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MEMORANDUM <br /> DATE: June 10, 1992 <br /> TO: Thomas D. Burt, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: KENZIE TERRACE TAX INCREMENT FINANCING PLAN <br /> On April 14, 1992 the Housing and Redevelopment Authority passed resolution #1-992-002 <br /> amending the Kenzie Terrace Redevelopment Plan. The Authority established and <br /> approved an Interest Reduction Program from excess tax increment derived from the <br /> District taxes collectible in the years 1991, 1992 and 1993. <br /> The costs to be paid by the H.R.A. to Lanel are as follows: <br /> Interest Reduction Assistance <br /> 1) 1991 collectible $ 50,000 <br /> 2) 1992 collectible $ 50,000 <br /> 3) 1993 collectible $ 50,000 <br /> Total $150,000 <br /> Such costs are to be paid directly from the H.R.A. to Lang-Nelson without issued obligations <br /> to finance such costs. <br /> REQUEST/RECOMMENDATION: <br /> Council direct staff to pay Lanel the sum total of $50,000 for tax settlement year 1991. <br /> Council further authorize staff to pay Lanel the sum total of$25,000 contingent upon the <br /> H.R.A.'s receipt of its first half 1992 tax settlement (received approximately 7/10/92) and <br /> the sum total of $25,000 contingent upon receipt of its second half 1992 tax settlement <br /> (received approximately 12/10/92). <br />