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Agenda Section: VT T T-.'1 <br /> CITY OF NEW BRIGHTON <br /> Report Number: 9 9-2 80 <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> • Report Date: December 21 , 1999 <br /> ITEM DESCRIPTION : Consideration of Resolution Regarding Non-Tax Increments <br /> DEPT. HEAD'S APPROVAL: Kevin Locke, Director of Community Development <br /> 401 <br /> MANAGER'S REVIEW/RECOMMENDATION' <br /> No comments to supplement this report 1 Comments attached <br /> EXPLANATION/SUMMARY (attach supplemental sheets as necessary): <br /> Funds for the City's Redevelopment Program come from a variety of sources including tax-increments, land sale <br /> proceeds, grants, and interest earnings. Each source of funds has some what different rules for how the funds can <br /> be used. In particular, state law has many limitations on the use of tax increment. As a result, segregating <br /> increment from non-tax increment funds is appropriate and useful. The purpose of this Council action is to <br /> authorize the transfer of non-tax increment from at least the pre 1982 tax increment districts. Transfers will be <br /> done from all TIF districts eventually. We are beginning with the pre 1982 districts since they are the oldest and <br /> have different rules from the later districts. Jim Casserly is preparing a resolution for your consideration and will <br /> be provided at Tuesday's meeting. <br /> 0 <br /> RECOMMENDATION: <br /> To WAIVE THE READING AND ADOPT THE RESOLUTION AUTHORIZING TRANSFER OF NON-TAX INCREMENTS <br /> FROM TAX INCREMENT DISTRICTS. <br /> Ke 'n Locke, Director C unity Development <br /> S <br /> 1,1SHAREDICOUNCILIREPORTS11 9 9 919 9-CD\Pre-82 TIF Districts wpd <br />