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03-26-1998
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03-26-1998
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8/7/2018 11:04:27 AM
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MV EDC
EDC Document Type
Council Packets
Date
3/26/1998
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S $, <br /> To: Economic Development Commission Members <br /> From: Rick Jopke, Community Development Director MEMORANDUM <br /> Subject: Review of TIF Funding Budgets <br /> Date: March 17, 1998 <br /> BACKGROUND <br /> The City Council, on March 9, 1998, awarded bids for the construction of Phase II of the <br /> project to renovate the former Bel Rae Ballroom into the Mounds View Community Center. <br /> The bids awarded were equal to $3,473, 107. This would bring the total cost of the project to <br /> approximately $6. I million. The source of funds for this project is the available TIF pool. The <br /> EDC and EDA have previously approved a long range budget projecting the use of available <br /> TIF pool funds. The amount of TIF funds needed for the Community Center exceeds what <br /> was shown in the long range budget. Bruce Kessel, the city's finance director will be present <br /> at the March 26 EDC meeting to review the attached projected TIF Funding Budgets with the <br /> commission. <br /> RECOMMENDATION <br /> • This matter is being presented for information purposes only. No action is necessary at this <br /> time. Future action will be required as part of the approval of a revised economic <br /> development plan. <br /> 3—CfRick Jopke <br /> Community Development Director <br /> N:\DATA\GROUPS\ECONDEV\EDA-EDCVT1FUND.MEN1 <br /> • <br />
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