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<br /> <br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.4 <br />Agenda Section Meeting Date Prepared by <br />Consent April 6, 2020 Amanda Othoudt, ED Director <br />Item Description Reviewed by <br />Interfund Loan Resolution for Main and Gates Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, an interfund loan resolution authorizing advance of funds to be reimbursed with <br />future tax increment. <br /> <br />Background/Discussion <br />At their April 3, 2017, meeting, the HRA directed staff to move forward with the steps necessary to create a <br />rd <br />redevelopment plan for the property located at the intersection of Main Street, Gates Avenue NW and 3 <br />Street. As part of this project, the HRA will incur certain costs related to the creation of a TIF District which <br />may be financed on a temporary basis from available HRA funds. <br /> <br />At their December 1, 2017, meeting, the HRA and the City Council adopted an interfund loan resolution to <br />reimburse itself for the costs advances including administrative costs incurred prior to the establishment of <br />the TIF District, subject to the limitations of the TIF Act, and certain costs incurred in connection with a <br />study of blighting conditions, engineering, land and building acquisition, demolition and site preparation costs <br />in an aggregate amount not to exceed the greater of $1,100,00 or the adopted and, if applicable, amended Tax <br />Increment Financing Plan budget for the TIF District. <br /> <br />At their February 3, 2020, meeting the HRA directed staff to include 406 Main Street into the proposed <br />redevelopment project. The HRA directed staff to amend the Original Interfund Loan Resolution to request <br />an additional interfund loan in the maximum principal amount of $200,000 to finance additional qualified <br />costs. <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> Interfund Loan Resolution <br /> <br /> <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br />service, and community engagement that encourages and inspires prosperity <br />