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<br />" <br /> <br />! <br /> <br />~~ <br /> <br />c <br /> <br />-CffY OF NEW BRIGHTON <br /> <br />RESOLUTION NO. 99-Q3L <br />AUTHORIZING TRANSFER OF CERTAIN FUNDS <br />FROM TAX INCREMENT FINANCING DISTRICT ACCOUNTS <br /> <br />BE IT RESOL YED by the City Council of the City of New Brighton, Minnesota <br />(City) as follows: <br /> <br />Section 1. Recitals. <br /> <br />1.01. The City has established and currently administers its tax increment <br />financing district nos. 1 through 28 (TIP Districts) within Development District No. 1 <br />(Development District), all pursuant to Minnesota Statutes, Sections 469.174 to 469.179 <br />(TIP Act) and Sections 469.124 to 469.134 (Development District Act). <br /> <br />1.02. The City has determined that cenain funds maintained in the accounts for <br />the TIP Districts are not "increment" as defined in Section 469.174, subdivision 25 of the <br />TIF Act. <br /> <br />1.03. In order to clarify administration of the accounts for the TIP Districts and <br />the City's economic development and redevelopment programs generally, the City has <br />determined a need to transfer a portion of the funds in the accounts for the TIP District to <br />Fund 460, the City's development account. <br /> <br />Section 2. Transfer Authorized. <br /> <br />2.01. The Finance Director-Clerk is authorized and directed to transfer from the <br />account for each TIP District to Fund 460: <br /> <br />(a) the amount of accumulated interest earnings on tax increments accrued from <br />each TIP District through June 30, 1997; and <br /> <br />(b) other amounts that the Finance Director-Clerk determines are not increment as <br />defined in Section 469.174, subdivision 25 of the TIF Act, including without limitation: <br /> <br />(i) for TIP Districts Nos. 1, 2 and 3 (which were requested for <br />certification before July 1, 1982) proceeds from the sale of property, whether or <br />not purchased with tax increments, and repayments of loans or other advances, <br />whether or not made with tax increments; <br /> <br />(ii) for TIP District Nos. 4 through 28 (which were requested for <br />certification after June 30, 1982) proceeds from the sale of property not purchased <br />with tax increments; proceeds from the sale of property purchased with tax <br />increments before July 1, 1997; repayments of loans and advances not made with <br /> <br />SJB-161178 <br />NE136-149 <br />