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City of <br /> <br />iver <br /> <br />TO: <br /> <br />MEMORANDUM <br /> <br />Mayor and City Council <br />Patrick D. Klaers, City Administrator <br /> <br />FROM: <br /> <br />Paul T. Steinman, Director of Economic <br />Development <br /> <br />DATE: <br /> <br />October 28, 1996 <br /> <br />SUBJECT: Proposed Budget Modifications for TIF <br /> District 2 & 3 <br /> <br />PURPOSE OF MEMO <br /> <br />The purpose of this memo is to provide an explanation of the action <br />which the Council took at its meeting on Monday, October 21, during <br />which they called a public hearing to, in part, modify the budgets in <br />Tax Increment Financing District No's. 2 & 3. <br /> <br />II. <br /> <br />0 VER VIEW <br /> <br />The primary purpose of the Council action was to call a public hearing <br />for the creation of Tax Increment Finance District No. 16 (King and <br />Main). <br /> <br />The secondary purpose of the action was to call a public hearing in <br />order to modify the budgets in Tax Increment Finance District No's. 2 <br />& 3. The purpose of this action is because we are planning to <br />undertake expenditures from TIF Districts 2 & 3 which have not been <br />identified within the budgets of those TIF plans. <br /> <br />III. <br /> <br />PRIMARY ISSUES TO CONSIDER <br /> <br />What is the purpose of modifying the budgets in TIF <br />Districts 2 & 3 after the funds have been expended? <br /> <br />It appears as though the timing of this issue is somewhat <br />contradictory, due to the following factors: <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />