HomeMy WebLinkAboutResolution No. 2023-45 Eden Willson Interfund Loan
CITY OF EDINA
COUNTY OF HENNEPIN
STATE OF MINNESOTA
Councilmember Carolyn Jackson introduced the following resolution and moved its adoption:
RESOLUTION NO. 2023-45
RESOLUTION FOR ADVANCE OF CERTAIN COSTS IN CONNECTION WITH THE
EDEN / WILLSON REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT
BE IT RESOLVED by the City Council (the “Council”) of the City of Edina, Minnesota (the “City”) as follows:
Section 1. Background.
1.01. The City and the Edina Housing and Redevelopment Authority (the “HRA”) have heretofore approved the
establishment of the Eden / Willson Redevelopment Tax Increment Financing District (the "TIF District") within the
Southeast Edina Redevelopment Project Area (the "Project Area"), and have adopted a Tax Increment Financing Plan (the
"TIF Plan") for the purpose of financing certain improvements within the Project Area, all pursuant to Minnesota Statutes,
Sections 469.174 to 469.1794, as amended (the “TIF Act”).
1.02. The HRA is authorized to use increment from the TIF District to pay for certain costs identified within the
TIF Plan consisting of the design and construction of the East Grandview Transportation public improvements (the
“Qualified Costs”) pursuant to Minnesota Statutes, Section 469.178, Subd. 7 of the TIF Act, which costs may be financed
on a temporary basis from HRA or City funds available for such purposes.
1.03. Under Minnesota Statutes, Section 469.178, Subd. 7 of the TIF Act, the HRA or City is authorized to advance
or loan money from the general fund or any other fund from which such advances may be legally authorized, in order to
finance the Qualified Costs; provided the loan or advance is authorized by resolution not later than 60 days after money is
transferred, advanced, or spent, whichever is earliest.
1.04. On June 8, 2023 the HRA approved Resolution 2023-06 (the “HRA Loan Resolution”) authorizing an
interfund loan for the Qualified Costs, designating funds in an amount up to $2,000,000 from the City Construction Fund
authorized for such purposes (as defined in the HRA Loan Resolution) as the source of funds for the loan, and setting the
terms for repayment using tax increments derived from the TIF District in accordance with the terms of the HRA Loan
Resolution (which terms are referred to collectively as the "Interfund Loan").
Section 2. Interfund Loan Approved.
2.01. The City approves the Interfund Loan described in the HRA Loan Resolution, and authorizes the use of the
Construction Fund as the source of funds for the Interfund Loan.
2.02. The City Finance Director is authorized and directed to credit repayments of the Interfund Loan to the
Construction Fund according to the terms set forth in the Loan Resolution.
Resolution 2023-45
Page 2
2.03. The City may amend the terms of this Interfund Loan at any time by resolution of the City Council, including
a determination to forgive the outstanding principal amount and accrued interest to the extent permissible under law.
2.04. City Staff and the HRA Executive Director are hereby authorized and directed to execute any collateral
documents and take any additional actions necessary in compliance with the TIF Act to carry out the intent of this
resolution.
The motion for the adoption of the foregoing resolution was duly seconded by Council member James Pierce, and
upon a vote being taken thereon, the following voted in favor thereof: Resolution No. 2023-45: Resolution for advance of
certain costs in connection with the Eden/Wilson redevelopment tax increment financing district.
Dated: June 20, 2023
Attest:
Sharon Allison, City Clerk James B. Hovland, Mayor
(Seal)
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA ) CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify that the attached is a true
and correct copy of the Resolution duly adopted by the Edina City Council at its regular meeting of June 20, 2023, and as
recorded in the Minutes of said regular meeting.
WITNESS, my hand and seal of said City this ______ day of________________________, 2023.
_______________________________
City Clerk