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515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />w w w. c i .little -ca n a d a. m n. us <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Sharon Provos, Finance Director <br />DATE: April 18, 2014 <br />RE: Closing of Fund 480 <br />MAYOR <br />Bill t3lesener <br />COUNCIL <br />Rick Montour <br />John ICeis <br />Michael McGraw <br />Shelly Boss <br />ADMINISTRATOR <br />Joel R. Hanson <br />TIF District 2 -2 (Fund 480) was decertified by the City on November 28, 2012. After returning <br />the required excess increment to Ramsey County, the remaining balance in this fund is $80,857. <br />Per advice from Ehler's, the ending balance is our pooling limit and can be used for other TIF <br />eligible expenses within the project area/development district. The expenses can be past, current <br />or future costs. Any interest allocated to the fund is considered tax increment and it would have <br />to be returned to the County. 'Therefore, staff feels that the funds should not be used for future <br />costs. Staff is recommending that the remaining fund balance for TIF district 2 -2 be transferred <br />to the Infrastructure Fund (450) to cover City costs for the reconstruction of Little Canada Road, <br />retroactive back to January 1, 2013. <br />