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City of Lino Lakes, Minnesota <br />Management Report <br />Capital Project Funds <br />Town Center Project <br />This fund was established in 1996 to account for costs associated with the construction of <br />the City Town Center project. This fund had a fund balance of $394,793 at December 31, 1997. <br />This fund acquired land for the project and to resell for economic development. This land held <br />for resale totaled $989,506 at December 31, 1997. <br />Town Center Infrastructure <br />The City approved a transfer of residual tax increment fund amounts from TIF #1 -1 and #1- <br />2 pursuant to Resolutions 97 -140 and 141 (as amended). The actual transfers are presented in a <br />related Capital Project Fund - Town Center Infrastructure. <br />Q > TIF Districts #1 -1 and #1 -2 were decertified effective the same date of the transfer <br />(December 31, 1997). We recommend that the transfer of proceeds be researched to verify that <br />the intended use satisfies all existing tax increment laws and that procedures are in place to <br />assure continued compliance regarding: <br />1) Expenditure of tax increments after decertification of the Districts. <br />2) Use of tax increments for acquisition of a building to be used regularly for conducting <br />the business of a municipality. <br />3) Authorized use consistent with original budget and amendments thereto. <br />4) Other applicable statutes. <br />Civic Center Project <br />This fund had a deficit of $143,878 at December 31, 1997. The deficit is anticipated to be <br />funded through the proceeds of the 1998 Lease Revenue Bonds issued by the City's EDA. <br />Page 49 <br />