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~ity of <br /> <br />ITEM 6.8. <br /> <br />[¥er <br /> <br />FROM: <br /> <br />DATE: <br /> <br />MEMORANDUM <br /> <br /> Mayor & City Council <br /> <br /> Pat Klaers, City Administrator <br /> <br /> January 22, 1996 <br /> <br />SUBJECT: Tax Increment Resolution <br /> <br />TIF No. 4 was established to help pay for utility infrastructure in the western <br />portion of the city in order for certain areas to be developed for business and <br />industrial uses. It has long been discussed by the City Council that the most <br />appropriate use of these funds would be to help pay for the water tower and <br />treatment facility in the western part of the city. When bonds were sold for <br />this project in 1994, one of the financing options reviewed in the bond <br />documents was use of TIF funds. The use of these funds in this manner is <br />consistent with state law and consistent with the original intent of the TIF <br />District. <br /> <br />Recommendation <br /> <br />Staff recommends adoption of the attached resolution which contractually <br />commits TIF No. 4 funds for the repayment of bonds that were issued for the <br />western area water tower and water treatment facility. <br /> <br />s:\council\tif4fnd.doc <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />