11-15-1999 CC - Laserfiche WebLink

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Mounds View City Council October 25, 1999 Regular Meeting Page 18 Mayor Coughlin stated this should be the TIF Interest Fund, which has been called the Economic Development Fund for lack of a better title. He stated he would agree this is the fund that should be utilized, and it appeared to be the consensus of the Council at a previous Work Session. Finance Director Kessel pointed out that one of the issues the State Auditor takes exception to is whether or not the funds are authorized. He suggested, in conjunction with this policy action, staff research preparing a new budget as part of the TIF plan, so that if there is ever a question, it can be referenced. He explained that since the Council and the EDC have not yet met, one component of the discussion would be how to spend any other TIF dollars, or possible decertification or turning some of the tax dollars back. Council Member Stigney stated in that the EDA and the EDC has not had the opportunity to go over the TIF plan for the City, and it was somewhat premature to take the first steps toward making a loan tot he golf course from this fund. He recommended they hold of action until after that meeting. Mayor Coughlin inquired regarding the time frame for this matter. Finance Director Kessel stated clarification was required by January 1, 2000, and this was the critical date, however, they could wait until December and this should not present a problem. Mayor Coughlin stated as the seconder, he would agree to lay this matter over until the meeting with the EDC and EDA, and to amend the motion to authorize staff to get everything in order, including all of the TIF considerations, and to begin the process. He inquired if Council Member Quick would agree to this amendment. Council Member Quick stated he would agree to this. City Administrator Whiting commented that whatever action takes place, the golf course will repay the loan in total, plus full interest. Mayor Coughlin clarified that the motion is to hold over consideration of this matter until the EDA and EDC meet to discuss TIF at some length, but in the meantime, to authorize staff to come up with any and all necessary paperwork so that the Council can move upon it quickly if the need arises. Council Member Stigney stated staff should also research other funding sources for the golf course. Mayor Coughlin stated a variety of funding sources were listed and discussed at previous Work Sessions. City Administrator Whiting requested clarification, noting that it was his understanding that staff should research solely the interest generated off of TIF, prior to that date. Mayor Coughlin stated it was his understanding that this was the consensus of the Council at a previous Work Session. City Administrator Whiting pointed out, of the options available to the City, this option is furthest from the General Fund, not only at present but also in the future.