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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Brenda Malinowski, Finance Director <br /> Chris Heineman, City Administrator <br /> <br />DATE: April 13, 2022 <br /> <br />RE: TIF 7-1 Interfund Loan <br /> <br /> <br />ACTION REQUESTED: <br /> <br />Approving an interfund loan for the advance of certain costs in the connection with Tax Increment <br />District 7-1 in an amount to not exceed $312,500. <br /> <br />BACKGROUND: <br /> <br />Attached is a resolution approving an interfund loan from the General Fund (101) to TIF 7-1 (471). <br />The interfund loan is necessary at this time since TIF 7-1 does not have a large enough fund balance <br />at this time to pay for the purchase of 2750 Rice Street. Future tax increment or the sale of land <br />in TIF 7-1, will provide the funds necessary for the repayment of this interfund loan. The City has <br />approved interfund loans in the past for similar situations in TIF districts. These loans provide for <br />an advance of funds for the TIF fund while generating interest income for the fund that is <br />advancing the funds. <br /> <br />RECOMMENDATION <br />Approve the resolution authorizing an interfund loan for the advance of certain costs in the <br />connection with Tax Increment District 7-1 in an amount to not exceed $312,500. <br /> <br /> <br /> <br /> <br />