Res 2014-92
RESOLUTION NO. 2014-92
A RESOLUTION AMENDING RESOLUTION NO. 2014-54 WHICH APPROVED 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 City at its regularly scheduled meeting on August 11, 2014 adopted Resolution No.
2014-54 (the “Resolution No. 2014-54”).
1.02The City and its Housing and Redevelopment Authority in and for the City of Fridley
Minnesota (the “Authority”) are to share equally in the first $3,000,000.00 in costs for the
Authority’s redevelopment of the Columbia Arena site.
1.03The Authority will make TIF Loans as defined in HRA Resolution No.2014-19 in excess
of $1,500,000.00. The Authority wishes to recover its TIF Loans in excess of
$1,500,000.00 (also referred to as Additional HRA Principal in Exhibit A).
Section 2. Approval and Authorization.
2.01 The provisions for the repayment of the City Loan by the Authority is hereby amended in
accordance with the Authority’s Resolution, a copy of which is attached to this City
Resolution as Exhibit A amending the specific terms and conditions for the repayment of
the City Loan.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY,
MINNESOTA THIS 8th DAY OF DECEMBER 2014.
_____________________________
SCOTT J. LUND, MAYOR
ATTEST:
__________________________________
DEBRA SKOGEN, CITY CLERK
Resolution No. 2014-92 Page 2
EXHIBIT A
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY, MINNESOTA
COUNTY OF ANOKA
STATE OF MINNESOTA
RESOLUTION NO. 2014-19
A RESOLUTION AMENDING HRA RESOLUTION NO. 2014-09 WHICH
APPROVED INTERFUND LOANS ASSOCIATED WITH THE
PROPOSED COLUMBIA ARENA REDEVELOPMENT PROJECT AND
THE REPAYMENT OF A CITY LOAN
BE IT RESOLVED by the Board of Commissioners (the “Commissioners”) of the Housing and
Redevelopment Authority in and for the City of Fridley (the “Authority”) as follows:
Section 1. Recitals.
1.01 The Authority at its regularly scheduled meeting on August 7, 2014 approved
HRA Resolution No.2014-09 (the “Resolution No. 2014-09”).
1.02The City of Fridley (the “City”) and the Authority are to share equally in the first
$3,000,000.00 of costs for the redevelopment of the Columbia Arena.
1.03The Authority will make TIF Loans (as defined in HRA Resolution No. 2014-09)
in excess of $1,500,000.00.
1.04The Authority, with concurrence by the City, intends to first recover its TIF Loans
in excess of $1,500,000.00 (also referred to as Additional HRA Principal in Section 2 below).
Section 2. Amendment of HRA Resolution No. 2014-09.
2.01 The provisions of Section 2.03 of HRA Resolution No. 2014-09 are hereby
amended to read as follows (double underlined language is new and strikethroughs are
deletions):
2.02 Payments on each TIF Loan and the City Loan are payable solely from Available
Tax Increment, which shall mean the tax increment available from the TIF District and available
for that purpose, at the Authority's discretion, from any other tax increment financing district,
after withholding (a) allowable Authority administrative fees, and (b) prior obligations, which
shall include all general obligation or revenue bonds or notes for which the tax increment
Resolution No. 2014-92 Page 3
HRA Resolution No. 2014-19 Page 2
revenues of the TIF District or other tax increment financing districts are pledged. The Available
Tax Increment shall first pay any TIF Loan principal in excess of $1,500,000.00 (the “Additional
HRA Principal”), plus accrued interest on the Additional HRA Principal. After payment in full
of the Additional HRA Principal and its accrued interest, then the Available Tax Increment shall
be allocated between the City Loan and the unpaid portion of the TIF Loans in proportion to
their share of the total each of said Loans’ respective outstanding principal balance on each
Payment Date.
Section 3. Approval. The Board of the Authority hereby approves the repayment of the
City Loan and the TIF Loans in accordance with this Resolution.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF FRIDLEY THIS 4th DAY OF DECEMBER, 2014.
__________________________________
Lawrence R. Commers, Chairman
ATTEST:
__________________________________
Walter T. Wysopal, Executive Director