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• <br /> MEMORANDUM <br /> DATE: September 2, 1998 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: KENZIE ECONOMIC DISTRICT <br /> The Kenzie Economic District has been decertified for several years. Originally, the <br /> District was set up to provide low cost loans for redevelopment of the St. Anthony <br /> Shopping Center. <br /> The program lasted for three years and other than some moderate improvements to the <br /> parking lot, these funds remained unused. The auditor has advised the City that the <br /> funds should be repaid to the County (see attached). <br /> On several occasions, staff, Council and our.consultants, has reviewed the possibilities <br /> • of using these funds for other allowable TIF expenses. That process has failed-to <br /> produce any allowable use of the funds, which indicates the money should be paid the <br /> County. <br /> The County will disburse the money between the School, County, City and other <br /> Taxing Districts. From that process, the City will recoup approximately 20% of the <br /> payment. <br /> Recommendation: <br /> Council approve payment to Hennepin County in the amount of$238,781.00. <br />