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STAFF REPORT <br /> DATE: November 19, 1996 <br /> TO: H.R.A. Chair and Commissioners <br /> FROM: Michael Mornson, Executive Director <br /> ITEM: BUDGET AMENDMENTS <br /> • On November 12th, the City Council and HRA approved_budget amendments to, <br /> their TIF and Redevelopment Districts. Two of the budget amendments related <br /> to transferring TIF money to other funds. The two transfers are as follows: <br /> 1) One transfer relates to the City Hall/Community Center site in the <br /> amount of$100,000 to finish off the demolition of the old Community <br /> Center and pay for such things as the tennis courts, landscape, etc. <br /> 2) The second transfer relates to the CUB TIF bonds in the amount of <br /> $120,000. If you recall, when the City issued TIF bonds for the CUB <br /> project, the market for taxable bonds took a dive, which resulted in. <br /> higher interest rates than we anticipated. As a result, we used $120,000 <br /> of'the $300,000 that First Bank reimbursed the City for expectant LGA <br /> loss. This $120,000 will go to the General Fund Reserve, with the <br /> remaining $180,000 for expectant LGA loss. <br />