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<br />Councilmember Peters introduced the following resolution and moved for its adoption:
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<br />RESOLUTION #25-198
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<br />RESOLUTION APPROVING THE TERMS OF UP TO A $50,000,000 INTERFUND LOAN
<br />IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 14
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<br /> WHEREAS, the City of Ramsey, Minnesota (the "City") has established TIF District No.
<br />14 (The “TIF District”), a redevelopment district within Development District No. 1 in the City
<br />and has adopted a tax increment financing plan for the TIF District (the “TIF Plan”), pursuant to
<br />Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the “TIF Act”) and
<br />Minnesota Session Laws, 2025, 1st Special Session, Chapter 13, Article 5, Section 2, which
<br />amends Minnesota Session Laws, 2010, Chapter 389, Article 7, Section 22, as amended by
<br />Minnesota Session Laws, 2011, Chapter 112, Article 11, Section 16 (the "Special Legislation”).
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<br />WHEREAS, the City may pay for certain costs identified in the TIF Plan consisting of land
<br />acquisition, public utilities, site improvements/preparation, other eligible improvements, and
<br />administrative costs (the "Qualified Costs") incurred in connection with the establishment of the
<br />TIF District and development of land within the TIF District, which costs may be financed on a
<br />temporary basis from City funds available for such purposes.
<br />WHEREAS, under Minnesota Statutes, Section 469.178, Subd. 7 and the Special
<br />Legislation, the City is authorized to advance or loan money from the City's general fund or any
<br />other fund from which such advances may be legally made, in order to finance the Qualified Costs.
<br />WHEREAS, the City intends to reimburse itself for the payment of the Qualified Costs,
<br />plus interest thereon, from tax increments derived from the TIF District in accordance with the
<br />terms of this resolution (which terms are referred to collectively as the "Interfund Loan").
<br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
<br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows:
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<br />(1) Terms of Interfund Loan.
<br />(a) The City hereby authorizes the advance of up to $50,000,000 from the City's
<br />Tax Increment Financing District #1 Fund, Tax Increment Financing
<br />District #2, HRA/COR Fund, MSA, Public Improvement Revolving Fund
<br />(PIR), Storm Water Management Fund, Enterprise Funds, or any other fund
<br />designated by the City, or so much thereof as may be paid as Qualified
<br />Costs. The City shall reimburse itself for such advances together with
<br />interest at the rate stated below. Interest accrues on the principal amount
<br />from the date of each advance. The maximum rate of interest permitted to
<br />be charged is limited to the greater of the rates specified under Minnesota
<br />Statutes, Section 270C.40 or Section 549.09 as of the date the loan or
<br />advance is authorized, unless the written agreement states that the
<br />maximum interest rate will fluctuate as the interest rates specified under
<br />Minnesota Statutes, Section 270C.40 or Section 549.09 are from time to
<br />time adjusted. The interest rate shall be 4.00%.
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