12-1137r HRA RESOLUTION NO. 1137
AUTHORIZING AN INTERNAL LOAN UP TO $675,000 FOR
FUNDING A DEFICIT IN THE INTERSTATE-LYNDALE-NICOLLET REDEVELOPMENT
PROJECT FUND
WHEREAS, the Interstate-Lyndale-NicolletsTax Increment Financing Plan allows
the Housing and Redevelopment board to make interfund loans by resolution, and
WHEREAS, the Interstate-Lyndale-Nicollet Redevelopment Project Fund has a
deficit balance and a deficit balance within a tax increment district is not permissible for
Office of the State Auditor Tax Increment reporting, and
WHEREAS, the funding of the deficit will be from an internal loan from the HRA's
Development Fund, and
WHEREAS, the repayment of the internal loan will be provided through the future
sale of ILN property, and
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority of the City of Richfield, Minnesota as follows:
1. The Executive Director is authorized to execute an internal loan from the HRA's
Development Fund to the HRA's ILN Redevelopment Project Fund to fund the existing
deficit in that fund.
2. The term of the loan will be one (1) years in the amount up to $675,000 at 0% interest.
Adopted by the Housing and Redevelopment Authority of the City of Richfield,
Minnesota this 17th day of December, 2012.
Suz. - ': M. Sandahl, Chair
ATTE T:
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Dori- Rubenste. , Secretary