HomeMy WebLinkAboutResolution 00-EDA138
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MOUNDS VIEW ECONOMIC AND DEVELOPMENT AUTHORITY
CITY OF MOUNDS VIEW
RESOLUTION # OO-EDA-138
RESOLUTION WITHDRAWING PRE-JULY 1ST, 1997 INTEREST REVENUE FOR
TAX INCREMENT FINANCING DISTRICTS NOS. 1, 2 AND 3 (ALL
REDEVELOPMENT DISTRICTS), AND PLACE THE REVENUE IN A NEWLY
CREATED ECONOMIC DEVELOPMENT FUND.
WHEREAS, the City Council established the EDA in 1994 to advance economic
development and redevelopment objectives in Mounds View;
WHEREAS, the City Council (the "Council") of the City of Mounds View, Minnesota (the
"City") established the Mounds View Economic Development Project Area and Tax Increment
Financing Districts Nos. 1, 2 and 3 pursuant to Minnesota Statutes, Minnesota Statutes,
Sections 469.174 through 469.179, inclusive, as amended, in an effort to encourage the
development and redevelopment of certain designated areas within the City; and
WHEREAS, the EDA has earned approximately $2,276,116 on TIF funds invested prior to
July 15\ 1997;
WHEREAS, the Economic Development Commission discussed this issue at their December 1,
2000 meeting;
NOW, THEREFORE BE IT RESOLVED by the Board as follows:
1. The EDA directs the Executive Director to withdraw $2,276,116 in Pre-July 151, 1997
Interest Earnings from the TIF District Debt Service Funds;
2. The EDA directs the Executive Director to place the aforementioned $2,276,116 in a newly
created Mounds View Community Fund with the following conditions:
A. Funds not be immediately obligated until outstanding issues with the Office of the State
Auditor are resolved;
B. Funds not be utilized until funding priorities are more clearly defined;
C. Any deficits in the TIF District Debt Service Fund that may arise in current our future
years resulting from the transaction shall be financed through an interfund loan from
existing city funds.
Approved by the Board on December 11, 2000.
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Kathleen Miller, Executive Director
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