HomeMy WebLinkAboutRes 25-049 - Authorizing staff to use available fundsCITY 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.
Approved this 8th day of Jam, 2025.
�I Ao�
Wendy Webster, Mayor
ATTEST: 0-4-4
City Oerk
Review for Administration:
Charlie Yunker, City Manager