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Memo <br />To: Deborah Maloney – Finance Director <br />From: Elizabeth Diaz & Stacie Kvilvang - Ehlers <br />Date: September 20, 2024 <br />Subject: Apache Plaza I and Chandler TIF District Close Out and Repayment of <br />Outstanding Interfund Loans From TIF District 3-5 <br />The Chandler Housing TIF District and TIF District 3 (Apache Plaza Redevelopment I)were <br />decertified on 12/31/2011 and 10/1/2013 respectively.These districts each have a fund balance <br />and hold an interfund loan (IFL)receivable from TIF District 3-5 (Silver Lake Village).Because <br />these districts are still retaining funds and have an outstanding IFL,the City is required to submit <br />an annual TIF report to the Office of the State Auditor (OSA). <br />In late 2023 staff and the City Council discussed options for the fund balance in these districts <br />and payoff of the IFL’s.Based upon those discussions,it was determined that the City would like <br />to repay the IFL’s from TIF 3-5 and in turn remit payment of the entire fund balance from each <br />district to the County for redistribution to the City. <br />At year-end 2023,TIF 3-5 had $4,197,410 in cash.The table below shows the anticipated cash <br />balance after paying the above reference IFL’s,including the 2024 interest,and adjusting it for <br />the accounts payable at year end 2023. <br />Beginning Cash $4,197,410.00 <br />Less Accounts payable ($553,860.00) <br /> IFL-Apache ($751,466.00) <br /> IFL-Chandler ($672,724.00) <br />Subtotal $2,219,360.00 <br />After repayment of the IFL’s (attached at the end of this memo), the anticipated cash balance in <br />the TIF Districts is noted below: <br />TIF District 3 (Apache Plaza Redevelopment I): <br />Year end 2023 $ 472,975 <br />IFL repayment 751,466 <br />Total $1,224,441 <br />Chandler TIF District: <br />Year end 2023 $230,616 <br />IFL repayment 672,724 <br />Total $903,340 <br />28