Laserfiche WebLink
<br />Staff will not be closing out the district on our books as staff will continue to report until the <br />balance sheet goes to zero. In addition, the city will retain $43,673 for pooling and administrative <br />expenditures. These funds have not yet been committed to a specific purpose; however, city staff <br />are working with the developer, city attorney, and consultants to determine the best use. All of <br />the remaining funds (net of the $43,673) are going to be returned to Ramsey County and will be <br />redistributed back to the entities that are currently eligible for property tax revenues (city, school <br />districts, county, etc.) <br /> <br />Here is a quick synopsis of the financial components of the close-out: <br /> <br /> Fund Balance – 12/31/24 $201,477 <br /> Estimated 2025 Increment & Interest $180,000 <br /> Available Fund Balance $381,477 <br /> Less: <br /> Amount Available for Pooling $43,673 <br /> Estimated Amount Returned to Ramsey County $337,804 <br /> <br />As stated earlier, some additional details will be worked out over the next few months. <br /> <br />RECOMMENDATION <br />Staff is recommending that the City Council adopt the attached resolution decertifying TIF <br />District 7-2 and authorize staff to close-out of the district. <br />