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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 484 -2177 / FAX: (651) 484 -4538 <br />DATE: March 24, 1999 <br />TO: Mayor & City Council <br />FROM: Julie Manville -Camp <br />RE: RESOLUTIONS TO CLOSE FUNDS 317 AND 467 <br />The two attached resolutions reference the final transactions required to close out the <br />Marketplace Rehab project. The remaining fund balance of $217,652.44 reflects the <br />City's profit on the transaction as follows: <br />Initial fee received from Grootwassink/Hotzler $150,000 <br />Interest earned on fund balances 1996 -1999 96,870 <br />Less: Bond interest expense from <br />Grootwassink/Hotzler payoff date to bond call date (29 092) <br />Total $217,652 <br />MAYOR <br />Michael I. Fahey <br />• COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve Morel= <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />The remaining fund balance will be transferred to the Rice /Little Canada Road Redevelopment <br />Fund to help defray the costs of recent property purchases in this area. <br />/jmc <br />Page 9 <br />