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2003-190 Council Resolution
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2003-190 Council Resolution
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7/30/2015 1:20:57 PM
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7/30/2015 9:34:32 AM
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City Council
Council Document Type
Resolutions
Meeting Date
10/27/2003
Council Meeting Type
Regular
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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 staffs 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 />
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