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<br />November 30, 1995 <br /> <br />To: Steve Sarkozy <br />City Manager <br /> <br />Prom: Ed Burrell ( 1L <br />Pinance Director 1-7 <br /> <br />Re: .Al ternative Source of PuDds <br /> <br />Councilman Goedeke has asked the question at the worksession <br />regarding the possible source of funds for making up the approxi- <br />mately $100,000 difference needed if the Rottlund proposal was <br />accepted in place of the MSP proposal on Arona. <br /> <br />We had responded that the funds would need to come from the <br />economic development and housing funds thus providing less re- <br />sources for future economic and housing projects. <br /> <br />Below is a summary of current projected economic development <br />funds: <br /> <br />1996 <br /> <br />1997 <br /> <br />1998 <br /> <br />Projected Tax Increment <br />for Economic development <br />and housing programs $2,450,104 <br /> <br />$2,513,527 <br /> <br />$2,584,482 <br /> <br />Minimum CIP Commitments $1,196,934 <br /> <br />$3,100,000 <br /> <br />$2,250,000 <br /> <br />The Council could reallocate additional funds to debt service and <br />tQus redu~e the expected cash flows available for projected <br />future development. <br />