HomeMy WebLinkAbout2012-124RESOLUTION 2012 -124
TAX INCREMENT DISTRICT NO. 1
RESOLUTION OF CLARIFICATION AND ALLOCATION
WHEREAS, an amended budget for Tax Increment District No. 1 was adopted by the City
Council on December 1, 2011, authorizing future expenditures of $28,699,100.00; and,
WHEREAS, through the year end 2011 total expenditures actually paid with increment was
$13,164,034.00; and,
WHEREAS, the annual reporting form of the Minnesota State Auditor requires that the total
of the new budget and the expenditures made through year end 2011 be clarified and reallocated, but
not increased, in order to be properly reported.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Stillwater,
Minnesota, that the budget adopted December 1, 2011 be reallocated by restating lines 19 through 28
of the estimated project /financing costs section of the Auditor's Reporting Form as follows:
Line 19
Landibuilding acquisition
Line 20
Site improvements /preparation costs
Line 21
Utilities
Line 22
Other public improvements
Line 23
Construction of affordable housing
Line 24
Small city authorized costs, if not already included above
Line 25
Administrative costs
Line 26
Estimated Tax Increment Project Costs
Line 27
Interest expense
Line 28
Total Estimated Project/Financing Costs to be Paid from
Tax Increment
Enacted by the City Council this f r day of , 2012.
CITY OF STILLW
Ken
$2,542,089.00'
$8,029,931.002
$11,849,383.003
$11,825,000.004
-0-
-0-
$1,432,715.005
$6,184,016.00
$41,863,134.00
ATTEST:
Larry Han en, Acting City Clerk
' Consisting of $1,797,089.00 expended through 2011 and $745,000.00 authorized by the
December 1, 2011 modification consisting of the Parking Ramp Land Payoff in the amount of
$120,000.00, and 25% of PAYG Fund in the amount of $625,000.00.
2 Consisting of $1,404,931.00 expended through 2011 and $6,625,000.00 authorized by the
December 1, 2011 modification consisting of Facade Improvement Loans in the amount of
$3,000,000.00, Commercial Building Fund in the amount of $2,000,000.00, Site Clean Up Fund
in the amount of $1,000,000.00, and 25% of the PAYG Fund in the amount of $625,000.00
' Consisting of $5,224,383.00 expended through 2011 and $6,625,000.00 authorized by the
December 1, 2011 modification consisting of Street Lights (Highway and Pedestrian Lights) in the
amount of $3,000,000.00, and Sanitary Sewer Disconnects Loans in the amount of $3,000,000.00
and 25 % if the PAYG Fund in the amount of $625,000.00.
4 Consisting of $900.00 expended through 2011 and $11,825,000.00 authorized by the December
1, 2011 modification consisting of the Pedestrian Walkway Project in the amount of
$1,000,000.00, Parking Ramp Structure Payoff in the amount of $3,000,000.00, Stage 3A Flood
Control Project (2012) in the amount of $700,000.00; Parking Lot Resurfacing in the amount of
$2,000,000.00, Stage 3B Flood Control Project (Post 2012) in the amount of $4,500,000.00, and
25 % of the PAYG Fund in the amount of $625,000.00.
$ Administrative costs consisting of $932,715.00 expended through 2011 and $500,000.00
reallocated from the December 31, 2011 budget.