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Home My WebLink About2003-190 Council ResolutionRESOLUTION 03-190 RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM TAX INCREMENT FINANCING DISTRICT 1-4 (FUND 410) TO TAX INCREMENT FINANCING DISTRICT 1-6 (FUND 412) WHEREAS, Tax Increment Financing District 1-4 has fulfilled all contracted obligations and was decertified on March 26, 2000; and WHEREAS, Tax Increment Financing District 1-4 (Fund 410) has an uncommitted fund balance of $47,243; and WHEREAS, such excess funds in Tax Increment Financing District 1-4 (Fund 410) are available for use for certain expenses in other TIF districts; and WHEREAS, Tax Increment Financing District 1-6 (Fund 412) has fulfilled all contracted obligations and has a current fund deficit of $14,527; and WHEREAS, it is the intent of the City Council of Lino Lakes to eliminate the deficit in Tax Increment Financing District 1-6 (Fund 412) in order to decertify the District. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota that a transfer of funds is hereby authorized as follows to eliminate the deficit in Tax Increment Financing District 1-6 (Fund 412): From To TIF District 1-4 (Fund 410) $14,527 TIF District 1-6 (Fund 412) $14,527 Adopted by the Lino Lakes City Council the 27th day of October 2003. J n J. rge on, Mayor ( Ann BI9ir, City Clerk AGENDA ITEM 3A STAFF ORIGINATOR Al Rolek MEETING DATE October 27, 2003 TOPIC Consider Resolution 03-190 Authorizing The Transfer Of Funds From Tax Increment Financing District 1-4 (Fund 410) To Tax Increment District 1-6 (Fund 412) VOTE REQUIRED BACKGROUND Simple Majority (3/5) Staff, along with it's consultant, Springsted, Inc., has undertaken a review of the City's Tax Increment Financing (TIF) Districts. Upon completing the review it was concluded that TIF District 1-6 should be decertified this year. However, there remains a deficit in the TIF 1-6 Fund of $14,527. The City still maintains a balance in the TIF 1-4 fund, which was decertified in 2000, that may be used to cover the deficit in TIF 1-6 and enable the City to decertify the district. It is staffs recommendation that the City Council authorize a transfer from the TIF 1-4 Fund to the TIF 1-6 Fund to eliminate the deficit. Resolution 03-190 is presented for your consideration. OPTIONS 1) Adopt Resolution No. 03-190. 2) Return to staff for further review. 3) Do not adopted Resolution No. 03-190. RECOMMENDATION Option 1.