HomeMy WebLinkAboutResolution No. 429-04B Resolution
WHEREAS, the City of Rochester has various tax increment Financing Projects related to
affordable housing that require"upfront expenditures that later become eligible for reimbursement through
tax increment revenues.
Be it Resolved: That the City Council or Rochester, MN approve the Interfund Loan and Advance
authority for the following TIF projects for the terms stated below:
City of Rochester
Interfund Loans and Advances Authority Needed
Approved Projects Currently Underway as of August 31, 2004
Advances to come from the 1% Flood Control Sales Tax Fund
TIF TIF TIF Maximum Maximum Interest
District# Fund Proi# Proiect Name Purpose Advance Term Rate
28 541 2741 Valley Side Villas 2nd affordable housing $ 485,000 25 years 6.50%
29 542 2742 Rose Harbor/Manorwd Lks affordable housing 365,000 25 years 6.50%
30 543 2743 Valley Side Estates 3rd affordable housing 570,000 25 years 6.50%
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HEREBY CERTIFY that the above is true and correct copy of resolution presented to and adopted by
the City of Rochester, County of Olmsted, State of Minnesota, at a duly authorized City Council Meeting
held in the City of Rochester, Minnesota on the 8th day of September, 2004, as disclosed by the records
of said City on file and of record in the office.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER, MINNESOTA
AT A MEETING THEREOF HELD THIS 8TH DAY OF SEPTEMBER, 2004.
SIDENT OF SAID COMMON COUNCIL
ATTEST
CI ERK
APPROVED THIS �Tt( DAY OF C OT�M6&--- , 2004
Seal of the City
� Y of
Rochester,Minnesota) MAYOR OF SAID CITY
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