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COMMUNITY PRIDE <br />1953 - <2003 <br />MAYOR <br />Nlichael 1. Fahey <br />COUNCIL, <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />Bill Blesenet <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 ADMINISTRATOR <br />www.ci.little- canada.mn.us Joel R. Hanson <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: June 20, 2003 <br />RE: Interfand Loan for Financing of Rutzick Acquisition <br />Attached is the format for a resolution we need to approve for TIF District 3 -2 regarding the financing of <br />the acquisition of the Rutzick property. The principal amount will be in the vicinity of $880,000. The <br />loan will be repaid from future tax increment collections. We are accounting for this in the overall <br />financial analysis of the district. <br />Staff feels this is the preferred financing methodology given the costs to issue debt and the limited returns <br />we can earn on our own investments. This loan will carry a 5.5% interest rate that is established by State <br />statute. Staff will provide a completed resolution at Tuesday's meeting identifying the source of the <br />funding. <br />