HomeMy WebLinkAbout1997-140 Council ResolutionCouncil member
Bergeson
move its adoption:
introduced the following resolution and
CITY OF LINO LAKES
RESOLUTION NO. 97-140
RESOLUTION TRANSFERRING FUNDS FROM T.I.F. DISTRICT 1-1 TO THE TOWN
CENTER FUND FOR CITY INFRASTRUCTURE COSTS THEN CLOSING
T.I.F. DISTRICT 1-1 FUND EFFECTIVE DECEMBER 31, 1997
WHEREAS, T.I.F. District 1-1 should be closed, and
WHEREAS, there is a balance in the account, and
WHEREAS, the Town Center project is within Development District 1, and
WHEREAS, increment collected in this district can be used for eligible expenses within the
development district.
NOW THEREFORE BE IT RESOLVED, that the following transfer be authorized and the fund be
closed effective December 31, 1997
Town Center Fund (431)
T.I.F. 1-1 (09/30/97) (407)
T.I.F. 1-1 (Estimated 2nd half taxes)
T.I.F. 1-1 (Estimated interest earnings)
Increase
$600,155
Decrease
($474,155)
($120,000)
($ 6,000)
Adopted by the City Council of Lino Lakes this 13th day of October, 1997.
A . u��h Berri
Marilyn . Anderson, Clerk Treasurer
on Landers - Mayor
The motion for the adoption of the foregoing resolution was duly seconded by Member
Kuether and upon vote being taken thereon, the following voted in favor thereof:
Bergeson, Kuether, Neal, Landers.
The following voted against same: None, Council Member Lyden was absent.
Where upon said resolution was declared duly passed and adopted: