HomeMy WebLinkAboutCity Council Resolution 2008-255CITY OF PLYMOUTH
RESOLUTION NO. 2008-255
RESOLUTION AMENDING A RESOLUTION AUTHORIZING AN
INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS IN
CONNECTION WITH THE PLYMOUTH HOUSING AND
REDEVELOPMENT AUTHORITY'S TAX INCREMENT FINANCING
DISTRICT NO. 1-3
BE IT RESOLVED by the City Council (the "Council") of the City of Plymouth,
Minnesota (the "City"), as follows:
Section 1. Background.
1.01. The City has heretofore approved a Tax Increment Financing Plan (the "TIF Plan")
establishing Tax Increment Financing District No. 1-3 (the "TIF District") of the Plymouth
Housing and Redevelopment Authority (the "Authority") within the Authority's Redevelopment
Project Area No. 1 (the "Project"), which TIF Plan has been adopted by the Authority for the
purpose of financing certain improvements within the Project.
1.02. The City and the Authority have determined to pay for certain costs identified in
the TIF Plan consisting of road and site improvements, public utilities and administrative costs
(collectively, the "Qualified Costs"), which costs may be financed on a temporary basis from the
City's Water Resource Fund available for such purposes.
1.03. Under Minnesota Statutes, Section 469.178, subdivision 7, the City is authorized to
loan money from the City's general fund or any other fiind from which such advances may be
legally made, in order to finance the Qualified Costs.
1.04. The City has heretofore adopted, on June 24, 2008, Resolution No. 2008-192 (the
"Original Resolution"), evidencing the City's intent to reimbursed for the Qualified Costs from
tax increments derived from the Authority's TIF District in accordance with the terms thereof
(which terms are referred to collectively as the "Interfiind Loan").
1.05. The City desires to amend the amount of the Interfund Loan to accurately reflect
the increase in Qualified Costs to be financed on a temporary basis.
Section 2. Amendment of Original Resolution.
2.01. The City hereby amends Section 2.01 of the Original Resolution by deleting such
section in its entirety and replacing it with the following:
2.01. The City hereby authorizes the loan of up to $138,500
from its Water Resource Fund or so much thereof as may be paid as
Qualified Costs. The City shall be reimbursed such amount, together
with interest at the rate stated below. Interest accrues on the principal
amount from the date of each loan. The maximum rate of interest
permitted to be charged is limited to the greater of the rates specified
under Minnesota Statutes, Section 270C.40 or Section 549.09, as of
the date the loan is made, unless the written agreement states that the
maximum interest rate will fluctuate as the interest rates specified
under Minnesota Statutes, Section 270C.40 or Section 549.09, are
from time to time adjusted. The interest rate shall be 6% and will not
fluctuate.
Adopted by the City Council this 26th day of August, 2008.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the
Plymouth City Council on August 26, 2008 with the original thereof on file in my office, and the
same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this
day of
City Clerk