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Meeting Date: 1/26/94 <br /> Agenda Item: P 2 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Proposed resolution transferring funds from the tax <br /> increment financing district (TIF) 1 construction fund to <br /> the Larpenteur Avenue capital fund and the infrastructure <br /> capital fund <br /> SUBMITTED BY: Susan Hoyt, City Administrator <br /> REVIEWED BY: Steve Apfelbacher and Dave Maroney, Financial Advisors <br /> Tom Kelly, Finance Director <br /> EXPLANATION /SUMMARY: <br /> In 1993 the city undertook two capital projects that were planned for funding <br /> through the city's 1988 tax increment plan and budget. The projects were <br /> initially financed by the city's infrastructure capital fund rather than the <br /> TIF 1 construction fund. Therefore, in order to reimburse the infrastructure <br /> fund for these TIF planned and budgeted projects, two fund transfers are <br /> necessary prior to closing out the city's financial records for 1993. These <br /> are: <br /> A transfer of 20,000 into the Larpenteur Avenue Construction Fund <br /> to cover 1993 planning and engineering costs of 3,500 and future <br /> 1994 costs. <br /> A transfer of 213,000 to cover a portion of the street, pathway and <br /> utility improvements in the Grove neighborhood. <br /> ATTACHMENTS: <br /> A Proposed resolution R -94 -04 transferring funds. <br /> B Staff report on fund transfer as included in the 1988 TIF project <br /> plan and budget <br /> ACTION REQUESTED: <br /> Approve resolution transferring funds from the tax increment district #1 <br /> construction fund to the infrastructure ($213,000) and Larpenteur Avenue <br /> ($20,000) capital funds effective 12/31/93. <br />