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CC Regular Session <br />Date: 12/14/2010 <br />By: Heidi Nelson <br />Administrative Services <br />Title: <br />Adopt Interfund Loan Agreements for TIF Districts 1, 2, and 14 <br />Background: <br />As a part of the subsidy being provided to Flaherty and Collins for The Residence at The COR apartment project <br />for administrative costs, development fees, and the construction loan, staff is recommending that the City Council <br />and the HRA adopt interfund loan resolutions that will allow for the existing TIF districts 1 and 2 to be reimbursed <br />from increments generated in the new TIF district 14 when those increments are available in the future. Memos <br />from Ehlers detailing the interfund loan agreements and resolutions are attached for council review. <br />Observations: <br />Please refer to attached Ehlers memos. <br />Information <br />Notification: <br />There is no public hearing requirement for the interfund loan agreements and resolution. <br />Recommendation: <br />Staff recommends adoption of the resolution for the Interfund Loan Agreements for TIF Districts 1, 2, and 14. <br />Funding Source: <br />The work performed by Elhers regarding the interfund loan agreements was funded by the HRA budget. <br />Council Action: <br />Adopt the resolution for the Interfund Loan Agreements for TIF Districts 1, 2, and 14. <br />Budgeted Y /N: N <br />Budgeted Year: 2010 <br />Fund: HRA <br />Funding: <br />The work performed by Elhers regarding the interfund loan agreements was funded by the HRA budget. <br />Interfund Loan Memo TIF 1 <br />Interfund Loan Memo TIF 2 <br />Interfund Loan Memo TIF 14 <br />Resolution TIF 1 Interfund Loan <br />Fiscal Impact <br />Attachments <br />Item #: 7. 9. <br />