Res 25-049 - Authorizing staff to use available funds

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CITY OF SAINT ANTHONY VILLAGE RESOLUTION 25-049 A RESOLUTION AUTHORIZING STAFF TO USE AVAILABLE CAPITAL FUNDS AND TAX INCREMENT FINANCING (TIF) FUNDS FOR THE 2025 STREET AND UTILITY IMPROVEMENT PROJECT WHEREAS, the City of Saint Anthony Village has previously established capital project funds to support infrastructure improvements and long-term capital needs; and WHEREAS, the 2025 street and utility improvement project, a street improvement project partially located within a designated Tax Increment Financing (TIF) district, has been identified in the City's Capital Improvement Plan as a priority for the current year; and WHEREAS, the project qualifies for the use of TIF funds under the terms and conditions of the applicable TIF district; and WHEREAS, sufficient fund balance is available in the Utilities Infrastructure Fund, Street Infrastructure Fund, and Stormwater Capital Fund to partially cover project costs, and the City Council finds it fiscally responsible to utilize available capital funds to reduce the amount of debt issued in the current higher interest rate environment; and WHEREAS, the use of existing capital fund balance, supplemented as eligible by TIF revenues, will allow the City to proceed with the project in a timely and cost- effective manner; NOW THEREFORE BE IT RESOLVED that the City Council of City of Saint Anthony Village, Minnesota approves The City hereby authorizes the expenditure of up to $361,256 from the fund balance of the Utilities Infrastructure Fund and up to $161,286 from the Stormwater Capital Fund and up to $122,271 from the Street Infrastructure fund for the 2025 street and utility improvement project. 2. The City further authorizes the use of Tax Increment Financing (TIF) funds, as eligible, in support of this project. The City Manager and Finance Director are authorized to take all necessary steps to allocate the funds, ensure compliance with TIF regulations, and facilitate the timely execution of the project.