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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AGENDA ITEM 4 <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE June 25, 2007 <br />TOPIC Consider Resolution 07-02 Authorizing Interfund Loan in <br />Connection with Lake Drive Interchange and Tax Increment <br />Financing District No. 1-11 <br />VOTE REQUIRED <br />Simple Majority <br />The Lino Lakes City Council approved a contract with Lunda Construction for the reconstruction of <br />the interchange of Interstate 35W and Lake Drive. As discussed previously, the cost of the <br />interchange project came in higher than original estimates. It is proposed to provide an interfund <br />loan of $556,000 from funds of the City of Lino Lakes to the project and to repay the loan from <br />future tax increments. This interfund loan would be subordinate to the repayment of the G.O. Tax <br />Increment Bonds and the Tax Increment Revenue Note Series 2004 and any prior interfund loans. <br />Staff recommends the approval of EDA Resolution 07-02. <br />1. Adopt Resolution 07-02. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 07-02. <br />Option 1 <br />A-3 <br />