1h Resolution TIF Funds
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone 9522271100
Fax 9522271110
Ruilding Inspections
?hone 9522271180
Fax 9522271190
Engineering
Phone 9522271160
Fax 952.2271170
Finance
Phone 9522271140
Fax 9522271110
Park & Recreation
Phone 9522271120
Fax 952227.1110
Recreation Center
2310 Coulter Boulevard
Phone 9522271400
Fax 952227.1404
Planning &
Natural Resources
Phone 9522271130
Fax 952227.1110
Public Works
1591 Park Road
Phone 952227.1300
Fax 952227.1310
Senior Center
Phone 9522271125
Fax 9522271110
Web Site
www.cichanhassen.mn.us
L~
-- -
MEMORANDUM
TO:
Mayor
City Council Members
FROM:
L.~-
6~
Greg Sticha, Finance Director
DATE:
August 22, 2005
SUBJECT:
Tax Increment Transfers, Payments, and closing funds
As part of our audit and TIP reporting process, there are a few TIP funds that have
been decertified that still have remaining balances. This resolution allows for the
transfer of funds from the Historic Preservation Trust Fund (800) to the
Downtown TID #1 (Fund 460) and the McGlynn District 2-1 (Fund 468). This
resolution also authorizes the closing of the funds.
BACKGROUND
Based on a recommendation by our auditors from HLB Tautges Redpath, we are
transferring $677,986.46 from Fund 800 to Fund 460, and $3,240.24 from
Fund 800 to Fund 468. This transfer eliminates the deficits and closes these funds
from any further activity.
In addition, we are remitting the excess TIP dollars in three different districts, as
required once the districts are decertified and ready to be closed. The amounts we
are remitting for these funds are $379,329.62 for TID #2-2 National Weather
Service (Fund 492), $30,246.44 for TID #3 Hennepin County (Fund 490), and
$481,784.79 for TID #7 Eden Trace (Fund 497). These amounts are being
remitted on the check register for your approval and are not a part of the
resolution to transfer funds to cover deficits as mentioned earlier. The counties
will then return our portion of this increment, which I estimate to be about
$250,000-$260,000.
RECOMMENDA TION
Staff recommends that the City Council approve the transfers and closing of the
TIP funds as noted in the resolution. This action requires a simple majority of
those present at the meeting.
The City of Chanhassen · A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks A great place to live, work, and play
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DA TE:
AU2Ust 22. 2005
RESOLUTION NO: 2005-
MOTION BY:
SECONDED BY:
RESOLUTION APPROVING 2005 FUND TRANSFERS AND
AUTHORIZING THE CLOSING OF RELATED TIF FUNDS
WHEREAS, the City Council of the City of Chanhassen, Minnesota, it has been determined that
a transfer needs to be made in 2005 to eliminate the deficits and close the TIF funds listed below;
WHEREAS, the Finance Director has listed those funds and amounts that need to be transferred;
WHEREAS, this resolution transfers funds to eliminate the fund deficits and close the funds;
WHEREAS, this resolution authorizes the closing of the following funds:
· Downtown Till # 1 (Fund 460)
· McGlynn Till #2-1 (Fund 468)
· National Weather Service Till #2-2 (Fund 492)
· Hennepin County Till #3 (Fund 490)
· Eden Trace Till #7 (Fund 497)
NOW, THEREFORE, BE IT RESOLVED by the City Council ofChanhassen, Minnesota, as
follows:
1. Authorization; Findings. The City Council hereby authorizes the Finance Director to make the
following transfer of funds:
Transfer from:
800 Historic Preservation Trust Fund
800 Historic Preservation Trust Fund
Transfer to:
460
468
Amount
$677 ,986.46
$3,240.24
Passed and adopted by the Chanhassen City Council this 22nd day of August, 2005.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT