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12-16-19-SR
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12-16-19-SR
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<br /> 3 <br /> <br />the amount by which the original net tax capacity has increased or decreased in accordance with <br />the Act; and the City Administrator is authorized and directed to forthwith transmit this request <br />to the County Auditor in such form and content as the Auditor may specify, together with a list <br />of all properties within the TIF District for which building permits have been issued during the <br />18 months immediately preceding the adoption of this Resolution. <br />7. Filing. The City Administrator is further authorized and directed to file a copy of <br />the Modification and TIF Plan for the TIF District with the Commissioner of Revenue and the <br />Office of the State Auditor. <br />8. Administration. The administration of the Development District is assigned to the <br />City Administrator who shall from time to time be granted such powers and duties pursuant to <br />Minnesota Statutes, Sections 469.130 and 469.131 as the City Council may deem appropriate. <br />9. Interfund Loan. The City has determined that it may pay for certain costs (the <br />"Qualified Costs") identified in the TIF Plan which costs may be financed on a temporary basis <br />from the City's general fund or any other fund from which such advances may be legally made <br />(the "Fund"). Under Minnesota Statutes, Section 469.178, Subd. 7, the City is authorized to <br />advance or loan money from the Fund in order to finance the Qualified Costs. The City intends <br />to reimburse itself for the payment of the Qualified Costs, plus interest thereon, from tax <br />increments derived from the TIF District in accordance with the following terms (which terms <br />are referred to collectively as the "Interfund Loan"): <br />(a) The City shall repay to the Fund from which the Qualified Costs are <br />initially paid, the principal amount of $100,000 (or, if less, the amount actually paid from <br />such fund) together with interest at 5.00% per annum (which is not more than the greater <br />of (i) the rate specified under Minnesota Statutes, Section 270C.40, or (ii) the rate <br />specified under Minnesota Statutes, Section 549.09) from the date of the payment. <br />(b) Principal and interest on the Interfund Loan ("Payments") shall be paid <br />annually on each December 31 commencing with the date the tax increments from the <br />TIF District are available and not otherwise pledged to and including the earlier of (a) the <br />date the principal and accrued interest of the Interfund Loan is paid in full, or (b) the date <br />of last receipt of tax increment from the TIF District ("Payment Dates") which Payments <br />will be made in the amount and only to the extent of available tax increments. Payments <br />shall be applied first to accrued interest, and then to unpaid principal. <br />(c) Payments on the Interfund Loan are payable solely from the tax increment <br />generated in the preceding twelve (12) months with respect to the TIF District and <br />remitted to the City by Ramsey County, all in accordance with Minnesota Statutes, <br />Sections 469.174 to 469.1794, as amended. Payments on this Interfund Loan are <br />subordinate to any outstanding or future bonds, notes or contracts secured in whole or in <br />part with tax increment, and are on parity with any other outstanding or future interfund <br />loans secured in whole or in part with tax increments. <br />(d) The principal sum and all accrued interest payable under this Interfund <br />Loan are pre-payable in whole or in part at any time by the City without premium or
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