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EDA TIF DISTRICT #2 - ROUND LAKE <br /> Function: Economic Development <br /> Supervisor: Director of Finance and Administrative Services <br /> Fund#: 252 <br /> Activity#: 47307 <br /> Activity Scope <br /> TIF District No. 2, Round Lake Office,was established as a twenty-five year <br /> Redevelopment District on June 29, 1989. This district is located on the northeast <br /> quadrant of the I-35W/I694 intersection. This district will decertify on December 31, <br /> 2015. <br /> Improvements for this district were funded with the issuance of$3,100,000 General <br /> Obligation Tax Increment Bonds on March 1, 1998. Debt Service Fund No. 325 was <br /> created, per statute,to track repayment of the bond principal and interest. An inter-fluid <br /> loan from the Permanent Revolving Fund No. 411 was needed for the acquisition of the <br /> Indykiewicz property. This loan was repaid in full in 2004. All non-tax increment <br /> revenue was transferred out of this fund in 2013 to the PIR Fund. <br /> Objectives <br /> 1. Utilize available TIF funds for part of the Round Lake Road iinprovement <br /> project. <br /> Is- <br /> 1. Ensure compliance with TIF laws for use of available funds. <br /> Measurable Workload Data <br /> None developed at this time. <br /> Budget Commentary <br /> There are no significant changes in this fiind in 2014 other than a reduction in interest <br /> income as a result of the transfer out of non-increment fluids to the PIR Fund. Annual <br /> transfers are made to Debt Service Fund No. 325 for principal and interest payments on <br /> the G.O. Tax Increment Refiinding Bonds, 2004A. <br /> -6- <br />