01-825r
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10
HRA RESOLUTION NO. 825
RESOLUTION RATIFYING AND APPROVING REPAYMENT SCHEDULE
FOR INTERFUND LOANS RELATED TO THE
RICHFIELD REDISCOVERED PROGRAM
WHEREAS, the City of Richfield (the "City") and its Housing and Redevelopment
Authority (the "HRA") have previously created certain redevelopment project areas known as
Redevelopment Project Area A, Redevelopment Project Area B, and Richfield
Redevelopment Project Area (collectively, the "Project") pursuant to Minnesota Statutes,
Sections 469.001 to 469.047 (the "HRA Act"); and
WHEREAS, in connection with the Project, the City and the HRA established the
Richfield Rediscovered New Construction Program, formerly known as the Expanded New
Home Program (the "RR Program"); and
WHEREAS, to finance the RR Program the City and HRA established certain tax
increment financing districts ("TIF Districts") including the A-1 TIF District, B-1 TIF District,
A-2 TIF District, B-2 TIF District, A-3 TIF District, B-3 TIF District, A-4 TIF District, B-4 TIF
District, A-5 TIF District and B-5 TIF District (collectively, the "RR TIF Districts"); and
WHEREAS, in order to provide funds to initiate the RR Program, the City made
certain interfund loans in the amount of $254,183.33 from its Water Utility Fund (the "Water
Fund Loan"), $254,183.33 from its Sewer Utility Fund (the "Sewer Fund Loan"), and
$254,183.34 from the LHN TIF District account (the "LHN Loan"); and
WHEREAS, as of the date of this resolution, the HRA has repaid a portion of the
Water Fund Loan, Sewer Fund Loan, and LHN Loan with a combination of land sale
proceeds and tax increments from one or more of the RR TIF Districts, all as shown in the
schedule attached as Exhibit A; and
WHEREAS, the HRA and City have previously forgiven the remaining balance of
the LHN Loan, as noted in Exhibit A; and
WHEREAS, the HRA has determined a need to document the repayment schedule
for the remaining balance of the Water Fund Loan and Sewer Fund Loan, without interest
thereon, and to that end has directed preparation of the Richfield Rediscovered Interfund
Loan Amortization Schedule (the "Loan Schedule") attached as Exhibit B to this resolution.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota, as follows:
1. The HRA ratifies all actions of its staff and consultants in making the Water Fund Loan,
Sewer Fund Loan, and the LHN Loan and in making all the prior repayments as shown
in Exhibit A.
2. The HRA approves the Loan Schedule for the Water Fund and Sewer Fund Loan in
substantially the form of Exhibit B.
3. The HRA authorizes and directs staff to take all actions necessary to repay the Water
Fund Loan and Sewer Fund Loan with tax increments generated from the RR TIF
Districts at the times and in the amounts described in the Loan Schedule. Staff may I
select the specific RR TIF Districts from which payments are made, based on the
availability of tax increment revenues and long-term needs of the RR Program.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield I
Minnesota this 18th day of June, 2001.
a~/L
Thomas E. Harms, Chair
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Exhibit B
Richfield Rediscovered I
Interfund Loan Amortization Schedule
Water Fund Sewer Fund
YEAR Balance Balance Balance Sewer Balance
Jan-01 Pa ment Dec-31 Jan-01 Payment Dec 31
2001 $124,765 ($6,238) $118,527 $124,765 ($6,238) $118,527
2002 $118,527 ($6,238) $112,289 $118,527 ($6,238) $112,289
2003 $112,289 ($6,238) $106,051 $112,289 ($6,238) $106,051
2004 $106,051 ($6,238) $99,812 $106,051 ($6,238) $99,812
2005 $99,812 ($6,238) $93,574 $99,812 ($6,238) $93,574
2006 $93,574 ($6,238) $87,336 $93,574 ($6,238) $87,336
2007 $87,336 ($6,238) $81,098 $87,336 ($6,238) $81,098
2008 $81,098 ($6,238) $74,859 $81,098 ($6,238) $74,859
2009 $74,859 ($6,238) $68,621 $74,859 ($6,238) $68,621
2010 $68,621 ($6,238) $62,383 $68,621 ($6,238) $62,383
2011 $62,383 ($6,238) $56,144 $62,383 ($6,238) $56,144
2012 $56,144 ($6,238) $49,906 $56,144 ($6,238) $49,906
2013 $49,906 ($6,238) $43,668 $49,906 ($6,238) $43,668
2014 $43,668 ($6,238) $37,430 $43,668 ($6,238) $37,430
2015 $37,430 ($6,238) $31,191 $37,430 ($6,238) $31,191
2016 $31,191 ($6,238) $24,953 $31,191 ($6,238) $24,953
2017 $24,953 ($6,238) $18,715 $24,953 ($6,238) $18,715
2018 $18,715 ($6,238) $12,477 $18,715 ($6,238) $12,477
2019 $12,477 ($6,238) $6,238 $12,477 ($6,238) $6,238
2020 $6,238 ($6,238) ($0) $6,238 ($6,238) ($0) I
TOTAL ($124,765) ($124,765)
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