HomeMy WebLinkAbout2000-003 EDARCommissioner Debra_Hilstrom introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 00 -03
RESOLUTION RECOMMENDING THE CREATION OF A TIF DISTRICT
#4 FUND, DIVIDING THE E.D.A. FUND INTO AN E.D.A. #1 FUND AND
AN E.D.A. #2 FUND, AND AMENDING THE 2000 E.D.A. BUDGET
WHEREAS, Section 7.11 of the City Charter provides the City Council with the
authority to order the creation of such funds as may be needed to properly account for the
financial activities of the City; and
WHEREAS, Resolution #99 -34 approved the establishment of Tax Increment
Financing District #4 and thereby created the need for a special revenue fund to account
for the district; and
WHEREAS, the E.D.A. Fund was created in the 1980s and included tax
increment financing revenues from that time onward; and
WHEREAS, State of Minnesota guidelines call for TIF revenues to be
segregated in separate funds from funds containing non -TIF revenues.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center, Minnesota, as follows:
1. It is recommended to the City Council that the classification of funds be
expanded to include a Tax Increment Financing District #4 special revenue fund
to account for the receipt and disbursement of tax increments.
2. It is recommended to the City Council that the existing E.D.A. Fund be
renamed as the E.D.A. #1 Fund and that the classification of funds be expanded
to include the E.D.A. #2 Fund.
The appropriations for the E.D.A. in the 2000 Budget shall be divided with the
property tax revenues and transfers from the H.R.A. Fund going to the E.D.A.
#2 Fund. The carry forward of 1999 assets and liabilities and all 2000 revenues
and appropriations not earmarked for the E.D.A. #2 Fund shall belong to the
E.D.A. #1 Fund.
EDA RESOLUTION NO. 00 -03
January 24, 2000
Date
The motion for the adoption of the foregoing resolution was duly seconded by
commissioner Robert Peppe and upon vote being taken thereon,
the following voted in favor thereof:
Myrna Kragness, Debra Hilstrom, Kay Lasman, Ed Nelson, and Robert Peppe;
and the following voted against the same:
none;
whereupon said resolution was declared duly passed and adopted.