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<br />Funding Source: <br /> <br />The debt attributed to the project has been financed by the rental revenue of Savannah Oaks and <br />the Annual HRA County Levy. It is being proposed that the City contribute $320,000 of its <br />accumulated HRA levy proceeds held at the County towards the refinancing of the debt. <br /> <br />Staff Recommendation: <br /> <br />Based on discussion on whether the City wishes to contribute $320,000 of their HRA levy funds <br />currently being held at the County to reduce the refinancing of the Savannah Oaks bonding or <br />hold the funds for a future City project. Approximately $400,000 of the original $729,093 of the <br />accumulated HRA levy funds has been designated for the AACAP project in Ramsey Town <br />Center. <br /> <br />Committee Action: <br /> <br />Motion to recommend Council approve or disapprove the $320,000 equity contribution from the <br />City's HRA levy balance to reduce the Savannah Oaks debt refinancing. <br /> <br />Reviewed by: <br /> <br /> <br />City Administrat r <br />Finance Officer <br /> <br />FC: 3-25-08 <br />