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CITY OF ARDEN HILLS RAMSEY COUNTY �TATE OF MINNESOTA Council metnber introduced ihe following resolution and moved ats adoption: RESOLUTION NO. 2010-083 RE�OLUTION AUTHORTZING AN INTERFUND LOAN �OR ADVANCE OF CERTAIN COSTS IN CQNNECTION WITH TAX INCREMENT FINANCING DISTRICT N0. 4. BE IT RESOLVED by the Cfty Council (the "Council") of the City af Arden Hills, Minnesota (the "Ciiy"}, as follows: Section 1. Back our�d. LOl. The City has heretofore approved the establishrnent of Tax increment Financing District No. 4(the "TIF District") within Development District Na. 1(the "Project"), and has adopted a T� Tncrement Financing Plan (the "TIF Plan") far the purpose of financing certain improvetxients within the Project. 1.02. The City has determined to pay for certain costs identified in the TI�' Plan consisting of land/building acquisition, site improvements/preparation, public utilities, streets and sidewalks, other housing improvements, interest and administrative costs {coIlectively, the "Qualified Costs"), which costs may be financed on a temporary basis fram City funds available for such purposes. 1.U3. Under Minn�sata Statutes, Section 469.178, Subd. 7, the City is authorized to advance or loan money from the City's general fund or any other fund from which such advances may be legally authorized, in arder to finance the Qualified Costs. 1.04. The City iniends to reimburse itself for the Qualified Costs from tax increments derived from the TIF District in accordance with the terms of this resolution (which terms are referred to collective]y as the "Interfund Loan"). Section 2. Terms of Interfund Loan. 2.0 i. The City hereby authorizes the advance of up to $415,000 from the PIR fund or sa much thereof as may be paid as Quaiified Costs. The City shall reimburse itself for such advances together with, interest at the rate stated below. Interest accrues on the principal amount from the date of each ad�ance. The maxirnurna rat� ot' interest perrnitted to be charged is limited to the greater af the rates specified u:nder Minnesota Siatutes, Section 270C.40 ar Section 549.09 as of the date the loan or advance is au�thorized, unless the writ�en agreement states that the maximurr� interest rate will fluc#uate as the interest rates specified under Minnesoia Statutes, Section 270G40 ox' Section 549.09 are from tinrxe to time adjusted. The interest rate shaIl be 4% and will not fluctuate. 2.02. PrincipaI and interest ("Payments") on the Interfund Loan shall be paid semi-annually on each August 1 and February 1(eac� a"Payment Date"}, com2nencing on the first Payment Date on which the Authority has Available Taac Increment (defined below}, or on any ather dates determined by the City