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term expires before 2040. <br />Issuing a tax increment bond requires increment to be available in the amount of 20% of the bond. The city does <br />not currently have $7M in the TIF 14 district and the issuance of debt allows the city the flexibility to keep the <br />current TIF 14 funds (approximately $2M for other improvements in the future). The issuance of debt is a cleaner <br />process as it avoids the need for the set-up of internal loans from other funding sources, tracking these loans with <br />not only pay back when increment becomes available, but also tracking interest. <br />City staff will inspect construction and process pay requests. <br />Recommendation: <br />Staff recommends adopting Resolution #23-157 approving plans and specifications and authorizing <br />advertisements for bids for Improvement Project #23-20, COR Mass Grading. <br />Action: <br />Adopt Resolution #23-157 approving plans and specifications and authorizing advertisements for bids for <br />Improvement Project #23-20, COR Mass Grading. <br />Resolution 23-157 <br />Plan Title Sheet <br />Ehlers TIF run <br />BMI COR Design Proposal <br />CCWS minutes Feb 28, 2023 <br />COR Analysis Update <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 07/06/2023 03:01 PM <br />Form Started By: Bruce Westby Started On: 07/05/2023 08:12 AM <br />Final Approval Date: 07/06/2023 <br />