HRA Res 2014-19 Amending HRA Res 2014-09
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF FRIDLEY, MINNESOTA
COUNTY OF ANOKA
STATE OF MINNESOTA
HRA 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 “HRA 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 revenues of the TIF
District or other tax increment financing districts are pledged. The Available Tax Increment shall first
HRA Resolution No. 2014-19 Page 2
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
TH
AND FOR THE CITY OF FRIDLEY THIS 4 DAY OF DECEMBER 2014.
__________________________________
Lawrence R. Commers, Chairman
ATTEST:
__________________________________________
Walter T. Wysopal, Executive Director
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