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Shakopee City Council
April 2, 2019
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| | | | | | | | | FROM: | Michael Kerski, Director of Planning and Development | | TO: | Mayor and Council Members |
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| | | | | | | | Subject:
Amending Resolution No.R2018-011 to add an additional $300,000 to the loan for certain costs for TIF No. 19 (Riverfront Bluff Redevelopment) | | |
| | | | | | | | Policy/Action Requested:
Approval of Resolution No. R2019-040 to amend Resolution No. R2018-011 for advance of certain costs in connection with Tax Increment Financing District No. 19 | | |
| | | | | | | | Recommendation:
Approve Resolution No. R2019-040 increasing the total loan by $300,000 to fund costs associated with the District and continue the interest rate of 4% and loan shall be repaid from proceeds of TIF District No. 19 | | |
| | | | | | | | Discussion:
Council previously approved $800,000 in an Interfund Loan to fund the acquisition of property, testing and administration costs associated with the district. These additional funds will cover additional acquisition and administration costs. The funds will be repaid out of TIF District 19 revenues. | | |
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