HomeMy WebLinkAbout3.D. Authorize Res. No. 15.3, A Resolution Approving an interfund Loan and Transfer from the Equipment Fund to the Economic Development Authority (ADA) Consent Business 3. D.
St-t ,Ko1 EE
TO: Economic Development Authority
FROM: Samantha DiMaggio, Economic Development Coordinator
DATE: 03/17/2015
SUBJECT: Authorize Res. No 15.3, A Resolution Approving an Interfund Loan and
Transfer from the Equipment Fund to the Economic Development
Authority (EDA)
Background
On January 6, 2015, the City Council approved a motion to accept MnDOT's offer
letter for the land located at 69/169. The offer letter was contingent on Planning
Commission approval and Minnesota Pollution Control Agency (MPCA) action.
The Planning Commission approval was granted on January 8, 2015 and MPCA
letters were obtained.
On February 17, 2015 the EDA approved the purchase of the MnDOT parcels.
The purpose of this agenda item is to approve an interfund loan from the Equipment
Fund to the EDA. The requested transfer is in the amount of$937,489 along with
any additional funds that may be incurred.
Action Sought
Adopt a motion authorizing Res. No 15.3, A Resolution Approving an Interfund
Loan and Transfer from the Equipment Fund to the Economic Development
Authority.
Attachments: Res. No. 15.3
RESOLUTION NO. 15.3
A RESOLUTION APPROVING AN INTERFUND LOAN AND TRANSFER FROM THE EQUIPMENT FUND TO
ECONOMIC DEVELOPMENT AUTHORITY
WHEREAS, On January 6, 2015 the City Council authorized the acquisition of parcels 43,37, 16,
21-24 and 27-28 located in the northeast corner of the intersection of Trunk Highway 169 and County
Road 69 from the Minnesota Department of Transportation (MnDOT) and;
WHEREAS, On February 17, 2015 the Economic Development Authority authorized the
acquisition of parcels 43, 37, 16,21-24 and 27-28 located in the northeast corner of the intersection of
Trunk Highway 169 and County Road 69 from the Minnesota Department of Transportation (MnDOT)
and;
WHEREAS,the Equipment Fund has adequate unreserved funds available to loan to the
Economic Development Authority for the purchase of these parcels and;
WHEREAS,the Economic Development Authority will provide for repayment of this debt at such
time that the parcels are developed and;
WHEREAS,the interest rate on the Interfund loan is 0%with principal to be repaid at the time
the parcels are sold or developed.
NOW,THEREFORE, BE IT RESOLVED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY
OF SHAKOPEE, MINNESOTA, an Interfund loan and transfer from the Equipment Fund to the Economic
Development Fund in the amount of$937,849 is hereby approved.
NOW, THEREFORE, BE IT RESOLVED FURTHER RESOLVED BY THE ECONOMIC DEVELOPMENT
AUTHORITY OF THE CITY OF SHAKOPEE, MINNESOTA as additional funds are expended for the purpose
of preparing a request for proposal for this property and/or readying this property for sale an additional
Interfund loan and transfer from the Equipment fund to the Economic Development Fund will be
approved.
Adopted in regular Session of the Economic Development Authority of the City of Shakopee, Minnesota,
held this 17th day of March, 2015.
President
ATTEST:
Secretary