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Item No. 10E <br />Meeting Date: November 22, 004 <br />Type of Business: Council Business <br />Administrator Review: _____ City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Charles Hansen, Finance Director <br />Item Title/Subject: Resolution 6394 Amending the 2004 TIF District <br />Funds and Community Fund Budgets <br /> <br />The City Council approved several actions during 2004, which created the need to <br />amend the budget, but the budget amendment was overlooked at the time. This <br />resolution corrects those omissions. <br /> <br />Street Light Replacement Program: <br />On August 9, 2004, the City Council approved Resolution 6327 awarding a <br />contract to Xcel Energy for the replacement of City owned streetlights. <br /> <br />Resolution 6327 and its staff report identified lights in the business park area, <br />costing $191,000, to be funded by tax increment funds (TIF). The attached <br />Resolution 6394 makes it more specific to TIF District #1 and amends the budget. <br /> <br />Resolution 6327 also identified 8 lights in various locations around the City, <br />costing $42,000, to be funded by the Community Fund. It also identified 6 lights in <br />the Silver Lake Woods Condominium, costing $36,000, to be funded half by the <br />homeowners association and half by the Community Fund. The attached <br />Resolution 6394 amends the Community Fund budget to provide for $18,000 of <br />revenue and $78,000 of expenditures. <br /> <br />County Road H Sidewalk: <br />On January 26, 2004, the City Council approved Resolution 6167 awarding a <br />contract for the construction of a sidewalk on County Road H in the amount of <br />$321,911.17. On July 12, 2004, Resolution 6304 approved Change Order #1 in <br />the amount of $24,600 to install concrete curb on the north side of County Road H. <br /> <br />Both resolutions stated the improvements were to be funded by TIF. The attached <br />Resolution 6394 makes it more specific to TIF District #1 and amends the budget. <br /> <br />Business Assistance to Velmeir Co. for the CVS Pharmacy: <br />On July 26, 2004, the E.D.A. approved Resolution 04-EDA-191 approving <br />assistance to Velmeir Co. for the redevelopment of the Amoco property at 2800 <br />County Highway 10 in the amount of $75,000 to come from TIF funds. <br /> <br />The attached Resolution 6394 makes it more specific to TIF District #2 and <br />amends the budget.