5.0. HRSR 09-07-1993 - Laserfiche WebLink

Home Browse Search

funding 50% of the eligible redevelopment costs, up to a 0 maximum of $25,000 . This action will help the City Council maximize the finite pool of TIF funds available from Districts No. 1 and No. 3. Staff estimates that Districts No. 1 and No. 3 will have excess funds totalling approximately $410,000 if the City makes a $50,000 expenditure to this redevelopment project. Assuming the HRA participates, the TIF balance will grow by $25,000 to a total estimated at $435,000 . Action Requested The HRA is asked to consider a request by the Elk River City Council to fund 50% of the redevelopment project's eligible costs, up to a maximum of $25,000. 8. Reimbursement for a Change of Order Elk Terrace Limited Partnership, the owner and developer of the 1992 redevelopment/housing project known as Elk Terrace Apartments, requests reimbursement for a change order associated with the capping off of utility lines . Per its request, the services were not located where the City representatives suggested, and, the subsequent excavation, compaction, and street patching was done in vain. Reimbursement in the amount of $2, 100 is requested. • The Finance Director is currently reviewing the status of the TIF District No. 10 account in order to determine if additional, unspent funds are available to honor the request for reimbursement. This information will be available at Tuesday' s HRA meeting. Please take note that a copy of the TIF budget for District No. 10 is included in the agenda packet. The budget discloses that $2,600 was set aside for capping utilities. The reimbursement of $2, 100 is for costs over and above the budgeted amount. Also included in the packet is correspondence from the developer, contractor, architect, etc. In terms of precedence, the EDA approved additional costs for the Mork project - also a TIF financed transaction. •