| | | | | | | | 
Shakopee City Council
April 6, 2021
|
| | | | | | | | | FROM: | Nate Reinhardt, Finance Director | | TO: | Mayor and Council Members |
| | | |
| | | | | | | | Subject:
Amending interfund loan for TIF #19 (Riverfront Bluff Redevelopment). | | |
| | | | | | | | Policy/Action Requested:
Adopt Resolution No. R2021-050 amending Resolutions R2018-011 and R2019-040 regarding an interfund loan for advance of certain costs in connection with Tax Increment Financing District No. 19. | | |
| | | | | | | | Recommendation:
Approval of the resolution to increase the total loan by $300,000 to fund costs associated with the District and continue the interest rate of 4%. The loan shall be repaid from proceeds of TIF District No. 19. | | |
| | | | | | | | Discussion:
Council previously approved $1,100,000 in an Interfund Loan to fund the acquisition of property, testing and administration costs associated with the district. These additional funds will cover any additional infrastructure improvements and administration costs. The funds will be repaid out of TIF District 19 revenues. | | |
| | | | | | | | Budget Impact:
If approved, the resolution increases the available amount by $300,000 that can be used on eligible TIF costs, including public infrastructure and administration. These costs would be repaid out of TIF District #19 revenues.
If not approved, any costs prior to the receipt of tax increment cannot be applied to the TIF district and will need to be absorbed by other funds. | | |
|