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NMI
<br />NMI
<br />City of Lino Lakes, Minnesota
<br />Management Report, Page 32
<br />Apollo Business Park
<br />This fund was established in 1992 to account for construction costs in developing the City's
<br />industrial park. This fund had a fund balance of $163,316 at December 31, 1995. The City
<br />expects to finance these improvements through the sale of property within the park and the
<br />adoption of assessments.
<br />Apollo Drive Construction
<br />This fund was established in 1992 to account for improvements to Apollo Drive. The fund
<br />balance of this fund was $118,648 at December 31, 1995.
<br />Tax Increment Financing #1 -1
<br />On January 26, 1987 the City established the Economic Development District #1. Within the
<br />District, the City established Housing District #1 -1. The housing plan calls for adequate numbers
<br />of low to moderate housing units pursuant to MS 273.73 subd. 11.
<br />Financial activity of this fund from inception is as follows:
<br />Prior
<br />Years 1995 Total
<br />Revenue and other sources:
<br />Tax increments $1,049,811 $197 ,970 $1,247,781
<br />HACA 8,683 8,683
<br />Interest on investments 148,568 58,594 207,162
<br />Total revenue and other sources $1,207,062 $256,564 1,463,626
<br />Expenditures and other uses:
<br />Transfer to TIF 1 -3 $9,484 $ - 9,484
<br />Administrative fee 18,500 20,656 39,156
<br />Developer assistance 70,000 35,000 105,000
<br />Professional services 13 ,502 2,408 15,910
<br />Transfer to Area and Unit Fund - 1,097,491 1,097,491
<br />Transfer to Special Revenue Fund 2,280 831 3,111
<br />Total expenditures and other uses $113,766 $1,156,386 1,270,152
<br />Fund balance - December 31, 1995 $193,474
<br />The 1995 developer assistance consisted of payments to Blue Heron for pending
<br />improvements. The transfer to the Area and Unit Charge Fund represents a partial reimbursement
<br />for the West Central Trunk sewer main related to Rice Lake Estates.
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