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A summary of the figures looks something like the following: <br /> <br />Revenues 348,085 <br /> - 48,085 <br /> 300,000 <br /> -150,000 <br /> 150,00O <br /> - 82,546 <br />Balance $67,454 <br /> <br />(goes back into the capital projects reserve fund) <br /> <br />(for business park activity) <br /> <br />(for ice resurfacer purchase) <br /> <br />It is recommended that the money that goes toward business park activities actually go into a <br />TIF matching fund. As the City Council knows, there is a penalty placed upon municipalities <br />with each new TIF district and this results in either an LGA loss or a local match <br />requirement. It is suggested that this $150,000 be dedicated toward this use. <br /> <br />Staff needs Council input on what to do with the $67,454 balance that is unallocated. These <br />funds could be used for any purpose including paying for part of the Library site expansion, <br />funding new bleachers at the Ice Arena, financing some of the improvements at YAC, <br />adding some beautification improvements to the downtown project such as tree gates, trash <br />receptacles, planters, etc. or it could go into equipment reserve or any other reserve, such as <br />one for a community center or YMCA project. There is no hurry for the Council to make <br />this decision - and I need to know if you want more information on various opdons. <br /> <br />Action Requested <br />The City Council is ,requested to use the proceeds from the Holt and Jackson transaction as <br />follows: <br /> <br />· $48,085 into the CapitalProjects reserve <br />· $150,000 into a Business Park TIF match reserve <br />· $82,546 into the NSP reserve <br /> <br />It is recommended that the City Council consider where to allocate the $67,454 remaining <br />balance. <br /> <br /> <br />