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Mounds View EDA December 11, 2000 <br />Regular Meeting Page 2 <br /> <br /> <br />5. EDA BUSINESS <br /> <br />A. Consider Approval of Resolution 00-EDA-138, a Resolution Requesting the <br />Economic Development Authority Withdraw all Pre-July 1, 1997 Interest <br />Revenue from Tax Increment Financing Districts Nos. 1, 2, and 3, all <br />Redevelopment Districts, and Place the Revenue in a Newly Created <br />Economic Development Fund. <br /> <br />Economic Development Director Parish indicated the funds would not be spent but would be left <br />in the fund to accrue interest until such time as it is decided how they should be spent. <br /> <br />Economic Development Director Parish inquired as to whether the Economic Development <br />Authority had any questions concerning the Resolution. <br /> <br />Commissioner Quick inquired as to whether there was $2.2 million dollars to be moved to the <br />newly created account. <br /> <br />Finance Director Kressel indicated the latest projections indicate $2.4 million dollars will be <br />available in February or March. <br /> <br />MOTION/SECOND: Stigney/Marty. To approve Resolution 00-EDA-138, a Resolution <br />Requesting the Economic Development Authority Withdraw all Pre-July 1, 1997, Interest <br />Revenue from Tax Increment Financing Districts Nos. 1, 2, and 3, all Redevelopment Districts, <br />and Place the Revenue in a Newly Created Economic Development Fund Amending the Name of <br />the Fund to TIF Interest Fund. <br /> <br />President Coughlin inquired as to whether Staff felt the Office of the State Auditor would <br />approve of calling the fund a TIF Interest Fund. <br /> <br />Economic Development Director Parish expressed concern for referring to the fund as a TIF <br />Interest fund as the reason to move the funds is to get away from having them commingled with <br />other TIF interest funds. <br /> <br />President Coughlin inquired if Vice President Stigney would like to amend his motion based on <br />the recommendation of Staff to keep TIF out of the name of the fund. <br /> <br />Finance Director Kressel suggested the fund be called Economic Development Interest Fund. <br /> <br />Vice President Stigney expressed concern for titling the fund Economic Development Interest <br />Fund as the name suggests a specific use for the funds. <br />