Laserfiche WebLink
• MEMORANDUM <br /> DATE: October 26, 1999 <br /> TO: Mayor and Councilmembers <br /> FROM: Michael Mornson, City Manager <br /> ITEM: TIF <br /> As we discussed at the September 7`h and October 5`h Work Sessions, the City has approximately a <br /> $1.4 million fund balance in the Kenzie TIF account, less a two year lag on the Community Center <br /> bonds and any shortage in the Apache District. Due to a change in state law in 1999, the fund balance <br /> can only be used on projects outside of the District until December 31, 1999. It can still be used <br /> within the District until 2008, which is when the District is set to expire. <br /> In 1996, the City amended the TIF budget to allow the following activities to occur from any fund <br /> balances from the Chandler Place and Kenzie Districts. We have the option of either holding a <br /> hearing if we add activities to the plan, such as Hardies, or, we amend the budget in the current plan, <br /> • which would require a resolution and not a hearing. If we just wanted to amend the budget, I have <br /> proposed possible changes to the activities budget that the Council could consider. <br /> Project Activity Funds That Could Be Status <br /> Authorized- Not <br /> Yet Spent <br /> Redevelop vacant property between $233;000 No activity. <br /> Industrial Custom Products and the No change <br /> Amoco Station on 37' Avenue NE <br /> Bridge work along Silver Lake Road $270000 Project scheduled for 1999/2000 <br /> between 37`h Avenue NE and Silver $199;090 <br /> Lane <br /> Redevelop bowling alley property on �$1'0TOMI 0 No activity. <br /> Kenzie Terrace $40,000 <br /> Redevelop St. Anthony shopping Center $600000 No activity (we may want to <br /> area along New Brighton Boulevard and $60,000 increase this), add $600,000 <br /> Kenzie Terrace <br /> Redevelop vacant lots by Twin City $75000 No activity. <br /> . Federal No change <br />