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5 <br />MEMORANDUM <br />DATE: February 6, 2009 <br />TO: Mayor and Couneilmembers <br />FROM: Mike Mornson, City Manager <br />Roger Larson, Finance Director <br />ITEM: RECLASS OF CONSULTANT FEES — PRATT/ORDWAY <br />Pursuant to the redevelopment agreement between Pratt -Ordway and the City, the <br />developer is to reimburse the City for consultant costs relating to the redevelopment of <br />Silver Lake Village. <br />Currently, the consultant costs and developer reimbursements are being accounted for in <br />Fund 8319 HRA Projects. The initial decision to use Fund 11319 was based on the <br />developers' agreement that required the Apache TIF District #3-5 to establish a reserve <br />amount of $379,750.00. <br />The reserve requirement has been satisfied and moving forward; Lhlcrs & Associates has <br />recommended the City account for this activity in Fund #330 Apache "IIF' District 1/3-5. <br />The tax increment generated from the District supports the annual costs of administration <br />fees and will serve as a funding source for the payment of consultant costs until such time <br />that reimbursements are received from the developer. <br />Recommendation: <br />Council approves resolution 1109-006 authorizing the transfer of $58,158.50 from Fund <br />11319 HRA Projects to Fund #330 Apache TIP' District 0-5. <br />Council authorizes that future payments of consultant costs and developer <br />reimbursements be accounted for in Fund #330 Apache TIF District 113-5. <br />