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Elk River City Council Meeting <br />November 30, 1998 <br /> <br />Page 4 <br /> <br />Discussion was held regarding possible funding for the purchase of the Brown <br />property. Mayor Duitsman indicated that 10 percent of the total TIF issue can be <br />used off site. The Mayor fudher suggested putting the total deficit, $2.6 million, <br />into the TIF District. Discussion was held about the possibility of using the <br />Development Fund for the purchase of the Brown property and for the payment <br />of assessments on the Brown property. <br /> <br />Councilmember Dietz stated that, if eligible, he would like to plan some of the TIF <br />revenue for the sewer and water shortfall. The City Administrator indicated that <br />he felt the city should keep the length of the TIF District as short as possible. <br /> <br />Dave MacGillivray discussed the risk factors which included non payment of <br />assessments, cash flow concerns associated with Green Acres, the TIF district not <br />being developed as projected, etc. He discussed options to address these risk <br />factors which included internal transfers or a different type of bond structuring. <br />Lcd Johnson indicated that cash flow and making sure that the timing of <br />revenues matches debt and other payment obligations is a concern which <br />needs fo be considered. <br /> <br />Mayor Duitsman indicated he felt it was important that the Council was fully <br />aware of all of the risk factors and various components involved in this project. <br /> <br />6. Other Business <br /> <br />There was no other business. <br /> <br />7. Staff Updates <br /> <br />There were no staff updates. <br /> <br />8. Adjournment <br /> <br />There being no further business, Mayor Duitsman adjourned the meeting at 8:10 <br />p.m. <br /> <br />Respectfully submitted, <br /> <br />Sandra Peine <br />City Clerk <br /> <br /> <br />