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<br /> , <br /> . My recommendation is to stay in the fund for the following reasons: (1) The underlying <br /> fund investments are obligations of the U,S, Government or its agencies; (2) the <br /> investment represents a "long-term" portion of the City's investment portfolio; (3) the <br /> fund continues to generate $,075 dividends per share, (a 10.4% yield on the current $8_68 <br /> NA V), with a substantial dividend reserve; (4) Piper Jaffray continues to insist that the <br /> underlying NAVis close to $10,60 per share at par and; (5) the fund is being closed on <br /> 6/20/94 to preserve the NA V appreciation to existing investors in the fund as investments <br /> mature at par, <br /> B. Development I Redevelopment Fund (No. 522) Payback to PIR Fund <br /> (No. 501) Update <br /> 1. The TIP tax capacity analysis schedule distributed to the Council in their 6/1 0/94 <br /> packet is misleading in light of the decertification information Mr, Fritsinger has <br /> provided to Ramsey County for the parcels in the 4C Round Lake Office Park <br /> District. Specifically, most of the $21,940 from District 4C will go away <br /> beginning in 1995, However, it should be noted that the construction of very few <br /> new buildings in this area and the recertification process will more than restore this <br /> revenue loss, <br /> Attached please find a revised TIF analysis schedule assuming a District 4C worse case <br /> scenario, <br /> . C. 1995 Proposed Capital Improvement Budget <br /> 1. Staff has received Council input from the 5/18/94 Strategic Planning meeting and <br /> has revised capital plans accordingly, Attached is a revised 1995-1999 Capital <br /> Plan, Staff would ask Council to review these schedules and either concur or <br /> identify further requested changes, <br /> D. Other I MisceUaneous Updates <br /> 1. 1994 Pavement Management Program Preoavrnents: <br /> Thus far, through 6/14/94, only two residents (prager, 3320 Dunlap - $3035; and <br /> Moehnke, 1463 Bussard - $2950) have made street assessment prepayments, This <br /> level of participation is substantially lower than previous years, <br /> 2, Underground Storage Tank ruST) Contaminated Soil Refund: <br /> On 6/14/94, the City received a check in the amount of$15,491.93 from the State <br /> of Minnesota Department of Commerce for UST Leak No, 6037, The City had <br /> requested a claim in the amount of $17,575 from the Minnesota Petroleum Tank <br /> Release Compensation Board, The Board disallowed $2,083 in engineering costs, <br /> These disallowed costs were accrued as of 12/31/93, The $15,492 receipt will <br /> not be recorded as revenue because it was originally booked in 1993 as a <br /> balance sbeet receivable item. <br /> . 2 <br /> - ------------- <br />