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<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business 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 <br />create a redevelopment plan for the property located at the intersection of Main Street, Gates Avenue <br />rd <br />NW and 3 Street. As part of this project, the HRA will incur certain costs related to the creation of a <br />TIF District which 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 <br />to reimburse itself for the costs advances including administrative costs incurred prior to the <br />establishment of the TIF District, subject to the limitations of the TIF Act, and certain costs incurred in <br />connection with a study of blighting conditions, engineering, land and building acquisition, demolition <br />and site preparation costs in an aggregate amount not to exceed the greater of $1,100,00 or the adopted <br />and, if applicable, amended Tax 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 <br />request an additional interfund loan in the maximum principal amount of $200,000 to finance additional <br />qualified 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 />