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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent Match 5, 2007 <br />Item Description <br />Munici al State Aid S stem Local Advance <br /> <br /> <br />Administrator <br /> <br />Introduction <br />As I have indicated earlier, we have requested and received a $1 million dollar interest-free loan <br />from the Municipal State Aid System for the purpose of funding the TH 169 Study. <br /> <br />Discussion <br />This approved loan will be advanced from the General Municipal State Aid Fund and be repaid <br />over a period of five years from our lI1Ulual allotment of Municipal State Aid dollars. In order to <br />finalize this loan, it requires a resolution from the City Council. In that resolution, a repayment <br />schedule of $200,000 per year over a period of five years (2008 - 2012) is outlined. <br /> <br />Financial Impact <br />As indicated above, the loan is interest-free. The financial impact to the City is a lesser amount of <br />available Municipal State Aid dollars in the 2008 to 2012 for other projects. The other financial <br />benefit to the City, of course, is there will be no need to fund the TH 169 Study internally. <br /> <br />Attachments <br /> <br />. Resolution Requesting a Municipal State Aid Local Advance <br /> <br />Action Requested <br />Adoption of the attached resolution. <br /> <br />Council Action <br /> <br />Motion by_ <br /> <br />Second by_ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S:\EngineerImprovFroj\2007 ImprovementProjects\TII 169 Study\03 05 07 CC memo.doc <br />