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Ii f ~ i ~ CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 01-092 !~ APPROVING THE POST-AUGUST 1~ 200lINTERFUND LOANS ASSOCIATED WITH THE NORTHWEST QUAD IN THE CITY OF NEW BRIGHTON BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, , Minnesota (the "City") as follows: Section 1. Recitals. 1.01. The City has designated an area bounded on the north by the south boundary line of Tax Increment Financing District No.8 extended to Long Lake Regional Park, on the east by I- .. 3SW, on the south by 1-694, and on the west by Long Lake Regional Park (the "NW Quad") and has adopted an amended Exhibit I-B, "Estimated Public Costs" to its Development Program for i Development District No. 1 for purposes of financing certain tax increment eligible improvements. 1.02. The City has agreed to finance certain costs as identified in Exhibit I-B of its Development Program (the "Qualified Costs") on a temporary basis from City funds available for . such purposes. 1.03. The City has advanced or loaned money prior to August 1, 2001 and will continue to advance or loan money after August 1, 2001 to finance such Qualified Costs under Minnesota Statutes, Section 469.176, Subdivision 4 from its general fimd or any other fimd under which it has ' legal authority to do so, pursuant to Minnesota Statutes, Section 469.178, Subdivision 7. 1.04. The City intends to create one or more tax increment financing districts (collectively , the "TIF District") in the NW Quad pursuant to Laws of Minnesota 1998, Chapter 389, Article 11, Section 24 (the "Special Legislation"). LOS. The City intends to reimburse itself for the Qualified Costs from tax increments generated from the TIF District, once it is created, in accordance with the terms of this resolution , (which terms are referred to collectively as the "TIF Loans"). 1.06. The City acknowledges the need to create and maintain an on-going Register of Advances (the "Register"), as shown on Exhibit A attached hereto, to reflect the continuing interfund loans and advances in accordance with the TIF Loans in an amount not to exceed the total . Qualified Costs reflected on Exhibit B. Section 2. Terms ofthe TIF Loans. 2.01. The City shall repay the specific City fund, from which the Qualified Costs were and are to be paid, the principal amounts as shown on Exhibit A attached hereto, together with accrued interest from the date of each expenditure at the greater rate as specified under (a) Minnesota Statutes, Section 270.7S, or (b) Minnesota Statutes, Section S49.09. The interest rate for each calendar year during the term of each TIP Loan shall be determined as of each January 1 using the maximum rate under clause (a) or (b) in effect as of that date. 2.02. Principal and interest payments (the "Payments") for each TIF Loan shall be paid " annually on December 31,2001 and each December 31 (the "Payment Dates") thereafter up to and