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W MEMORANDUM DATE: December 23, 2008 TO: City Council FROM: Mike Mornson, City Manager Roger Larson, Finance Director ITEM: APACHE TIF DISTRICT 93-5 (246) Apache TIF District #3-5 was established for the redevelopment of Apache (now known Silver Lake Village). In 2006, the City issued tax increment revenue bonds in the amount of $4,975,000 to fund public infrastructure improvements. In 2007, the City issued $4,640,000 in tax increment revenue bonds for the Phase I Housing portion of the project. The tax increment generated from the district supports the annual debt for these two issues and in addition the pay-as-you-go note for the Landings. In 2008, the City collected $1.2 million in tax increment revenue from the District and has paid all debt service obligations for the year. As part of the pay -back process the City needs to reclassify the annual TIF revenues from the District to the 2006 and 2007 TIF Revenue Bond Funds. The amount of the transfer is equal to that of the annual debt services payments. Attached for Council review is a recap of the 2008 expenditures for principal, interest and fiscal agent fees to be classified. Recommendation: The City Council approve HRA resolution #09-005 authorizing the transfer of the following: $346,175.00 to Fund #335 — 2006 TIF Revenue Bond Fund and $227,773.76 to Fund #336 — 2007 TIF Revenue Bond Fund from Apache TIF District #3-5.