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C -11 <br />C <br />Memo <br />To: Mayor and City Councilmembers <br />From: Economic Development Coordinator, Sean M. Sullivarx <br />CC: Assistant Community Development Director, Sylvia Frolik <br />Finance Director, Diana Lund <br />Date: 2/9/2007 <br />Re: Internal Loan Resolution for TIF District No. 2 <br />The City of Ramsey is purchasing two properties in Tax Increment Financing District No. 2. <br />The City already owns two other properties within the same district. A map is attached <br />showing the locations of the four buildings in question. All of the buildings are going to be <br />razed and the sites prepared for redevelopment. The attached interfund loan resolution would <br />• allow the City to reimburse demolition/site improvement expenses from the City's General <br />Fund with tax increment revenue from Tax Increment Financing District No. 2. It is <br />anticipated that the expenditures will not exceed $100,000 and that is reflected in the <br />resolution. State law requires that a resolution be put in place to allow for inter -fund loans <br />prior to the expenditure of City funds. Staff recommends adoption of the attached resolution <br />SMS <br />• Attachments <br />