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<br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />September 10, 2003 <br /> <br />To: <br /> <br />Honorable Mayor and City Councll Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />Ellen Paulseth, Finance Director reA <br /> <br />From: <br /> <br />Re: <br /> <br />TIF District 1-3 <br /> <br />************************************************************************ <br /> <br />TIP District 1-3 was decertified iD. 1998. The remaining tax increment, plus interest <br />accrued after July 1, 1997, needs to be returned to the county for distribution as Excess <br />TIP. The city can keep the interest earned prior to July 1, 1997 and the remaining <br />administration funds. The excess increment will be split between the county, the city, <br />and the school district. Following is an accounting of the TIP 404 Fund: <br /> <br />Balance August 30, 2003: <br />Less Pre-1997 Earned Interest: <br />Less Administration <br />Amount to be returned to County <br /> <br />$143,021.31 <br />- $ 4~902.00 <br />- $ 4.532.00 <br />$133.587.31 <br /> <br />Council should authorize the transfer of the pre-1997 interest and the administrative fees <br />from the TIP 404 Fund to the General Fund. In addition, Council should authorize by <br />.(,resolution the return of the remaining tax increment. <br />+,-' <br />