Laserfiche WebLink
TIF 1 -1 and 1 -2 <br />November 14, 2000 <br />Page 2 <br />acquisition of land in the Rice Street/Little Canada Road area. This two -step process is <br />necessary to ensure that the money is used for land acquisition, in fulfillment of statutory <br />and OSA requirements. Allowing the transferred funds to remain in TIF 3 -2 creates the <br />potential for use on other activities. <br />Following these actions, the City would act to formally decertify District 1 -1. <br />District 1 -2 <br />District 1 -2 was established by the City on August 24, 1988. Under the same criteria described <br />above, this district reached the end of its statutory life on August 24, 1998. <br />Monies remaining in the fund for District 1 -2 are subject to the same limitations as District 1 -1. <br />Based on the TIF Plan and the 12/31/99 fund balance ($127,466), we recommend the following <br />actions: <br />1. Transfer out non - increment revenues. The fund contains $30,472 in interest income and <br />$1,765 in other revenue. Under the statutory limitations governing this 1987 district, <br />these monies may be used for purposes other than those stated in the TIF Plan. This <br />$32,237 could be transferred to another fund, such as such as General Capital <br />Improvements (400) or Rice/Little Canada Road Development (440). <br />2. Reimburse land acquisition. The TIF Plan contains $89,551 in additional budget <br />authority for land acquisition. Under the 1996 Plan Modifications, authorizes the City to <br />acquire any parcel located within Development District No. 1. The entire City falls <br />within the boundaries of the Development District. This amount should be transferred <br />through TIF 3 -2 to Fund #440 for the acquisition of land in the Rice Street/Little Canada <br />Road area. <br />3. Send remainder to County. These exhaust the expenditures authorized in the TIF Plan. <br />The remaining $5,678 should be sent to the County for redistribution. <br />Following these actions, the City would act to formally decertify District 1 -2. <br />NAMinnsota \Liulc CwiaJ : \TIF Compliance 2000Weeaiify Mcmo.wpd <br />Page 49 <br />