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®RAFT 2/95 <br />CIP FINANCES <br />REMAINING FINANCING TOOLS: • <br />CONTRIBUTIONS/DONATIONS <br />Limited funds are available through this mechanism and the amount of <br />money is typically for special one-time items. This may be one source of <br />funding for the proposed ice arena project or for park or recreation projects. <br />GRANTS <br />There are a limited amount of grant programs currently available. Possible <br />grant applications could relate to park development through the LAWCON <br />program or for the riverbank protection from the Sherburne County Soil and <br />Water Conservation District. <br />HRA/EDA <br />Annual revenues are generated through a tax levy as approved by the City <br />Council. EDA bond projects may be available for larger scale projects such as <br />a community center. Either the EDA or HRA may use its fund balance on <br />smaller improvement projects such as upgrading the downtown parking lots, • <br />or improvement of the riverbank area. Additionally, either agency may <br />approve a TIF project provided it is also approved by the City Council. <br />WATER FUND <br />This fund is under the jurisdiction of the Municipal Utilities Commission. <br />Funds are available for water related improvements. The Commission needs <br />to plan for future wells, water towers, and major expansions of the trunk <br />utility system. <br />ELECTRIC UTILITY <br />This fund is under the jurisdiction of the Municipal Utilities Commission. <br />The Electric Fund currently donates cash to the City in the amount of <br />$150,000 annually for General Fund purposes. Additionally, the electric <br />utility finances all of the ongoing City street electrical expenses within its <br />territory, free of charge to the City. It is unlikely, but the electric fund may <br />finance one-time special projects as has happened in the past with the <br />Industrial Park purchase and the Fire Department equipment van. <br />• <br />Page 12 of 13 <br />