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01-076
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01-076
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7/13/2005 3:19:03 PM
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7/12/2005 10:04:03 AM
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<br />" <br /> <br />11 <br /> <br />.. <br /> <br />, I <br />; l. '! <br /> <br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 01-076 <br /> <br />A RESOLUTION AUTHORIZING A LOAN OF FUNDS FOR THE PURCHASE <br />OF PROPERTY LOCATED AT 1192 OLD HIGHWAY 8, NEW BRIGHTON, <br />MINNESOTA <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of New <br />Brighton, Minnesota (the "City") as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01 The City has approved the acquisition of land located at 1192 Old <br />Highway 8 in New Brighton, Minnesota (the "Property). The Property is <br />located in the City's Development District No. 1 established pursuant to <br />Minnesota Statutes, Sections 469.124 to 469.134, as amended (the <br />"Development District"). <br /> <br />1.02 It has been proposed that the City transfer funds to the Development <br />District from the City's Municipal Development Fund ("Fund 460") for the <br />purchase price of the Property and for related acquisition costs. <br /> <br />Section 2. FindinQs. <br /> <br />2.01 The Council hereby finds that the loan of funds to the Development <br />District from Fund 460 furthers the goals and objectives of the City with <br />respect to the development of the Property in accordance with the City's <br />Modified Development Program established pursuant to Minnesota <br />Statutes, Sections 469.124 to 469.134, as amended. <br /> <br />Section 3. Authorization. <br /> <br />3.01 The City's Finance Department is hereby authorized to transfer the <br />principal amount of up to Two Hundred Ninety Three Thousand and <br />No/100 Dollars ($ 293,000.00) from Fund 460 to the Development District <br />(the "Transfer"). The Transfer shall be a loan and shall be subject to the <br />following terms: <br /> <br />a. The term of the loan shall be a maximum of thirty (30) years from <br />the date of the Transfer. <br />
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