5.11.
| CC Regular Session |
| Meeting Date: | 03/12/2024 |
| Primary Strategic Plan Initiative: | {ud_pd7} |
Information
Title
Adopt Resolution #24-071 Approving the Terms of Up To a $5,000,000 Interfund Loan in Connection with COR Infrastructure Improvements In Connection With Tax Increment Financing District #14 (TIF #14)
Purpose/Background:
On February 13, 2024, the City Council authorized the advertisement for bids for Improvement Project 23-19: COR Infrastructure Improvements. The proposed improvements include reconstructing Zeolite Street between Sunwood Drive and Bunker Lake Boulevard, constructing Ramsey Parkway between Willemite Street and the roundabout at the intersection of Sunwood Drive and 147th Avenue, and reconstructing Center Street between 146th Avenue and Bunker Lake Boulevard. The total project has an estimated cost of $4,403,400 including construction and soft costs (legal, admin, engineering).
As these improvements are within the TIF#14 area, the city would like to reimburse itself when increment becomes available for city funds expended. Funds are proposed to be advanced from Tax Increment Financing District #1 (TIF #1) in the amount of up to $2,000,000 and Tax Increment Financing District #2 (TIF #2) in the amount of up to $3,000,000.
Tax Increment laws require that the city adopt a resolution stating that they wish to repay themselves with future increment, the respective loaning fund(s) and interest rate.
As these improvements are within the TIF#14 area, the city would like to reimburse itself when increment becomes available for city funds expended. Funds are proposed to be advanced from Tax Increment Financing District #1 (TIF #1) in the amount of up to $2,000,000 and Tax Increment Financing District #2 (TIF #2) in the amount of up to $3,000,000.
Tax Increment laws require that the city adopt a resolution stating that they wish to repay themselves with future increment, the respective loaning fund(s) and interest rate.
Recommendation:
Staff recommends adoption of Resolution #24-071 for the Interfund Loan Agreement in Connection With TIF District #14.
Action:
Adopt Resolution #24-071 Approving the Terms of Up To a $5,000,000 Interfund Loan in Connection with COR Infrastructure Improvements In Connection With Tax Increment Financing District #14 (TIF #14)
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Brian Hagen | Brian Hagen | 03/06/2024 01:16 PM |
- Form Started By:
- Diana Lund
- Started On:
- 02/16/2024 08:34 AM
- Final Approval Date:
- 03/06/2024