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55 <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> Report Date: June 20, 2004 <br /> Agenda Section: VI, B <br /> Meeting Date: July 27, 2004 <br /> ITEM DESCRIPTION: <br /> Electronic Sign Funding and Policy. <br /> MANAGER'S REVIEW: <br /> I asked the Finance Director, Roger Larson, to explore funding options for <br /> the purchase of the cities electronic sign: <br /> In December 2003, the Kenzie Terrace TIF District was decertified. The <br /> final payment to Hennepin County will be approximately $325,000, of which <br /> in December 2004, the City will receive its portion back 1/3 or $108,225. <br /> The sign is estimated to cost $45,000. The city has received fund <br /> commitments from the Chamber of Commerce and Kiwanis in the amount <br /> of $4,000. The City would need approximately $41 ,000, to fund the cost of <br /> this sign. <br /> Please find a resolution recommending approval of funding for the <br /> electronic sign from the fund of the Kenzie District in an amount not to <br /> exceed $50,000. In addition, a policy on use of the electronic sign is in the <br /> Council Packet for informational purposes only. <br /> bARIAM4 <br /> Michael Morrison <br /> City Manager <br />