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11-21-05-WS
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11-21-05-WS
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EN HILLS <br /> 2006 ADOPTED BUDGET—SUMMARY BY DEPT. <br /> Department Name: TIF District#2—Round Lake <br /> 2005 Budget: $290,376 2006 Proposed Budget: $265,450 <br /> Departmental Overview/Summary: <br /> TIF District No. 2,Round Lake Office,was established as a twenty-five year <br /> Redevelopment Development District on June 29, 1989. This district is located on the <br /> northeast quadrant of the 1-35W/I-694 intersection. <br /> Improvements for this district were funded with the issuance of$3,100,000 General <br /> Obligation Tax Increment Bond on March 1, 1998. Debt Service Fund No. 325 was <br /> created to track repayment of the bond principal and interest. <br /> An inter-fund loan from PIR fund No. 501 was needed for the acquisition of the <br /> Indykiewicz property. There is currently a receivable on the books from Ramsey County <br /> for creation of the storm retention pond and other improvements needed because of the <br /> linkage with their Highway 96 reconstruction project. It is planned to pay-off the inter- <br /> fund loan,when the Indy property is sold and the Ramsey County receivable is realized. <br /> Financial Overview-2006 <br /> �. TIF #2 Round Lake <br /> Other <br /> SerVCharges, Operating <br /> $3,200, 1% Transfers, <br /> $262,250, <br /> 99% <br /> Supplies, $0, <br /> 0% <br /> Personal <br /> Capital Services, $0, <br /> Outlay, $0, 0% <br /> 0% <br /> Significant Changes from Prior Year: <br /> In late 2004, the City refunded(refinanced)the above referenced bond in order to take <br /> advantage of the lower interest rates. The full year impact of the refunding is reflected in <br /> 2006 budget. The reduction is due to reduced interest costs. The refunding period was <br /> very timely as the interest rates have constantly risen since then. <br /> 55 <br />
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