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ARDEN HILLS EDA MEETING—JULY 29, 2013 2 4. NEW BUSINESS A. Round Lake Road and TIF District 2 Funds Secretary Klaers stated that at the June 17, 2013, City Council work session, the Council considered the issues related to a Round Lake Road (RLR) improvement project. Staff estimated the expense for this project to be $2.6 million with half of the expense intended for utilities and the other half for street and land acquisition. Council had directed staff to put this project in the 2014 CIP and to use TIF District 2 funds for the project. The project would be assessed to benefitting property owners for some of the costs associated with road improvements. Further information on the assessments would be known after the feasibility study was complete. Secretary Klaers commented that the TIF District 2 has over $1 million in funds that can be used for any City approved project or activity without restrictions. Another $159,481 In ftmding is available to be spent consistent with the TIF 2 budget, which is what would be used for the RLR project. Staff recommended that the additional funds be transferred out of the TIF district to the PIR Fund when the EDA meets in October. He requested that the EDA approve the use of TIF District 2 funds ui the amount of$159,481 to be used for the RLR project. Treasurer Iverson discussed the finances in fiu-ther detail with the EDA. President Grant questioned if the City would be able to complete the RLR project in 2014. Public Works Director Maurer stated that his only concern is the land acquisition portion of the project. He indicated that the feasibility study will clarify this issue in detail for the City. EDA Commissioner Holden asked what street width will be used for Round Lake Road. Public Works Director Maurer suggested that the road follow Municipal State Aid (MSA) standards and remain a four-lane road. EDA Commissioner Holmes inquired how the City will fiend the difference between the TIF fiends available and the estimated project cost. Public Works Director Maurer indicated that half of the project costs are for buried utilities, acid these expenses can be funded through the Sanitary Sewer and Water Funds. EDA Commissioner Holmes questioned why MSA fiends are not proposed for this project. President Grant stated that some MSA fields can be used to assist in ftulding this project and that more would be known after the feasibility report is complete. EDA Commissioner Holden asked where the TIF District 2 fiends will be placed in the budget.