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5. 11. <br /> CC Regular Session <br /> Meeting Date: 03/12/2024 <br /> PrimaryStrategic Plan Initiative: Identify and implement operational efficiencies,cost savings and additional <br /> g funding sources. <br /> Information <br /> Title <br /> Adopt Resolution#24-071 Approving the Terms of Up To a$5,000,000 Interfund Loan in Connection with COR <br /> Infrastructure Improvements In Connection With Tax Increment Financing District #14 (TIF#14) <br /> Purpose/Background: <br /> On February 13,2024,the City Council authorized the advertisement for bids for Improvement Project 23-19: <br /> COR Infrastructure Improvements. The proposed improvements include reconstructing Zeolite Street between <br /> Sunwood Drive and Bunker Lake Boulevard, constructing Ramsey Parkway between Willemite Street and the <br /> roundabout at the intersection of Sunwood Drive and 147th Avenue, and reconstructing Center Street between <br /> 146th Avenue and Bunker Lake Boulevard. The total project has an estimated cost of$4,403,400 including <br /> construction and soft costs (legal, admin, engineering). <br /> As these improvements are within the TIF#14 area,the city would like to reimburse itself when increment <br /> becomes available for city funds expended. Funds are proposed to be advanced from Tax Increment Financing <br /> District#1 (TIF#1) in the amount of up to $2,000,000 and Tax Increment Financing District#2 (TIF#2) in the <br /> amount of up to $3,000,000. <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 /> Recommendation: <br /> Staff recommends adoption of Resolution#24-071 for the Interfund Loan Agreement in Connection With TIF <br /> District#14. <br /> Action: <br /> Adopt Resolution #24-071 Approving the Terms of Up To a $5,000,000 Interfund Loan in Connection <br /> with COR Infrastructure Improvements In Connection With Tax Increment Financing District #14 (TIF <br /> #14) <br /> Attachments <br /> Reso#24-071 Interfund Loan TIF 14 COR Infrastructure Improvements <br /> Form Review <br /> Inbox Reviewed By Date <br /> Brian Hagen Brian Hagen 03/06/2024 01:16 PM <br /> Form Started By:Diana Lund Started On:02/16/2024 08:34 AM <br /> Final Approval Date:03/06/2024 <br />