CC PACKET 11091999 - Laserfiche WebLink

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MEMORANDUM DATE: November 3, 1999 TO: Mike Morrison, City Manager FROM: Roger Larson, Finance Director ITEM: SILVER LAKE BRIDGE PROJECT Per your request, I reviewed the impact of the revised estimated costs for the Silver Lake Road Bridge Project to determine if funding is available. As you are aware three funding sources have been designated to fund the cost of the project. They include: 1) MSA Funds 2) TIF from Chandler District 3) Water & Sewer Reserves MSA: The MSA revenues available for the project total $236,680 and remain unchanged from ithe 1997 estimate. TIF/Chandler: The request for TIF funds has been revised to $270,000 (up $170,000 from the 1997 estimate). As part of the State imposed TIF restrictions placed on Kenzie, Chandler was removed as the primary source of funding for the Community Center bonds and the remaining funds are available to use. At the end of 1998, the fund balance for the Chandler District totaled $873,612. Estimated Tax Increment for 1999 is approximately $160,000. Present allocation of funds from Chandler was $100,000 for the bridge project. The revised TIF budget is $2,328,000, which includes an allocation of$270,000 for the Silver Lake Bridge Project. Available funds from the Chandler District (1999 - 2011) total $3,037,000. -The request to increase the TIF funds to $270,000 will not have an adverse affect on the TIF Budget. Water/Sewer Fund Balance: The fund balance of the Water/Sewer fund at the end of 1998 totaled $850,250. Based on a review of this year's revenue from utility bills, revenues will be sufficient to offset water/sewer expenditures for the year. The fund balance is available to support the . $350,000 needed to fund the Silver Lake Bridge Project.