4.15.
CC Regular Session
- Meeting Date:
- 01/10/2012
- By:
- Diana Lund, Finance
Information
Title:
Adopt Interfund Loan Agreement Resolution for TIF District #2 (Funding for Northstar Rail Station)
Background:
The Northstar Rail Station has an estimated cost of $14,350,000 which includes a $1,150,000 for a city skyway. Of this amount, Ramsey is responsible for $4,750,000. Funding is proposed to come from TIF 1 in the amount of $860,000 and TIF 2 in the amount of $3,890,000. Currently, TIF 2 has $2,079,000 available increment. The additional $1,811,000 needed to fund the railstation will be loaned from the Landfill Trust Fund and reimbursed back from TIF District #2 when property tax increment dollars are received in 2012 and 2013.
Tax Increment laws require that the city adopt a resolution stating that they wish to repay themselves with future increment, the respective loaning fund, and interest rate.
Tax Increment laws require that the city adopt a resolution stating that they wish to repay themselves with future increment, the respective loaning fund, and interest rate.
Recommendation:
Staff recommends adoption of the resolution for the Interfund Loan Agreement for TIF District #2.
Funding Source:
The Rail Station will be funded from TIF 1 and TIF 2 with the Landfill Trust Fund providing an internal loan and will be repaid as annual increment is received in TIF District #2.
Council Action:
Adopt Resolution #12-01-XXX Approving the Terms of $1,811,000 Interfund Loan in Connection with TIF District #2.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 01/05/2012 08:59 AM |
- Form Started By:
- Diana Lund
- Started On:
- 01/03/2012 07:45 AM
- Final Approval Date:
- 01/05/2012