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52 <br /> <br />EDA TIF DISTRICT #2 – ROUND LAKE <br /> <br />Function: Economic Development <br />Supervisor: Director of Finance and Administrative Services <br />Fund#: 252 <br />Activity#: 47307 <br /> <br />Activity Scope <br /> <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 /> <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. This was paid <br />in full in 2015. An inter-fund loan from the Permanent Revolving Fund No. 411 was <br />needed for the acquisition of the Indykiewicz property. This loan was repaid in full in <br />2004. All non-tax increment revenue was transferred out of this fund in 2013 to the PIR <br />Fund. <br /> <br /> Objectives <br /> <br />1. Utilize available TIF funds for part of the Round Lake Road improvement <br />project. <br /> <br />Issues <br /> <br />1. Ensure compliance with TIF laws for use of available funds. <br /> <br />Measurable Workload Data <br /> <br />None developed at this time. <br /> <br />Budget Commentary <br /> <br />None at this time <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />