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• <br />• <br />• <br />AGENDA ITEM 3A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE October 27, 2003 <br />TOPIC Consider Resolution 03 -190 Authorizing The Transfer Of Funds <br />From Tax Increment Financing District 1 -4 (Fund 410) To Tax <br />Increment District 1 -6 (Fund 412) <br />VOTE REQUIRED <br />BACKGROUND <br />Simple Majority (3/5) <br />Staff, along with it's consultant, Springsted, Inc., has undertaken a review of the City's Tax <br />Increment Financing (TIF) Districts. Upon completing the review it was concluded that TIF District <br />1 -6 should be decertified this year. However, there remains a deficit in the TIF 1 -6 Fund of <br />$14,527. The City still maintains a balance in the TIF 1 -4 fund, which was decertified in 2000, that <br />may be used to cover the deficit in TIF 1 -6 and enable the City to decertify the district. <br />It is staff's recommendation that the City Council authorize a transfer from the TIF 1 -4 Fund to the <br />TIF 1 -6 Fund to eliminate the deficit. Resolution 03 -190 is presented for your consideration. <br />OPTIONS <br />1) Adopt Resolution No. 03 -190. <br />2) Return to staff for further review. <br />3) Do not adopted Resolution No. 03 -190. <br />RECOMMENDATION <br />Option 1. <br />