2000 EDC - Laserfiche WebLink

Home Browse Search

Item No. 6B Meeting Date: August 241h, 2000 Type of Business: EB • EB:EDC Business IN: Informational Item City of Mounds View Staff Report To: Economic Development Commission From: Aaron Parrish, Economic Development Coordinator Item Title/Subject: Pooled Funds / EDA Special Revenue Fund Budgetary Recommendations Date of Report: August 16, 2000 Background: The recently adopted TIF Policy requires the following: "To more effectively utilize pooled increment, the Economic Development Commission will recommend funding priorities to the Economic Development Authority. This will be done in conjunction with the annual budgetary process." Accordingly, it is necessary for the EDC to review and/or recommend budgetary priorities to the EDA. A 2001 Budget Summary and Detail for the EDA Special Revenue Fund has been included for your review. Aside from bond payments, pay-as-you-go obligations, and staffing expenditures all of which are relatively fixed,there are some allocations that are discretionary in nature. These expenditures are primarily related to capital outlays. For discussion purposes,the following discretionary expenditures have been proposed • for 2001: Account Description Program Proposed Expenditure 7050 Capital / Real Estate Highway 10 Construction Improvements $50,000 7050 Capital / Real Estate Housing Rehab Program $160,000 7060 Business Loans Business Improvement Partnership Loans $25,000 TOTAL $235,000 As existing bond and pay-as-you-go obligations are paid off, it is anticipated that the level of discretionary expenditures will increase. To make effective use of scarce resources, it is anticipated that a long-term TIF financial plan and Economic Development Plan will be developed in the near future. Necessary Actions: Evaluate and Recommend Budgetary Priorities for Pooled TIF Funds Aaron Parrish, Economic Development Coordinator (763) 717-4029 • N:\DATA\GROUPS\GCONDEV\EDC\Staff Rcports\StafIDO\08-613.doc