01-26-2001 - Laserfiche WebLink

Home Browse Search

Not Approved Coordinator Parrish asked the Commission when it would like to meet next. It was the consensus of the Commission that they meet on Friday January 26, 2001. 1111. EDC BUSINESS A. Use of Pre-1997 Interest Earnings Coordinator Parrish indicated that the EDA requested the EDC to review potential options for the use of interest earned on pre-1997 TIF funds. He informed the Commission that the OSA has determined that these funds are not encumbered with the same rules and restrictions commonly associated with TIF. The Commission was presented with the following preliminary options: 1. Establishing a fund to provide for any future safety improvements, infrastructure, and/or redevelopment associated with County Highway 10. 2. Establishing a fund for variety of future economic development and housing projects / improvements throughout the City. This could include a revolving loan fund,funding for economic development once the current TIF districts expire, housing programs and replacement, mobile home park revitalization, or a range of other activities. 3. Transfer revenue to existing funds such as the General Fund or Special Revenue Funds including the Cable TV, Community Center, DARE, Park Dedication, Special Projects (Street Reconstruction etc...), Street Light, Surface Water,Vehicle and Equipment, and the Lakeside Park Funds. Additional revenue would then be used to expand the activities of the designated fund. 4. Keep pre-1997 interest earnings in existing TIF funds to be spent on TIF eligible activities. 5. A combination of the aforementioned options. 6. Other suggestions. After discussing possible uses for the pre-1997 interest earnings, it was determined by the Commission that the funds should be transferred before the end of the year into a newly created Economic Development Fund, but not spent until Highway 10 priorities and funding needs are more clearly articulated, an Economic Development Plan has been adopted, and the OSA has had the opportunity to review the transfer. After reviewing potential options for the funds and considering the financial implications to the existing TIF funds, the following motion was made: Motion/Second: Carlson/Johnson moved to recommend transferring all interest earned on TIF funds prior to July 1st, 1997 into a newly created Economic Development Fund before the end of the year. Further, it was recommended that the funds r wt be spent until Hiyhway 10 pi iui ities-and- • -•' --• _ _ --* _ - articulated, an Economic Development Plan has been adopted, and the OSA has had the opportunity to review the transfer. Motion Carried: 7 Ayes 0 Nays 7. Adjournment There being no further business before the Commission, this meeting of the Economic Development Commission adjourned at 8:44 a.m. Respectfully Submitted, Aaron Parrish Economic Development Coordinator N:\DATA\GROUPS\ECONDEV\EDC\Minutes\Min00\12-01-00.doc