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<br /> ~ <br /> ~~HILLS <br /> . <br /> 2007 PROPOSED BUDGET - SUMMARY BY DEPT. <br /> Department Name: TI F District # 2 - Roulld Lake <br /> 2006 Bud2et: $265,450 2007 Proposed Bud2et: $284,625 <br /> DepartmentaIOverview/Summarv: <br /> nF District No.2, Round Lake Office, was established as a twenty-five year <br /> Redevelopment Development District on June 29, 1989. This district is located on the <br /> nOliheast quadrant of the I-35W/I-694 intersection. <br /> Improvements for this district were funded with the issuance of $3, I 00,000 General <br /> Obligation Tax Increment Bond on March 1, 1998. Debt Service Fund No. 325 was <br /> created to track repayment of the bond principal and interest. <br /> An inter-fund loan [rom PJR fund No. 501 was needed for the acquisition of the <br /> Indykiewicz property. There is currently a receivable on the books [rom Ramsey County <br /> for creation of the storm retention pond and other improvements needed because of the <br /> linkage with their Highway 96 reconstruction project. It is planned to pay-off the inter- <br /> fund loan, when the Indykiewicz property is sold and the Ramsey County receivable is <br /> realized. <br /> Financial Overview - 2007 . <br /> r---- --..-.-" -....--.. - - ---1 <br /> TIF #2 Round Lake I <br /> I Other Contractural i <br /> ServJOlarges.--______ __-- Services <br /> ---- ----.----- , <br /> I $1.300,0% $2,150.1% <br /> I <br /> Personnel <br /> Capital Outlay, Services, $0. 0% <br /> $0.0% <br /> I Supplies, $0. 0% <br /> Utilities, $0, 0% <br /> i MainUMaterials, Comnunication, <br /> I $0.0% $0,0% <br /> I <br /> I Employee <br /> i <br /> L Ope",", Developrrent. $0. <br /> Transfers, 0% <br /> $281,175,99% <br /> --.----.----..---"-.. ....__..__...~_.. ...---------... <br /> Si2nificant Chan2es from Prior Year: <br /> In late 2004, the City refunded (refinanced) the above referenced bond in order to take <br /> advantage of the lower interest rates. The [uIl year impact of the refunding is reflected in <br /> the 2006 budget. The reduction is due to reduced interest costs. The refunding period . <br /> was very timely as the interest rates have constantly risen since then. <br />