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RESOLUTION NO. <br /> STATE OF MINNESOTA <br /> COUNTY OF RAMSEY <br /> CITY OF NEW BRIGHTON <br /> RESOLUTION AUTHORIZING AN INTERFUND LOAN FOR ADVANCE OF CERTAIN COSTS IN CONNECTION <br /> WITH A TAX INCREMENT FINANCING DISTRICT <br /> NOW THEREFORE, BE IT RESOLVED by the City Council (the "Council") of the City of New <br /> Brighton, Ramsey County, Minnesota (the "City") as follows: <br /> Section 1. Background. <br /> 1.01. The City is considering establishing Tax Increment Financing (Redevelopment) <br /> District No. 35 which is anticipated to include certain real property located at or near 2299 Palmer <br /> Drive in the City (the "TIF District") pursuant to Minnesota Statutes, Sections 469.174 to <br /> 469.1794, as amended (the "TIF Act"). <br /> 1.02. The City may incur certain costs related to the TIF District which may be financed <br /> on a temporary basis from available City funds. <br /> 1.03. Under Section 469.178, Subdivision 7 of the TIF Act, the City is authorized to <br /> advance or loan money from any fund from which such advances may be legally made in order <br /> to finance expenditures that are eligible to be paid with tax increments under the TIF Act. <br /> 1.04. The City has determined that it may pay for administrative costs associated with <br /> the establishment of the TIF District and certain other costs incurred in connection with the <br /> proposed development of the TIF District, including but not limited to acquisition of land and <br /> buildings in the TIF District (including any or all of the properties listed above), demolition and <br /> site preparation costs, and costs of public infrastructure (the "Cost Advances") on a temporary <br /> basis from the City's general fund or any other fund, as determined by the City Finance Director, <br /> from which such advances, from time to time, may be legally made (the "Fund") as an interfund <br /> loan pursuant to Minnesota Statutes, Section 469.178, Subd. 7. <br /> 1.05. The City hereby designates the Cost Advances as an interfund loan in accordance <br /> with the terms of this resolution and the TIF Act. <br /> Section 2. Repayment of Interfund Loan. <br /> 2.01. The City will reimburse itself for the Cost Advances including without limitation (i) <br /> administrative costs incurred prior to the establishment of the TIF District, subject to the <br /> limitations of the TIF Act in an aggregate amount not to exceed $1,173,969, and (ii) certain costs <br /> incurred in connection with the development of the TIF District, including without limitation, land <br />