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• <br /> Agenda Section: 9.13 <br /> REQUEST FOR COUNCIL CONSIDERATION Report Number.93-682C <br /> Report Date: 11-5-93 <br /> • STAFF REPORT Council Action: <br /> 0 Special Order of Business <br /> CITY COUNCIL MEETING DATE November 8, 1993 0 Public Hearings <br /> ❑ Consent Agenda <br /> Council Business <br /> Item Description: Consideration of Resolution No. 4446 Relating to the Financing of a <br /> Muni_cipa]_ Golf Course <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <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 pr. . - t bids will be within the estimated costs. <br /> 0-eneV <br /> Sam , City <br /> ,. tha Ordu o Adminis ator <br /> RECOMMENDATION: <br /> Motion to Waive the Reading and Approve Resolution Nu. 4446 Relating to the Financing <br /> of A Municipal Golf Course of the City <br />