CCP 04-14-1997 - Laserfiche WebLink

Home Browse Search

I I CITY OF ARDEN HILLS f' MEMORANDUM DATE: April 10, 1997 I TO: Mayor and City Council Brian Fritsinger, City Administrato~ FROM: I SUBJECT: Resolution #97-18, Transfers to EDA I Background The City initially created its Economic Development Authority in 1996 to assist with various I economic development activities. At the time it was created, the City did not provide it with any funding or staff allocations. I Legal Abilities Minnesota Statutes, Section 469.094, Subd. 2, allows the City to transfer the control, authority, and operations of any project to the EDA. With the high level of activity being undertaken in the I Gateway Business District, it may be an appropriate time to transfer all financial activities related to Development District No.1 and Tax Increment Financing Districts Nos. 1,2 and 3. Ie Fund Amounts Municipal Development/Redevelopment Fund (No. 522) was created to account for all activities I related to the Development and Tax Increment Districts. This fund is also responsible for the outstanding debt related to the acquisition of land and demolition costs incurred by the PIR Fund at the former Kern Milling rendering site. The current revenues in this account are projected to I be $103,600, with expenditures of$76,210, for 1997. Future Transfers I As the City moves into the 1998 Budget discussions, it may wish to consider additional transfers to the EDA. These may include the rendering plant property, the economic development department which segregates all activities that support the City's general economic development I activities, and other budget items. Recommendation I Staffrecommends the adoption of Resolution #97-18, transferring various budgetary, financial, property, and personnel to the Arden Hills Economic Development Authority. I BFfsls I .. I