HRA RES 2013-03 IF Transfer from #7 to #18
HOUSING AND RE
DEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
HRA RESOLUTION NO. 2013-03
A RESOLUTION RATIFYING A TRANSFER OF FUNDS BETWEEN TIF
DISTRICT NO. 7 (WINFIELD) AND TIF DISTRICT NO. 18 (GATEWAY
WEST)
BE IT RESOLVED by the Board of Commissioners (the “Commissioners”) of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota (the "Authority)
as follows:
WHEREAS, TIF District No. 7 is a redevelopment tax increment financing district
approved by the HRA and the City in 1986 and subsequently certified by the County; and
WHEREAS, TIF District No. 7 having received the maximum number of years of tax
increment shall be terminated as of December 31, 2012; and
WHEREAS, the TIF District No. 7 Fund (“Fund #456”) has a cash balance; and
WHEREAS, TIF District No. 18 (Gateway West) also a redevelopment tax increment
financing district has a negative fund balance (“Fund #470”) of $1,513,136 as of December 31,
2011;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota as follows:
(1) The transfer of the cash balance of approximately $262,910 (including any
future interest earnings or residual tax increment and less administrative fees or
other eligible district expenses) from Fund #456 to Fund #470 is hereby ratified
and is effective as of December 31, 2012.
Adopted by the Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
this _____ day of _________________, 20___.
__________________
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
__________________________________
PAUL BOLIN, INTERIM EXECUTIVE DIRECTOR
MMB: 4822-8862-6450, v. 1