HRA RES 2003-03 - 00013864'
RESOLUTION I3RA 3 - 2003
A RESOLUTION APPROVIlVG INTERFiTND LOAN BETWEEN GENERAL FUNll
AND TIF DISTRICT #18
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the Housmg and
Redevelopment Aufliority ui and for Yhe Ctty of Frtdley, Mtnnesota (Yhe "AuTho� �ty"), as follows
Section 1 Recrtals
l Ol The Authonty is required by Mmnesota Stahrtes 2001 Supplement Section 469 174, subdw�sion 3
and Sect�on 469 178, subdivis�on 7, to approve by resoluhon any mtcrfund loans made after July 31, 2001,
that are Yo be repaid with taY mcrement from any of the Authoi ity's tax mcrement finanang dish icts
1 02 The Authonty is requued to disclose by resolution the ieiins of the mterfund loan, i e, prmcipal
amount of foau, mterest rate, and length of loan
1 03 The Authonty is required to lunrt the prmmpal unount of the mteifiind loan to the largest i�egatrve
cash balance that existed at any oi�e ttme m the fiu�d receromg the loau
Sect�on 2 Fmdmgs
2 Ol The AulhoriTy ]�ereby finds it necessary to create an mterfund loan betNeen its gene�al fund and the
f�md for TIF District #18 ("Gateway West") This ]oan ts for tl�e express purpose of providmg financmg for
, Gateway West pro�ects until such tune that enough Yax tncrement �s geneiated m the TIF disirict to pay back
the mterfund loan
Section 3 Adoption of Interfuud Loan
3 O 1 The followmg are the terms of the mterfund loan to be approved
Loan Amount $SOO,ODO
Literest Rate 5°/o
Length of Loau 25 yeats or until October 2, 2028
3 02 The Authonty will create and mamtam a loui payment schedule for Yhe iuterfund loan that �vill be
approved by this resoluLon
3 03 The Gateway West TIP district may pay off The Ioan early if sufficient tax mcrement �s ava�lable
PASSED AND ADOPTCD BY THE HOUSING AND REDEVELOPMENT AUTHORITY 1N AND FOR
THE CITY OF FRIDLEY, MINNESOTA, THIS 2N° DAY OF O�CTOBER, 3003 /��
�i�
!�r„'�,�`�P ��C�,y-�^",'.��
LAWRENCE R COMMERS. CHAiRPLRSON
ATTEST
�`i`� ��?
' ����:r�.�-U / /�Ct-z--vL-;.L—
WILLIAM W BURNS, EXECUTNE DIRECTOR