Laserfiche WebLink
EHLERS 13 <br />& ASSOCIATES INC <br />Over the past year and in future years, the HRA will expend funds for various administrative costs <br />in TIF District 3-5. These funds have typically been advanced to the District from the HRA Fund <br />and will most likely be advanced from this source in the future. The reason for the advancement to <br />this District is that the first increments (cash) generated in the District will not occur until 2006. <br />Attached is a "blanket" resolution authorizing an interftmd loan of up to $200,000 to TIF 3-5 to <br />pay for these costs. The reason for this blanket interfund loan resolution is so the HRA will not <br />have to complete an interfund loan every time it is going to expend administrative costs in this <br />district. <br />As with other interfund loans, the HRA will reimburse itself for the above referenced costs (as they <br />are advanced) in the current principal amount, together with interest at the rate of 4% per annum. <br />The interest rate is set at the statutory maximum and will be adjusted annually on January I't of <br />each calendar year. Payments will be made with available tax increment on February 1 and August <br />1 of each year. <br />Please contact me at 651-697-8506 with any questions. <br />cc: Jerry Gilligan Dorsey & Whitney <br />File <br />LEADERS IN PUBLIC FINANCE <br />3060 Centre Pointe Drive Phone: 651-697-8506 Fax 651-697-8555 <br />Roseville, MN 55113-1105 skvilvang@ehlers-inc.com <br />To: <br />Mike Morrison -- City Manager <br />O <br />Roger Larson -- Finance Director <br />From: <br />Stacie Kvilvang -- Ehlers and Associates <br />WDate: <br />June 14, 2005 <br />Subject: <br />Interfund Loan — TIF District 3-5 (Apache Redevelopment) <br />Over the past year and in future years, the HRA will expend funds for various administrative costs <br />in TIF District 3-5. These funds have typically been advanced to the District from the HRA Fund <br />and will most likely be advanced from this source in the future. The reason for the advancement to <br />this District is that the first increments (cash) generated in the District will not occur until 2006. <br />Attached is a "blanket" resolution authorizing an interftmd loan of up to $200,000 to TIF 3-5 to <br />pay for these costs. The reason for this blanket interfund loan resolution is so the HRA will not <br />have to complete an interfund loan every time it is going to expend administrative costs in this <br />district. <br />As with other interfund loans, the HRA will reimburse itself for the above referenced costs (as they <br />are advanced) in the current principal amount, together with interest at the rate of 4% per annum. <br />The interest rate is set at the statutory maximum and will be adjusted annually on January I't of <br />each calendar year. Payments will be made with available tax increment on February 1 and August <br />1 of each year. <br />Please contact me at 651-697-8506 with any questions. <br />cc: Jerry Gilligan Dorsey & Whitney <br />File <br />LEADERS IN PUBLIC FINANCE <br />3060 Centre Pointe Drive Phone: 651-697-8506 Fax 651-697-8555 <br />Roseville, MN 55113-1105 skvilvang@ehlers-inc.com <br />