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<br />. <br /> <br />. <br /> <br />. <br /> <br />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 further 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 />Council member 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 />Lori 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 to 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. <br /> <br />Other Business <br /> <br />There was no other business. <br /> <br />7. <br /> <br />Staff Updates <br /> <br />There were no staff updates. <br /> <br />8. Adiournment <br /> <br />There being no further business. Mayor Duitsman adjourned the meeting at 8: 1 0 <br />p.m. <br /> <br />Respectfully submitted. <br /> <br />~VL- . <br /> <br />Sandra Peine ~ <br />City Clerk <br />