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EOty1� ,.,�� Request for Action <br /> River <br /> To Item Number <br /> Mayor and City Council 4.12 <br /> Agenda Section Meeting Date Prepared by <br /> Consent December 18, 2017 Amanda Othoudt,Economic Development <br /> Director <br /> Item Description Reviewed by <br /> Main Street Redevelopment Project Interfund Loan Cal Portner, City Administrator <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, an interfund loan resolution authorizing advance of funds to be reimbursed with <br /> future tax increment. <br /> Background/Discussion <br /> At their April 3, 2017, meeting, the HRA directed staff to move forward with the steps necessary to <br /> create a redevelopment plan for the property located at the intersection of Main Street, Gates Avenue <br /> NW and 3rd Street. As part of this project, the HRA or the city may incur certain costs related to the <br /> creation of a TIF District which may be financed on a temporary basis from available HRA funds or city <br /> funds. <br /> The HRA is proposing to reimburse itself for the costs advances including administrative costs incurred <br /> prior to the establishment of the TIF District, subject to the limitations of the TIF Act, and certain costs <br /> incurred in connection with a study of blighting conditions, engineering,land and building acquisition, <br /> demolition and site preparation costs in an aggregate amount not to exceed the greater of$1,100,00 or <br /> the adopted and,if applicable, amended Tax Increment Financing Plan budget for the TIF District. <br /> Financial Impact <br /> N/A <br /> Attachments <br /> ■ Interfund Loan Resolution <br /> POWERED 6T <br /> Template Updoted 4/14 INAWRE1 <br />