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1999-130 Council Resolution
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1999-130 Council Resolution
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Last modified
2/16/2016 1:50:26 PM
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2/16/2016 12:06:32 PM
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City Council
Council Document Type
Resolutions
Meeting Date
12/20/1999
Council Meeting Type
Regular
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Consent Agenda 1D <br />STAFF ORIGINATOR <br />DATE 12/15/99 <br />TOPIC Resolution No. 99-130 <br />VOTE REQUIRED Simple Majority <br />BACKGROUND <br />The city is in the process of finalizing the Civic Complex Construction project. <br />The original revenue budget earmarked dollars to come from Tax Increment <br />Financing funds. <br />In 1997 the city transferred $826,968 out of TIF 1-1 and TIF 1-2 and into the <br />Town Center Infrastructure fund, and then closed the TIF 1-1 and 1-2 funds. <br />Included in this amount was interest earnings of $279,490 (as of 12/31/96). <br />The following resolution is clarifying that the city considers the investment <br />earnings on TIF 1-1 and 1-2 to be non -tax increment revenues. <br />The city wishes to transfer the amount earned as interest through 12-31-96, or <br />$279,490, out of the Town Center Infrastructure fund and into the Civic Complex <br />fund and the Interim Construction fund. <br />OPTIONS <br />1. Adopt Resolution 99-130 <br />RECOMMENDATION <br />Option 1 <br />
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