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CC Regular Session 4. 14. <br />Meeting Date: 09/25/2012 <br />By: Diana Lund, Finance <br />Information <br />Title: <br />Adopt Resolution # 12-09-XXX Approving the Terms of the Interfund Loan in Connection with TIF District <br /># 14. (Funding for Armstrong/Sunwood Drive Realignment) <br />Background: <br />The Armstrong/Sunwood Drive Realignment project has an estimated cost of $5,642,000 including construction <br />costs and property acquisitions. The project is stated to come from several funding sources: Equipment Revolving <br />Fund (or HRA if funds are loaned to HRA for property acquisition), TIF 2, Utility Funds, EDA and Excess rail <br />funds. <br />As this improvement is within the TIF 14 area, and the construction costs were included within the total <br />expenditures budgeted in the adopted TIF 14 plan, the city would like to reimburse itself when increment becomes <br />available for city funds expended. <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(s) and interest rate. <br />The respective loaning funds and estimated amount contributed would be: Equipment Revolving Fund (or HRA <br />if funds need to be loaned to the HRA for property acquisition) $1,317,000; Storm Drainage Fund: $365,000; <br />Water Utility Fund: $348,000; Sanitary Sewer Fund: $21,000; EDA: $600,000 and Street Lighting Utility Fund: <br />$112,000 for a grand total of $2,763,000. <br />Recommendation: <br />Staff recommends adoption of the resolution for the Interfund Loan Agreement for TIF District # 14. <br />Funding Source: <br />The respective loaning funds and estimated amount contributed would be: Equipment Revolving Fund (or HRA if <br />funds need to be loaned to the HRA for property acquisition) $1,317,000; Storm Drainage Fund: $365,000; Water <br />Utility Fund: $348,000; Sanitary Sewer Fund: $21,000; EDA: $600,000 and Street Lighting Utility Fund: $112,000 <br />for a grand total of $2,763,000. <br />Council Action: <br />Adopt Resolution #12-09-XXX Approving the Terms of $2,763,000 Interfund Loan in Connection with TIF District <br /># 14. <br />Attachments <br />TIF 14 Interfund Loan Resolution -Armstrong <br />