7.9.
CC Regular Session
- Meeting Date:
- 12/14/2010
- By:
- Heidi Nelson, Administrative Services
Title:
Adopt Interfund Loan Agreements for TIF Districts 1, 2, and 14
Background:
As a part of the subsidy being provided to Flaherty and Collins for The Residence at The COR apartment project for administrative costs, development fees, and the construction loan, staff is recommending that the City Council and the HRA adopt interfund loan resolutions that will allow for the existing TIF districts 1 and 2 to be reimbursed from increments generated in the new TIF district 14 when those increments are available in the future. Memos from Ehlers detailing the interfund loan agreements and resolutions are attached for council review.
Notification:
There is no public hearing requirement for the interfund loan agreements and resolution.
Observations:
Please refer to attached Ehlers memos.
Recommendation:
Staff recommends adoption of the resolution for the Interfund Loan Agreements for TIF Districts 1, 2, and 14.
Funding Source:
The work performed by Elhers regarding the interfund loan agreements was funded by the HRA budget.
Council Action:
Adopt the resolution for the Interfund Loan Agreements for TIF Districts 1, 2, and 14.
Fiscal Impact
- Budgeted Y/N:
- N
- Budgeted Year:
- 2010
- Fund:
- HRA
Funding:
The work performed by Elhers regarding the interfund loan agreements was funded by the HRA budget.
Attachments
- Interfund Loan Memo TIF 1
- Interfund Loan Memo TIF 2
- Interfund Loan Memo TIF 14
- Resolution TIF 1 Interfund Loan
- Resolution TIF 2 Interfund Loan
- Resolution TIF 14 Interfund Loan
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 12/09/2010 05:33 PM |
- Form Started By:
- hnelson
- Started On:
- 12/08/2010 02:48 PM
- Final Approval Date:
- 12/09/2010