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City of Mounds View Staff Report <br />December 5, 2000 <br />Page 2 <br />While a range of financial and programmatic issues were discussed, the EDC determined that <br />additional time would be needed to determine a specific use for the funds. The Commission felt that <br />a better allocation could be made after the forthcoming Economic Development Plan was completed <br />and funding priorities associated with County Highway 10 planning process were ascertained. <br /> <br />Given the aforementioned considerations and the recommendations provided by the EDA’s <br />Financial Advisor, the EDC voted unanimously to recommend withdrawing the pre-1997 interest <br />earnings from the TIF districts to be placed in an a newly created Economic Development Fund. <br />Additionally, they recommended adhering to the Financial Advisors recommendations of not <br />obligating the funds for a specified period of time. Finally, it was also recommended that funds not <br />be utilized until priorities could be determined. <br /> <br />Financial Considerations: <br /> <br />In the event that our TIF districts do not have a cash balance to cover a withdrawal of $2,276,116, it <br />may be necessary to borrow from an existing City fund to be repaid with future increments. This is <br />commonly referred to as an interfund loan. <br /> <br />Necessary Actions: <br /> <br />Consider resolution 00-EDA-138 taking pre-1997 July 1st, 1997 interest revenue and placing it in a <br />newly created Economic Development Fund.. <br /> <br /> <br /> <br />______________________________________ <br />Aaron Parrish, Economic Development Coordinator <br />(763) 717-4029 <br /> <br />Attachment #1: Resolution 00-EDA-138