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4® <br /> Water flLtration funds on hand <br /> The contract with the Minnesota Pollution Control expired on 3/1/01. This agreement <br /> was a 10-year contract'in which Super Funds paid for 90% of the operation and <br /> maintenance costs and the City paid 10%. <br /> Under the terms of the agreement, the City is now responsible for 100% of all costs <br /> associated with the operation and maintenance of the water filtration plant. <br /> Upon receiving the funds from the Army, St. Anthony invested the funds with the intent <br /> of building up the funds to a level where annual interest earnings generated from the <br /> investments would offset the cost of operation and maintenance. <br /> Over the past ten years, the yield of these investments exceeded the estimated rate of <br /> return. Consequently, as part of the Springsted debt analysis, it was determined that a <br /> portion of these funds ($1,000,000) was available for use. Based on their <br /> recommendation, these funds were designated as one of the sources of funding for the <br /> Central Park Project and are not available. <br /> HRA Proiects Cash Balance <br /> The 12/31/00 fund balance for the HRA Project Fund totaled$600,226.00. Designated <br /> project funding includes: <br /> Apache N/W Quadrant $200,000 <br /> S/W Quadrant $ 75,000 <br /> Park Renovations $225,000 <br /> Non-Committed $100,226 <br /> $600,226 <br /> In addition to the non-committed funds, interest earnings and charges for administrative <br /> services for 2001 are estimated at$50,000. <br /> The combination of non-committed funds and the addition of the 2001 interest <br /> earnings/administrative reimbursements could be a source of funding for the Community <br /> Center renovations by the end of the year. However. 1 caution that 100% designation of <br /> these funds depletes the fund and restricts the future use of these funds for <br /> redevelopment. <br /> In the past, this fund has been the source of revenue to fund potential development <br /> projects within the City. Committing the $225,000 for the Central Park Project reduced <br /> • the funds available for redevelopment, but did not expend all of them ($100,226 was <br /> available for designation/use). <br />