11-28-2012 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL NOVEMBER 28, 2012 Statutes. The Administrator indicated that as part of that transaction District Council agreed to a Payment In Lieu of Taxes (PILOT) to provide the City with $10,000 of annual funding to offset the City's loss of tax revenue. The Administrator reported that in decertifying this district, the remaining property value will be spread normally and added to the City's tax base. Any remaining funds in the District will be remitted back to the County and distributed to the appropriate taxing jurisdictions after the City deducts its final administrative costs. Keis introduced the following resolutions and moved its adoption: RESOLUTION NO. 2012 -11 -208 — APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 2 -2 OF THE CITY OF LITTLE CANADA AS RECOMMENDED BY THE CITY ADMINISTRATOR The foregoing resolution was duly seconded by McGraw. Ayes (5). Nays (0). Resolution declared adopted. INTERFUND The City Administrator recommended that the Interfund Loan amount LOAN — for TIP District 5 -1 (St. Jude Medical & Viking Drive) be increased from TIF DISTRICT $750,000 to $840,000. This increase is needed due to the timing of the 5 -1 St. Jude's repayment of Phase III costs as outlined in the City's development agreement with them. The Administrator indicated that the amount was billed to St. Jude in late 2011 and repayment was received in early 2012. To ensure that the City's accounting records are accurate, the resolution increasing the Interfund Loan amount should be retroactive to November 1, 2011. The Administrator reported that with this action and the payment made by St. Jude in early 2012, the Interfund Loan balance will be $400,000 at the end of 2012, representing the value assigned for the relocation of Viking Drive plus any accrued interest on that amount. This amount reflects the potential sale price of the City's parcel at the corner of Viking Drive and Rice Street. Blesener introduced the following resolution and moved its adoption: RESOLUTION NO. 2012 -11 -209 — AMENDING THE TERMS OF AN INTERNAL LOAN IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT 5 -1 RETROACTIVE TO NOVEMBER 1, 2011 AS RECOMMENDED BY THE CITY ADMINISTRATOR 10