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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www. ci. li the -canad a. m n. us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Shelly Rueckert, Finance Director <br />DATE: June 3, 2011 <br />RE: Interfund Loan Amendment for TIF District No. 5 -1 <br />MAYOR <br />13ii1 Blesener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />City staff is requesting that the Council adopt the attached resolution amending die <br />Interfund Loan for TIF District No. 5 -1 which increases the interfund loan amount from <br />$200,000 to $750,000. This loan is anticipated to be retired through a combination of <br />TIF collections and TIF note proceeds from St. Jude for additional costs. The TIF note to <br />St. Jude will only he reimbursed if excess TIF collections associated with the St. Jude <br />project becomes available. <br />