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Home My WebLink About6.t. Interest Rate Change for the Downtown-Brockway Tax Increment Fianancing District and Regional Distribution CenterAGENDA ITEM: Interest Rate Change for the Downtown- Brockway Tax Increment Financing District and Regional Distribution Center AGENDA SECTION: Consent PREPARED BY: Kim Lindquist, Community Development Director AGEI.p ATTACHMENTS: Draft Resolutions APPROVED BY RECOMMENDED ACTION: Motion to approve a Resolution Amending Resolution 2004 -98 Approving the Terms of the $100,000 Internal Loan in Connection with the Downtown Brockway Tax Increment Financing District. Motion to approve a Resolution Amending Resolution 2004 -128A Approving the Terms of the $2,000,000 Internal Loan in Connection with the Downtown Brockway Tax Increment Financing District Motion to approve a Resolution Amending Resolution 2005 -128 for Reimbursement of Regional Distribution Center Related Costs from Future TIF District. !i ROSEMOUN 1 City Council Regular Meeting December 20, 2005 BACKGROUND The City Council approved Resolution 2004 -98 on August 17, 2005 approving the Terms of the $100,000 Internal Loan in Connection with the Downtown- Brockway Tax Increment Financing District. The amended Resolution will define the interest rate of 4% m the Resolution rather than references to State Statute previously approved The City Council also approved Resolution 2004 128A approving the Terms of the $2,000,000 Internal Loan m Connection with the Downtown Brockway Tax Increment Financing District This Resolution has also been amended to define the interest rate of 4% rather than references to State Statute previously approved. The interest rate changes are the only changes to the previously approved resolutions. The City Council approved a resolution on December 6, 2005 stating that they intend to be reimbursed for eligible admuustrative costs associated with the Regional Distribution Center Since that time it was decided to define the interest rate in the resolution rather than the references to State Statute that was previously approved The attached resolution idennfies a 4% interest rate that the future TIF Distract would reimbutse the General Fund This is the only change to the previously approved resolution CONCLUSION Approve the attached resolutions. CITY COUNCIL EXECUTIVE SUMMARY CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION NO. RESOLUTION AMENDING RESOLUTION 2004 -98 APPROVING THE TERMS OF 5100,000 INTERNAL LOAN IN CONNECTION WITH THE DOWNTOWN BROCKWAY TAX INCREMENT FINANCING DISTRICT. WHEREAS, the Council of the City of Rosemount approved Resolution 2004 -98 Approving the Terms of $100,000 Internal Loan in Connection with the Downtown Brockway Tax Increment Financing District on August 17, 2004. NOW, THEREFORE, BE IT RESOLVED, the Council of the City of Rosemount hereby amends the approved the TIF Loan with the following terms. The City shall repay to the City fund from which the Qualified Costs are initially paid, the principal amount of $100,000 together with interest at the rate of 4 and a 4% interest rate for each calendar year during the term of the TIF Loan. ADOPTED this 20th day of December, 2005 by the City Council of the City of Rosemount. ATTEST: Linda Jentink, City Clerk Motion by: Voted in favor: Voted against: Member absent: William H. Droste, Mayor Second by: CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION NO. RESOLUTION AMENDING RESOLUTION 2004 -128A APPROVING THE TERMS OF $2,000,000 INTERNAL LOAN IN CONNECTION WITH THE DOWNTOWN BROCKWAY TAX INCREMENT FINANCING DISTRICT WHEREAS, the Council of the City of Rosemount approved Resolution 2004 -128A Approving the Terms of $2,000,000 Internal Loan in Connection with the Downtown Brockway Tax Increment Financing District on October 19, 2004 NOW, THEREFORE, BE IT RESOLVED, the Council of the City of Rosemount hereby amends the approved the TIF Loan with the following terms. The city shall repay to the City fund from which the Qualified Costs are initially paid, the principal amount of $2,000,000 together with the interest rate of 4 and a 4% interest rate for each calendar year during the term of the TIF Loan. ADOPTED this 20th day of December, 2005 by the City Council of the City of Rosemount. ATTEST: Linda Jentink, City Clerk Motion by: Second by: Voted in favor: Voted. against: Member absent: William H. Droste, Mayor J CITY OF ROSEMOUNT DAKOTA COUNTY, MINNESOTA RESOLUTION AMENDING RESOULTION 2005 -128 FOR REIMBURSEMENT OF REGIONAL DISTRIBUTION CENTER RELATED COSTS FROM FUTURE TIF DISTRICT WHEREAS, the Council of the City of Rosemount approved Resolution 2005 -128 For Reimbursement of Regional Distribution Center Related Costs from the Future TIF District December 6. 2005. NOW THEREFORE BE IT RESOLVED, the TIF District will reimburse the City General Fund for eligible expenses plus interest at the rate of 4 Adopted this 20 day of December, 2005 by the Rosemount City Council. ATTEST: Linda Jentink, City Clerk RESOLUTION 2005- William H. Droste, Mayor Motion by: Second by: Voted in favor: Voted against: Member absent: