater of the rates specified under Sections 270.75 or 549.09 at the time a Loan, or any part of it,is first made, subject to the right of the City, as determined by the City Finance Director,to specify a lower rate. 3