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Last modified
8/13/2009 2:02:24 PM
Creation date
8/13/2009 2:00:24 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
7/13/2009
Resolution #
10734
Resolution Title
APPROVING A MODIFICATION TO THE DEVELOPMENT PROGRAM FOR MUNICIPAL DEVELOPMENT DISTRICT NO. 1 AND ESTABLISHING TAX INCREMENT FINANCING HOUSING) DISTRICT NO. 18 (HAR MAR APARTMENTS PROJECT WITHIN DEVELOPMENT DISTRICT NO. 1 AND APPROVING THE TAX INCREME
Resolution Summary
Establishing Tax Increment Financing District 18 (HarMar Apts. project)within Development District #1
Resolution Date Passed
7/13/2009
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(d) The principal sum and all accrued interest payable under this <br />Interfund Loan are pre-payable in whole or in part at any time by the City without <br />premium or penalty. No partial prepayment shall affect the amount or timing of any <br />other regular payment otherwise required to be made under this Interfund Loan. <br />(e) The Interfund Loan is evidence of an internal borrowing by the <br />City in accordance with Minnesota Statutes, Section 469.178, Subd. 7, and is a limited <br />obligation payable solely from Available Tax Increment pledged to the payment hereof <br />under this resolution. The Interfund Loan and the interest hereon shall not be deemed to <br />constitute a general obligation of the State of Minnesota or any political subdivision <br />thereof, including, without limitation, the City. Neither the State of Minnesota, nor any <br />political subdivision thereof shall be obligated to pay the principal of or interest on the <br />Interfund Loan or other costs incident hereto except out of Available Tax Increment, and <br />neither the full faith and credit nor the taxing power of the State of Minnesota or any <br />political subdivision thereof is pledged to the payment of the principal of or interest on <br />the Interfund Loan or other costs incident hereto. The City shall have no obligation to <br />pay any principal amount of the Interfund Loan or accrued interest thereon, which may <br />remain unpaid after the termination of TIF District No. 18. <br />(f) The City may amend the terms of the Interfund Loan at any time <br />by resolution of the City Council, including a determination to forgive the outstanding <br />principal amount and accrued interest to the extent permissible under law. <br />The motion for the adoption of the foregoing resolution was duly <br />seconded by Councilmember Pust and upon vote being taken thereon, <br />the following voted in favor thereof: Pust, Roe, Ihlan, Johnson, and Klausing, <br />and the following voted against the same: None. <br />Whereupon said resolution was declared duly passed and adopted. <br />
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