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•• Agenda Section: 9.Ii <br />REQUEST FOR COUNCIL CONSIDERATION Report Number.97— <br />Report Date: 11-5-93 <br />STAFF REPORT Council Action: <br />C Special Order of Business <br />CITY COUNCEL b4EETING DATE November 8, 1993 O Pubiie Hearings <br />C Consent Agenda <br />Council Business <br />Item Desmntion: ComiWeration of Resolution No. 4446 Relating to the Financing of a <br />)1l nigfp�l (:nlf conrcr <br />Administrator's RmewiRecommendation: <br />. No comments to supplement this report <br />- Comments attached. <br />E%planatianiSummarl (attach supplement sheets m necessary.) <br />gUNTMARY: <br />The attached Resolution outlines the conditions by which the city may <br />utilize proceeds from Tax Increment Financing District No. 2. in a short <br />term loan to fund the purchase of Lot 16, Block 2 of Blaine's Northstar <br />Industrial Park. Purchase of the Lot is an integral part of the development <br />of the proposed golf course and practice range. <br />The Resolution defines the permitted uses of funds which were established <br />when the District was created. Using the funds for clearly defined <br />recreational purposes, such as the development of the golf course, is <br />consistent with the intended purposes of the District. <br />The Resolution also provides authorization to proceed with the purchase of <br />the land at a purchase price of $204,504.90. The money used to purchase the <br />land will then be reimbursed to the TIF District No. 2 fund from the <br />proceeds of the proposed Revenue Bond sale slated to take place next month. <br />The reimbursement will be made after the construction bids are awarded for <br />the construction of the golf course and driving range. <br />It must be noted that should the bids come in higher than anticipated, the <br />proceeds to be reimbursed to the TIF District No. 2 fund will be decreased <br />by the amount that the bids are over the estimated construction expenses. <br />The City does not anticipate that this will occur as the project architect <br />has a long history of bringing projects in at or under budget and the <br />construction costs have been discussed, revised and reviewed by several <br />professional sources prior to finalization. The Task Force is confident <br />that the plzaject bids will be within the estimated costs. <br />RECOMMENDATION: <br />:'ot:nn t❑ tdaivc the Rcadin); and dpprnvc 8esonttnni .:u. 4441, ReL:ting to the Financing <br />of .1 'lun is ipaI Golf Coo rse of Che City <br />