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MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morelan <br />Bob Pedersen <br />515 Little Canada Road, Little Canada, MN 55117-1600 ADMINISTRATOR <br />(651) 484 -2177 / FAX: (651) 484 -4538 Joel R. Hanson <br />Email: cityhall @ci.little - canada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: November 17, 2000 <br />RE: Closeout of Tax Increment Financing Districts 1 -1 and 1 -2 <br />Attached is a memo from Rusty Fifield and Shelly Eldridge of Ehlers & Associates which <br />discusses the closeout of the above - referenced tax increment financing districts. As you know, <br />we had accumulated additional revenues beyond the amounts initially contemplated in the <br />respective plans. A few years ago, we amended those districts to allow us additional authority to <br />spend the excess revenues for other eligible purposes. In doing so, we must exercise great care <br />in order to comply with the State Auditor's statutory interpretations. The memo from Ehlers <br />outlines the steps we should take to close out these districts. <br />As I see it, there are essentially two options. They are as follows: <br />Option 1 Option 2 <br />TIF 1 -1 $41,507 to Fund 480 (Gen. Cap. Imp.) $41,507 to Fund 440 (Rice /LC Rd. Dev.) <br />$145,390 $103,883 to Fund 467 (TIF 3 -2 *) $103,883 to Fund 467 <br />TIF 1 -2 $32,237 to Fund 400 <br />$127,446 $89,551 to Fund 467 <br />$5,678 to Ramsey County <br />Net Impact: <br />$32,237 to Fund 440 <br />$89,551 to Fund 467 <br />$5,678 to Ramsey County <br />*Monies to Fund 467 are to be immediately transferred from there to Fund 440. <br />General Capital Improvement (Fund 400) <br />$73,744 $0 <br />H: \KrisP \CORRESP\2000 \TIF Districts.doc <br />Page 46 <br />