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Item # 3.5. <br /> iik -.4, <br /> River <br /> MEMORANDUM <br /> TO: Housing and Redevelopment Authority <br /> FROM: Lori Johnson, Finance Director <br /> DATE: September 23, 2002 <br /> SUBJECT: TIF 16 Interfund Loan <br /> Tax Increment Financing District No. 16 was established in 1997 to redevelop the property at <br /> the northwest corner of King Avenue and Main Street. The property was purchased with the <br /> intent that the HRA would be reimbursed through TIF funds for any land demolition and <br /> other related costs that were not recaptured through the sale of property to the developer. The <br /> IP current costs to be recaptured,including interest paid to other city funds on the loan to the <br /> HRA,is $360,728.77. <br /> Recent legislative action changed the laws regarding interfund loans. In accordance with those <br /> new requirements, staff is requesting formal approval of this previously understood interfund <br /> loan with the terms and conditions as outlined in the estimated payback schedule attached to <br /> this memo. <br /> Action Requested <br /> The HRA is asked to approve the attached resolution approving Tax Increment Financing <br /> District No. 16 interfund loan. <br /> • s:\eda\tif\tif16\interfund.doc <br />