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<br /> <br />M:\MasterFiles\EDC Minutes-Resolutions\EDC Minutes\2000\12-01-00.doc <br />Coordinator Parrish asked the Commission when it would like to meet next. It was the consensus of the <br />Commission that they meet on Friday January 26, 2001. <br /> <br />6. EDC BUSINESS <br /> <br />A. Use of Pre-1997 Interest Earnings <br /> <br />Coordinator Parrish indicated that the EDA requested the EDC to review potential options for the use of <br />interest earned on pre-1997 TIF funds. He informed the Commission that the OSA has determined that <br />these funds are not encumbered with the same rules and restrictions commonly associated with TIF. The <br />Commission was presented with the following preliminary options: <br /> <br />1. Establishing a fund to provide for any future safety improvements, infrastructure, and/or redevelopment <br />associated with County Highway 10. <br />2. Establishing a fund for variety of future economic development and housing projects / improvements <br />throughout the City. This could include a revolving loan fund, funding for economic development once the <br />current TIF districts expire, housing programs and replacement, mobile home park revitalization, or a <br />range of other activities. <br />3. Transfer revenue to existing funds such as the General Fund or Special Revenue Funds including the <br />Cable TV, Community Center, DARE, Park Dedication, Special Projects (Street Reconstruction etc…), <br />Street Light, Surface Water, Vehicle and Equipment, and the Lakeside Park Funds. Additional revenue <br />would then be used to expand the activities of the designated fund. <br />4. Keep pre-1997 interest earnings in existing TIF funds to be spent on TIF eligible activities. <br />5. A combination of the aforementioned options. <br />6. Other suggestions including reduction of the franchise fee. <br />After discussing possible uses for the pre-1997 interest earnings, it was determined by the Commission <br />that the funds should be transferred before the end of the year into a newly created Economic <br />Development Fund, but not spent until Highway 10 priorities and funding needs are more clearly <br />articulated, an Economic Development Plan has been adopted, and the OSA has had the opportunity to <br />review the transfer. <br /> <br />After reviewing potential options for the funds and considering the financial implications to the existing TIF <br />funds, the following motion was made: <br /> <br />Motion/Second: Carlson / Johnson moved to recommend transferring all interest earned on TIF funds prior to <br />July 1st, 1997 into a newly created Economic Development Fund before the end of the year. Further, it was <br />recommended that the funds not be spent until Highway 10 priorities and funding needs are more clearly <br />articulated, an Economic Development Plan has been adopted, and the OSA has had the opportunity to review <br />the transfer. <br /> <br />Motion Carried: 7 Ayes 0 Nays <br /> <br />7. Adjournment <br /> <br />There being no further business before the Commission, this meeting of the Economic Development <br />Commission adjourned at 8:44 a.m. <br /> <br /> Respectfully Submitted, <br /> <br /> <br />Aaron Parrish <br />Economic Development Coordinator