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I RESOLUTION NO. Attachment A 2 RESOLUTION APPROVING THE TERMS OF UP TO A 3 $,500,,000 INTERFUND LOAN IN CONNECTION WITH 4 TAX INCREMENT FINANCING (ECONOMIC DEVELOPMENT) 5 DISTRICT NO. 19 (APPLEWOOD POINTE SENIOR COOPERATIVE 6 HOUSING PROJECT) 7 BE IT RESOLVED by the City Council the "Council"), of the City of Roseville, 8 Minnesota the "City"),, as follows.- 9 Section 1. Background 10 (a), The City has heretofore approved the establishment of Tax Increment Financing 11 (Economic Development), District No. 19 (Applewood Pointe Senior Cooperative Housing 12 Project), (the "TIF District"), within Municipal Development District No. 1, and has adopted a tax 13 increment financing plan for the TIF District (the "TIF Plan"),. 14 (b), The City has determined to pay for certain costs identified in the TIF Plan 15 consisting of certain administrative expenses (the "Qualified Costs"),, which costs may be 16 financed on a temporary basis from City funds available for such purposes. 17 (c), Under Minnesota Statutes,, Section 469.198, Subd. 7, the City is authorized to 18 advance or loan money from the City's general fund or any other fund from which such advances 19 may be legally made, including tax increments from tax increment financing districts 20 (collectively,, the ((Fund" 1,, in order to finance the Qualified Costs. 21 (d), The City intends to reimburse itself for the payment of the Qualified Costs, plus 22 interest thereon,, from tax increments derived from the TIF District in accordance with the terms 1 23 of this resolution (which terms are referred to collectively as the "Interfund Loan"). 24 Section 2. Terms of Interfand Loan 25 (a), The City hereby authorizes the advance of up to $,500,000 from the Fund or so 26 much thereof as may be paid as Qualified Costs. The City shall reimburse itself for such 27 advances together with interest at the rate stated below. Interest accrues on the principal amount 28 from the date of each advance. The maximum rate of interest permitted to be charged is limited 29 to the greater of the rates specified under Minnesota Statutes,, Section 270C.4O or Section 549.09 30 as of the date the loan or advance is authorized,, unless the written agreement states that the 31 maximum interest rate will fluctuate as the interest rates specified under Minnesota Statutes,, 32 Section 270C.4O or Section 549.09 are from time to time adjusted. The interest rate shall be 33 4.00% and will not fluctuate. 34 (b), Principal and interest on the Interfand Loan shall be paid semi-annually on each 35 February I and August I (each a "Payment Date"), commencing with the Payment Date on which 36 the City has Available Tax Increment (defined below 1, or on any other dates determined by the 37 City Manager, through the last receipt of tax increment from the TIF District. 4091975vl