Minutes - 1999/11/22 (2) - Laserfiche WebLink

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Mounds View City Council November 22, 1999 Regular Meeting Page 12 City Administrator Whiting advised that a meeting had been scheduled earlier in the month, however, adequate attendance was unavailable. He indicted staff could attempt to schedule another meeting, if the Council so desired. Mayor Coughlin inquired if this transfer would require to be addressed this year, in that the first payment is due on January 1, 2000. Finance Director Kessel advised that the matter should be addressed before the 1999 books are closed, however, that will not occur until March of 2000, therefore, some time is available. He stated ideally, the sooner the matter is resolved the better. He indicated that the source of the loan, and whether it is the decision of the City Council or the EDA, is subject to discussion. He explained that the golf course is a City operation, therefore, he would assume the City Council would direct the matter to the EDA, if that entity is who will make the loan. Mayor Coughlin inquired if this would be based upon whether or not they would utilize TIF funding. Finance Director Kessel stated this was correct. Council Member Stigney stated he did not oppose discussing the matter and reviewing this an other options, however, prior to acting upon the matter, a joint meeting should be held between the City Council, the EDA and the EDC. He indicated he would not feel comfortable acting upon the matter until this meeting transpires. Mayor Coughlin stated he would assume, based upon his personal scheduling considerations, that such a meeting could not be arranged until some time in January. City Administrator Whiting suggested the Council could proceed with the recommended schedule, however, postpone the actual implementation of the transfer to a point to be determined in the future. He advised that the loan will accrue interest if it is made prior to the date it is required, and it would be preferable to leave the money in its original fund until such time as it is necessary to transfer it. Council Member Quick inquired if staff was suggesting the Council move approval that date, with the transfer to occur at a Iater date. City Administrator Whiting stated this was correct. Mayor Coughlin inquired if this would be contingent upon the joint meeting with the EDA and EDC. City Administrator Whiting stated this was correct. He pointed out that the Council had indicated they would like to have the TIF policy resolved by March, and this would probably be in concurrence with the suggested schedule. MOTION/.SECOND: Marty/ To Approve Transferring the Funds After the City Council, the EDA, and the EDC Meet Jointly, to Determine the Source of the Funds.