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CC Regular Session <br />Meeting Date: 01/10/2012 <br />By: Diana Lund, Finance <br />Information <br />Title: <br />Adopt Interfund Loan Agreement Resolution for TIF District #2 (Funding for Northstar Rail Station) <br />4. 15. <br />Background: <br />The Northstar Rail Station has an estimated cost of $14,3 50,000 which includes a $1,150,000 for a city skyway. Of <br />this amount, Ramsey is responsible for $4,750,000. Funding is proposed to come from TIF 1 in the amount of <br />$860,000 and TIF 2 in the amount of $3,890,000. Currently, TIF 2 has $2,079,000 available increment. The <br />additional $1,811,000 needed to fund the railstation will be loaned from the Landfill Trust Fund and reimbursed <br />back from TIF District #2 when property tax increment dollars are received in 2012 and 2013. <br />Tax Increment laws require that the city adopt a resolution stating that they wish to repay themselves with future <br />increment, the respective loaning fund, and interest rate. <br />Recommendation: <br />Staff recommends adoption of the resolution for the Interfund Loan Agreement for TIF District #2. <br />Funding Source: <br />The Rail Station will be funded from TIF 1 and TIF 2 with the Landfill Trust Fund providing an internal loan and <br />will be repaid as annual increment is received in TIF District #2. <br />Council Action: <br />Adopt Resolution # 12-01-XXX Approving the Terms of $1,811,000 Interfund Loan in Connection with TIF District <br />#2. <br />TIF 2 Interfund Loan Resolution <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 01/05/2012 08:59 AM <br />Form Started By: Diana Lund Started On: 01/03/2012 07:45 AM <br />Final Approval Date: 01/05/2012 <br />