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01-9054r 86 RESOLUTION NO. 9054 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 the 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 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 (the "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 the 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 has previously forgiven the remaining balance of the LHN Loan, as noted in Exhibit A; and WHEREAS, the City 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 City Council of the City of Richfield, Minnesota, as follows: 1. The Council ratifies all actions of its staff and consultants in making the Water Fund Loan, Sewer Fund Loan, and LHN Loan and in making all the prior repayments as shown in Exhibit A. 2. The Council approves the Loan Schedule for the Water Fund and Sewer Fund Loan in substantially the form of Exhibit B. 3. The Council understands that the Water Fund Loan and Sewer Fund Loan will be repaid with tax increments generated from the RR TIF Districts at the times and in the amounts described in the Loan Schedule. Staff may 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 City Council of the City of Richfield, Minnesota this 25th day of June, 2001. ~u Martin J. 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Z I ...I Q) .c I- - ..- ---- Exhibit B Richfield Rediscovered Interfund Loan Amortization Schedule Water Fund Sewer Fund YEAR Balance Balance Balance Sewer Balance Jan-01 Pa ment Dec-31 Jan-01 Pa ment 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) TOTAL ($124,765) ($124,765)