HomeMy WebLinkAboutResolution No. 091-06 Dg1-o(o
Resolution
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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 February 6, 2006
Advances to come from the 1% Flood Control Sales Tax Fund
TIF TIF TIF Maximum Maximum Interest
District# Fund Proi# Project Name Purpose Advance Term Rate
31 544 2744 Georgetowne Homes 2nd affordable housing $ 745,602 25 years 6.50%
32 545 2745 Valley Side Estates 4th affordable housing $ 614,000 25 years 6.50%
33 546 2746 Old Town Hall Project affordable housing $ 686,000 25 years 6.50%
1 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 22nd day of February, 2006, 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 22ND DAY OF FEBRUARY, 2006.
PRESIDENT OF SAID CO MON CO NCIL
ATTEST:
CIT CLE K
APPROVED THIS DAY OF 2006
(Seal of the City of '
Rochester,Minnesota) MAYOR OF SAID CITY