RES 20-67 - Laserfiche WebLink

Home Browse Search

increment financing will be a positive net gain to the City, the School District, and the County, and the tax increment assistance does not exceed the benefit which will be derived therefrom. 2.05 The provisions of this Section 2 are hereby incorporated by reference into and made a part of the TIF Plan. 2.06 The Council further finds that the Development Program Modification and the TIF Plan are intended and, in the judgment of this Council, their effect will be, to promote the public purposes and accomplish the objectives specified therein. Section 3. Creation of the TIF District and Approval and Adoption of the Plans; Interfund Loans. 3.01 The Development Program Modification, the creation of the TIF District and the adoption of the TIF Plan, 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. The City Administrator, or his or her designee, is hereby directed to request, in writing, the Sherburne County Auditor to certify the new TIF District and to file the TIF Plan with the Commissioner of Revenue and the Office of the State Auditor. 3.02 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 in an amount up to $26,809 and land acquisition other public improvement costs in an amount up to $241,274) 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). (d) Neither the maximum principal amount of any one Loan nor the aggregate principal amount of all Loans may exceed $268,083 outstanding at any time. (e) All Loans mature not later than February 1, 2031 or such earlier date as the City Finance Director may specify in writing. All Loans may be prepaid, in whole or in part, whether from tax increment revenue, TIF bond proceeds or other eligible sources. rp 0 Y E A E 6 0 1 NATUREI