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NEW BUSINESS - A MEMORANDUM DATE: July 29, 2013 TO:Honorable Mayor and City Council Members FROM: Patrick Klaers, City Administrator SUBJECT: Round Lake Road Background/Discussion At the June 17, 2013, Council CIP work session, the Council considered the issues related to a Round Lake Road (RLR) improvement project. Attached for your review is a th memo from Public Works Director Terry Maurer dated June 12 on the RLR project. This memo includes a very preliminary cost estimate that shows a total project of slightly more than $2.6 million (about ½ for utilities and ½ for street and land acquisition). th At the end of the discussion on June 17, the Council indicated support for doing this project in 2014 and for using available TIF 2 District funds for this project. The Council also indicated support for assessing out to benefitted property owners some of the road improvement costs. The RLR project is on the July 29, 2013, City Council agenda to hire a consultant to complete the feasibility report for this project. This report will give the EDA and City better information to work with in deciding funding options and whether or not to move forward with the project. th Since the June 17 work session, staff has been in contract with Shelly Eldridge of Ehlers and Associates and we have received information on recent TIF law changes and how the TIF 2 District funds can be use. In brief, the District has $1,027,984 that can be used for any City approved project or activity without restrictions and has $159,481 that needs to be spent consistent with the TIF 2 budget (i.e. on the RLR project). This unrestricted use of funds opportunity needs some EDA discussion as staff will be making a recommendation that these funds be transferred out of the TIF district when the EDA meets on October 28th. If some of these funds are not used on the RLR project, then MSA funds would be needed for the City expenses related to the street and land acquisition.