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

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u Mounds View City Council November 22,1999 Public Hearing Meeting Page 8 Finance Director Kessel stated it would. Mayor Coughlin suggested the Council touch upon the City's short-term loan to the golf course. Finance Director Kessel stated staff has requested the TIF Attorney from Briggs and Morgan examine the City's TIF Districts and he has provided extensive information in terms of possible funding for the golf course, the Community Center, and other like projects. He stated that staff will prepare a resolution that will transfer some of the TIF interest earned prior to July 1, 1997 to the Economic Development Authority so that they can be utilized for Economic Development, or other areas the Authority deems appropriate. Finance Director Kessel noted Golf Course Superintendent, John Hammerschmidt was preparing several alternative proposals to present to the Council at the December 6 Work Session. Council Member Thomason thanked Finance Director Kessel for his presentation and summary of the Year 2000 Budget. She indicated the budget for upcoming projects was fairly well resolved, and the only outstanding issues appeared to be the Street Light Fund, which was proposed to decrease by 20 percent, and the Cable Television Fund. Council Member Stigney inquired regarding the current amount of money in the TIF District Fund, and the amount projected for that fund in the next five years. Finance Director Kessel stated the interest earned prior to July 1, 1997 was in the 2.2 to 2.5 million-dollar range. He indicated that the low point in the cash flows will occur in 2003, and he was uncertain what the cash flows would be at this time. Mayor Coughlin inquired if this was not $178,000. Finance Director Kessel stated this amount was an earlier projection, and the new projections were over one million dollars. He stated that based upon the new projections, the Economic Development Authority might formulate a plan whereby they would agree to loan the funds on a short term basis, or issue a short term bond to get through the low point in the cash flow. He indicated another option was to transfer only a portion of the monies into the fund at this time. He advised there will be several options available, and these will be addressed during the discussions with the TIF Attorney. Mayor Coughlin inquired if the TIF Attorney and the Golf Course Director would attend the meeting on December 6. Finance Director Kessel stated they planned to attend. Council Member Marty requested clarification regarding the fund into which the transfer of monies would be made. •