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Memo <br />Date: 11/22/2006 <br />To: City Council <br />Cc: Diana Lund, Finance Officer <br />From: Sean Sullivan, Economic Development Coordinator <br />RE: Internal Loan Resolutions for TIF Districts 11, 12, <br />and 13 <br />The City of Ramsey is currently looking to create three TIF <br />Districts. Crestview, a Housing District in Town Center would be <br />TIF District 11. A mixed use housing ACCAP Project by Jeff <br />Johnson would be TIF District No. 12. Ramsey Crossings, a <br />Renewal and Renovation District developed by Robert Muir <br />Company would be TIF District No. 13. New state laws require <br />that a resolution be put in place to allow for inter -fund loans prior <br />to the creation of the district. Putting these resolutions (See <br />attached resolutions) in place will allow the City to spend funds <br />during the district start -up and be able to be reimbursed as Tax <br />Increment revenue comes in the future. The amounts on the <br />individual district resolutions represent the estimated TIF revenue <br />to be generated for the term of the district or the expected City <br />expenditures for the district. <br />SMS <br />Attachments <br />11/22/2006 1 <br />