Res 2018-65 Amending and Rescinding Res Columbia Arena ProjRESOLUTION NO. 2018 - 65
A RESOLUTION AMENDING RESOLUTION NO. 2014-54 AND
RESCINDING RESOLUTION NO. 2014-92 WHICH APPROVED
INTERFUND LOANS ASSOCIATED WITH THE PROPOSED COLUMBIA
ARENA REDEVELOPMENT PROJECT, ACCEPTING HRA's
REPAYMENT OF A CITY LOAN AND AUTHORIZING EXPENDITURES
BE IT RESOLVED by the City Council (the "Council") of the City of Fridley, Minnesota (the
"City") as follows:
Section 1. Recitals.
1.1 The Authority at its regularly scheduled meeting on August 7, 2014 approved HRA
Resolution No. 2014-09 (the "HRA Resolution No. 2014-09").
1.2 The Authority at its regularly scheduled meeting on December 4, 2014 approved
HRA Resolution 2014-19 (the "HRA Resolution 2014-19").
1.3 The HRA at its regularly scheduled meeting on December 6, 2018 approved HRA
Resolution 2018-14 (the "HRA Resolution 2018-14").
1.4 The City at its regularly scheduled meeting on August 11, 2014 adopted Resolution
No. 2014-54 (the "Resolution No. 2014-54").
1.5 The City at its regularly scheduled meeting on December 8, 2014 adopted
Resolution No. 2014-92 (the "Resolution No. 2014-92").
1.6 In accordance with the above resolutions the City advanced $1,500,000 (the "City
Loan") to the Authority to finance Qualified Costs. The City Loan was to be repaid from tax
increment.
1.7 TIF District No. 23 was approved by the Authority on September 1, 2016, by the
City on September 12, 2016 and certified by Anoka County on March 17, 2017.
1.8 The Authority will now repay the City Loan from its General Fund, has rescinded
its HRA Resolution No. 2014-19 and amended its HRA Resolution No. 2014-09. These actions
were approved by HRA Resolution No. 2018-14.
1.9 To facilitate development in TIF District No. 23, it is necessary to install a water
main for which the City intends to reimburse the Authority.
Section 2. Approval for Repayment of City Loan.
2.01 The City approves the repayment of the City Loan in accordance with HRA
Resolution No. 2018-14 which is attached as Exhibit A and also cancels any previously accrued
City Loan interest through December 31, 2018.
Section 3. Rescission of Resolution 2014-92.
3.01 Resolution 2014-92 is hereby rescinded.
Section 4. Amendment to HRA Resolution 2014-09.
4.01 Section 2 of Resolution 2014-54 is modified to conform to the repayment of the
City Loan as provided for in Section 2 of this Resolution.
Section 5. Approvals and Authorizations.
5.01 The Council hereby authorizes and approves the following:
a. The $1.0M repayment of the City Loan shall be used for any eligible expense,
including ponding related costs, in publically owned property in Locke Park Pointe on or before
December 31, 2019.
b. Payment to the HRA on or before December 31, 2019, in an amount not to exceed
$200,000 for a water main project in Locke Park Pointe.
PASSED AND ADOPTED BY THE CITY OF FRIDLEY, MINNESOTA THIS 10TH DAY OF
DECEMBER, 2018.
SCOTT J. LUND - MAYOR
ATTEST:
DEBRA A. SKOGEN — CITYCLERK