Laserfiche WebLink
<br />HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE <br />CITY OF ELK RIVER, MINNESOTA <br />CITY OF ELK RIVER <br />SHERBURNE COUNTY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. _____________ <br /> <br />AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS <br />IN CONNECTION WITH A TAX INCREMENT FINANCING DISTRICT <br /> <br /> BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment <br />Authority in and for the City of Elk River, Minnesota (the “HRA”) as follows: <br /> <br /> Section 1. Background. <br /> <br /> 1.01. The HRA and the City of Elk River (the “City”) are considering establishing a Tax <br />Increment Financing District which is anticipated to include certain blighted and underused real <br />property located near the intersection of Main St NW and Gates Ave NW (the “TIF District”) <br />pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the “TIF Act”). <br /> <br /> 1.02. The HRA or the City may incur certain costs related to the TIF District which may <br />be financed on a temporary basis from available HRA funds. <br /> <br /> 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the HRA and the City are <br />authorized to advance or loan money from any fund from which such advances may be legally <br />made in order to finance expenditures that are eligible to be paid with tax increments under the <br />TIF Act. <br /> <br /> 1.04. On December 1, 2017, City Council of the City and the Board adopted interfund <br />loan resolutions (collectively, the “First Interfund Loan Resolution”) authorizing the payment of <br />certain costs by the HRA and the City on a temporary basis from the City' s General Fund, the <br />HRA' s General Fund or any other fund from which such advances, from time to time, may be <br />legally made (the "Fund") in an aggregate amount not to exceed the greater of $1,100,000 or the <br />adopted and, if applicable, the Tax Increment Financing Plan budget for the TIF District pursuant <br />to Minnesota Statutes, Section 469.178, Subd. 7. Such costs included without limitation (i) <br />administrative costs incurred prior to the establishment of the TIF District, subject to the <br />limitations of the TIF Act, and (ii) certain costs incurred in connection with a study of blighting <br />conditions, engineering, land and building acquisition, demolition and site preparation costs (the <br />“Qualified Costs”). <br /> <br /> 1.05. On October 7, 2019, the City Council of the City and the Board adopted resolutions <br />supplementing the First Interfund Loan Resolution (the “Second Interfund Loan Resolution, and <br />together with the First Interfund Loan Resolution, the “Original Interfund Loan Resolution”). <br /> <br /> <br />1 <br />510729v1 JSB EL185-48 <br />