Res 2014-54
RESOLUTION NO. 2014-54
A RESOLUTION APPROVING A $1,500,000 LOAN TO THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF FRIDLEY, MINNESOTA
BE IT RESOLVED by the City Council (the “Council”) of the City of Fridley, Minnesota (the
“City”) as follows:
Section 1. Recitals.
1.01The Housing and Redevelopment Authority in and for the City of Fridley, Minnesota (the
“Authority”) has requested that the City loan the Authority the sum of $1,500,000 (the
“City Loan”) to defray certain redevelopment costs resulting from the Authority’s
acquisition and development of the property located at 7011 University Avenue NE (the
Columbia Arena Site).
1.02Minnesota Statutes, Section 469.041 and 469.178 Subdivision 7 provides that a City may
make interfund loans to its housing and redevelopment authority for redevelopment
projects.
1.03The City intends to create a redevelopment tax increment financing district (the “TIF
District”) on the Site pursuant to Minnesota Statutes, Section 469.174, Subdivision 10.
Section 2. Approval and Authorization.
2.01The City Loan to the Authority from the City’s Closed Bond Fund in the amount of
$1,500,000 is hereby approved. The City’s Finance Officer is hereby authorized to loan
and shall loan to the Authority, on or before September 1, 2014 the sum of $1,500,000
upon receipt of the Authority’s Resolution a copy of which is attached to this Resolution
as Exhibit A in which the Authority specifies the terms and conditions for the repayment
of the City Loan.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY,
TH
MINNESOTA, THIS 11 DAY OF AUGUST 2014.
_____________________________
SCOTT J. LUND, MAYOR
ATTEST:
__________________________________
DEBRA A. SKOGEN, CITY CLERK