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October 27 Meeting <br />October 20, 1999 <br />Page 2 <br />City amended the TIF plans for these districts to authorize the use of tax increment <br />revenues for pending development objectives, in particular, the Rice Street and Little <br />Canada Road area. The plan amendments specifically authorize additional expenditures <br />for land acquisition and to acquire any parcel of property within the development district. <br />The boundaries of the development district were expanded to include the entire City. <br />Based on this authorization, the City can use monies in the TIF fund for these districts to <br />reimburse costs for land acquisition. Potential acquisition costs include Budget Power <br />and Guerin. Existing fund balance can only be used to the degree that the TIF plan <br />authorizes these expenditures. We are in the process of making our final analysis of <br />additional funding capacity and the appropriate language for the decertification <br />resolution. I will present this information for action by the EDA at the meeting on the <br />27h. <br />C:\ PROJECTS \Active \LCANADA \99Bonth \CC Memo 1020.wp0 <br />Page 83 <br />