EDSR MEMORANDUM 09-08-1997 - Laserfiche WebLink

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EDA Agenda Memo September 8, 1997, Meeting Page 5 * Our first priority and best case scenario is that all of. these excess TIF dollars are actually spent in 1997. If these dollars are simply committed, then the city is required to carry this information over on the 1999 TIF reports which are sent to the State Auditor's Office. Of the,approximately$247,000 in excess TIF available, $66,200 has already been committed for reimbursement to the EDA of its purchase of the last remaining lot in the Elk River Industrial Park. This leaves approximately$184,500 in excess TIF available. Staff has identified the following possible eligible uses for these funds: • Purchase a portion of Tony Emmerich property • Purchase a portion of Gagne property • Purchase a portion of Wilson property • Purchase property east of Highway 169 along the newly proposed transportation corridor • Downtown sidewalk improvements • Riverwalk project • Other land purchase or public improvements. di It is appropriate at this time for the EDA to discuss and provide direction to staff to pursue one of the options identified above. As was indicated earlier in this memo, it is necessary for the Council to either spend all of the excess TIF dollars or, at a minimum, commit these TIF dollars to a specific purpose prior to the end of 1997. If this cannot be accomplished, the excess funds will be required to be returned to the county for redistribution. Staff has attached a schedule to this memo indicating a time frame within which this issue is to be resolved. As is indicated on the schedule, it is appropriate at this meeting of the EDA that a request be put forth to the City Council to call for a public hearing to be held on December 1, 1997, to modify Tax Increment Financing District No. 5. This will allow a decision to be made on this expenditure in the month of September and an opportunity to go through the process of plan modification by December 1 and ultimately complete the expenditure by the end of December 1997. Recommendation Staff recommends that the EDA request the City Council to call for a Aik public hearing to be held on December 1, 1997, to modify Tax 11, Increment Financing District No. 5.