HomeMy WebLinkAbout1999-130 Council ResolutionCouncil Member
moved its adoption:
introduced the following resolution and
CITY OF LINO LAKES
RESOLUTION 99 - 130
RESOLUTION TRANSFERRING $279,490 DOLLARS FROM THE TOWN
CENTER INFRASTRUCTURE FUND TO THE CIVIC COMPLEX
CONSTRUCTION FUND AND THE INTERIM CONSTRUCTION FUND
WHEREAS, M.S. 469.174, Subd. 25 (4) defines tax increments to include
interest or other investment earnings on or from tax increments, and
WHEREAS, the definition was effective for investment eamings received after
July 1, 1997, and
WHEREAS, the investment earnings on TIF 1-1 and TIF 1-2 were earned prior to
July 1, 1997, and
WHEREAS, The city of Lino Lakes considered the investment earnings on the
TIF 1-1 and TIF 1-2 funds to be non- tax increment revenues, and
WHEREAS, through 12-31-96 the total investment earnings on the TIF 1-1 and
TIF1-2 funds were $220,066 and $59,424, respectively, and
WHEREAS, the city wishes to transfer these investment earning amounts to a
non -tax increment fund, and
WHEREAS, T.I.F. 1-1 and 1-2 were originally closed into the Town Center
Infrastructure Fund, and
NOW THEREFORE BE IT RESOLVED that the council does hereby authorize
the following transfer: $94,173 out of the Town Center Infrastructure fund and
into the Civic Complex Construction fund, and $185,317 out of the Town Center
Infrastructure fund and into the Interim Construction fund, for a total transfer of
$279,490 out of the Town Center Construction fund.
Town Center Infrastructure Fund(433) ($279,490)
Civic Complex Construction Fund (432) 94,173
Interim Construction Fund(450) 185,317
Adopted by the Lino Lakes City Council this 20th day of December, 1999.
Kimberly A. Sullivan, Mayor
Ry -Chet Gaustad, CMC City Clerk
The motion for adoption of the foregoing resolution was duly seconded by
Council Member and upon vote being taken thereon, the
following voted in favor thereof: rt, faro U eGQ — Canse .t "dj 9440 -
The following voted against the same:
Whereupon said resolution was duly passed and adopted
Consent Agenda 1D
STAFF ORIGINATOR
DATE 12/15/99
TOPIC Resolution No. 99-130
VOTE REQUIRED Simple Majority
BACKGROUND
The city is in the process of finalizing the Civic Complex Construction project.
The original revenue budget earmarked dollars to come from Tax Increment
Financing funds.
In 1997 the city transferred $826,968 out of TIF 1-1 and TIF 1-2 and into the
Town Center Infrastructure fund, and then closed the TIF 1-1 and 1-2 funds.
Included in this amount was interest earnings of $279,490 (as of 12/31/96).
The following resolution is clarifying that the city considers the investment
earnings on TIF 1-1 and 1-2 to be non -tax increment revenues.
The city wishes to transfer the amount earned as interest through 12-31-96, or
$279,490, out of the Town Center Infrastructure fund and into the Civic Complex
fund and the Interim Construction fund.
OPTIONS
1. Adopt Resolution 99-130
RECOMMENDATION
Option 1
Sources of Revenue for the Civic Complex Construction Fund:
From other funds - Resolution 98-65
Area and Unit Fund
Surface Water Management
Closed Bond Fund
Apollo Drive Construction Fund
Industrial Park Fund
Water Operating
Sewer Operating
500,000.00
250,000.00
954,492.00
336,497.00
479,010.00
90,000.00
90,000.00
Total transfer from other funds - Resolution 98-65 2,699,999.00
Bond Proceeds 4,790,407.00
Interest Revenue 168,227.00
Transfer from General Fund for generator - Resolution 99-115 100,000.00
Transfer from Town Center Infrastructure Fund - Resolution 99-130 94,173.00
Total sources of Revenue for the Civic Complex Construction Fund 7,852,806.00
Consulting Bond Costs
Springstead 33,906.29
Moody's 10,900.00
Kennedy and Graven 8,000.00
Total Consulting Costs 52,806.29
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
"-"'=or The Year Ended December 31, 1997
With Comparative Totals For The Year Ended December 31, 1996
1
1
Town Civic Town Tax Increment
Center Center Center Financing
Project Project Infrastructure 1-1
Revenue:
General property taxes:
Current and delinquent $ - $ $ - $ -
Fiscal disparities
Tax increments 242,345
Intergovernmental:
Federal:
Other
State:
MSA construction
Other
County:
Other
Special assessments:
Current and delinquent
Prepayments
Penalties and interest
Utility charges -
Interest on investments 5,039
Refunds and reimbursements -
Rental payments
Park dedication fees -
Sale of property 58,788
Total revenue 58,788 0 0 247,384
Expenditures:
Current:
General government:
Contractual services 125,603 143,878 2,087
Public works:
Contractual services
Capital outlay:
General government
Public safety
Public works 447,876
Parks, recreation and forestry - -
Construction/acquisition 196,638
Total expenditures 573,479 143,878 196,638 2,087
Revenue over (under) expenditures (514,691) (143,878) (196,638) 245,297
Other financing sources (uses):
Operating transfer from General Fund
Operating transfer from Capital Project Funds
Operating transfer to Debt Service Funds
Operating transfer to Capital Project Funds
Debt proceeds 946,020
Total other financing sources (uses) , 946,020 0 0 0
Net increase (decrease) in fund balance 431,329 (143,878) (196,638) 245,297
Fund balance (deficit) - January 1 (36,536) - 347,899
:,sidual equity transfer in 826,968
Residual equity transfer out (593,196)
Fund balance (deficit) - December 31 $394,793 ($143,878) $630,330 $0
88
Tax Increment
Financing
1-2
2,178
1
124,289
1
1,584
1
39,202
40,786 1
83,503
1
1
0
83,503
150,269
(233,772)
$0
1
1
1
1
1
1
1
1
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
R TAX INCREMENT HOUSING DISTRICT #1-1
December 31, 1997
(UNAUDITED)
Exhibit 7
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $1,470,000 $1,488,280 $242,345 ($260,625)
Interest on investments - 220,066 5,039 (225,105)
Total sources of funds 1,470,000 1,708,346 247,384 (485,730)
Uses of funds:
Public improvements 1,470,000 1,097,491 372,509
Administrative 122,863 2,088 (124,951)
Developer assistance - 105,000 - (105,000)
Transfer to other funds 35,092 593,196 (628,288)
Total uses of funds 1,470,000 1,360,446 595,284 (485,730)
1 Funds remaining (deficit)
1
1
1
1
1
1
Name of District: Rice Lake Estates
District Number: H-4
Type of District: Housing
Date Certified: June 29, 1987
Date Decertified December 31, 1997
Duration: 25 Years
Tax Capacity:
Original $2,689
Current $185,033
I-
1
1
$0 $347,900 ($347,900) $0
113
CITY OF LINO LAKES, MINNESOTA
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1-2
December 31, 1997
UNAUDITED)
Exhibit 8
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $742,200 $675,454 $122,111 ($55,365)
Interest on investments - 59,424 2,178 (61,602)
Total sources of funds 742,200 734,878 124,289 (116,967)
Uses of funds:
Public improvements 630,000 512,196 39,202 78,602
Land acquisition 65,000 - 65,000
Demolition and site preparation 10,000 10,000
Relocation costs 15,000 - 15,000
Administrative 22,200 59,444 1,584 (38,828)
Transfer to other funds - 12,969 233,772 (246,741)
Total uses of funds 742,200 584,609 274,558 (116,967)
-cunds remaining (deficit)
Name of District: Sunrise Meadows
District Number: I-5
Type of District: Economic Development
Date Certified: February 10, 1989
Date Decertified: December 31, 1997
Duration: 10 Years
Tax Capacity:
Original $23,272
Current $136,938
114
$0 $150,269 ($150,269)
$0
1
1
1
1
1
1
1
r
rE
r
COUNCIL MINUTES DECEMBER 20, 1999
December 8, 1999, Council Work Session Meeting
December 13, 1999 Council Meeting
DISBURSEMENTS:
December 20, 1999
December Manual Disbursements
(Check No. 57741 - 57859, $390,870.55)
Centennial Fire District
December 20, 1999
Resolution No. 99 - 129 Adopting the
2000 Recreation Fund Budget
Resolution No. 99 - 130 Transferring $279,490 from
Town Center Infrastructure Fund to the Civic Complex
Construction Fund and Interim Construction Fund p ved
Approved
Moved to Item 8A
Approved
Approved
Approved
OPEN MIKE
No one appeared under open mike.
Mayor Sullivan noted that the Ci
regarding the City's survey
was an honor and asked sta
Mayor Sullivan annou
and will remain a two -1
Highway 49 and Birch
es Was noticed in an environmental newsletter
"terCf eek Development Plan. She commented that this
to that consultant.
Birch Street overlay project is scheduled for the year 2000
with striping for turn lanes. However, the signal light at
et may not be implemented until 2001.
Mayor Sullivan commented that tonight is her last Council meeting. She offered best wishes to
the new Council and her thanks for the support from staff. She stated it has been an honor and
privilege for her to serve the citizens of Lino Lakes.
Mayor Sullivan noted this is also the last night that City Clerk Marilyn Anderson will be part of
City staff. She noted that Ms. Anderson has served the City for 23 years and is now retiring.
Mayor Sullivan stated that Ms. Anderson has been a dutiful public servant and thanked her for
her years of service to the City of Lino Lakes.
ADMINISTRATION DEPARTMENT REPORT, DAN TESCH
2