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11-22-1999 regular meeting
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11-22-1999 regular meeting
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Mounds View City Council October 25, 1999 <br />Regular Meeting Page 17 <br />Ayes - 3 Nays - (Stigney) Motion carried. <br />• D Consideration of an Interfund Advance to the Golf Course Fund. <br />City Administrator Whiting stated at various meetings, the Council has discussed the future cash <br />flow at the golf course, and what to do about the projected shortfalls on two occasions in the <br />future. He indicated he and Finance Director Kessel met with Attorney Jim O'Meara, of Briggs <br />and Morgan, who advises the City with regard to the TIF issues. He explained that Mr. O'Meara <br />has clarified some of the State Statutes and State Auditor opinions regarding the existing TIF <br />funds, and whether or not a portion of those funds could be utilized to assist the golf course in a <br />loan situation. <br />City Administrator Whiting stated the Council is somewhat in agreement that some type of loan <br />would be appropriate for the golf course. He noted concerns expressed earlier in the meeting in <br />terms of utilizing taxpayer funds for the golf course, and explained that this would be a means to <br />avoid that. He advised that further discussion of this matter is required, as it is a situation that <br />would last for a few years, and the Council should determine the means by which they would <br />approach this option and address the concerns. <br />Finance Director Kessel stated staff has met with the City's bond counsel and TIF attorney, who <br />have advised there is a provision, based upon the interpretation of the State Auditor's Office, <br />which indicates that any interest earned on TIF funds prior to July 1, 1997 are not TIF dollars, <br />and therefore, can be taken out of the TIF fund and utilized for other purposes. <br />He explained at the staff level, rt has been discussed that the City may wish to pull out those <br />funds and set up an Economic Development Fund, to provide that when the TIF Districts expire <br />in approximately 2014, the City will have some tools available for economic development. He <br />stated these funds could be used as the City sees fit. He pointed out that based upon the <br />projections, the structure of the golf course financing is such that it is scheduled to be paid off in <br />approximately 2013, at which. time, they could shift debt payments to repay the loan back to the <br />TIF fund. He added that another positive factor is that once the TIF Districts expire, the City <br />would still have funds available for economic development, because at present, there are. no other <br />funds available for this purpose. <br />City Administrator Whiting stated staff is requesting direction regarding this option. He <br />suggested staff formulate a policy action for the Council to take, and review this at the following <br />Work Session, and deal with it at a Council meeting, after that point. <br />MOTION/SECOND: Quick/Coughlin. To Direct Staff to Formulate a Policy Action for the <br />Council to Take, and to Hold Over Consideration of this Matter Until the EDA and EDC Meet to <br />Discuss TIF at Some Length, But in the Meantime, To Authorize Staff to Come Up with Any <br />and All Necessary Paperwork So that The Council Can Move Upon it Quickly if the Need <br />Arises. <br />City Administrator Whiting inquired if this should be structured towards TIF funds, or other <br />• available funds. <br />
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