HomeMy WebLinkAboutCity Council Resolution 2007-373CITY OF PLYMOUTH
RESOLUTION NO. 2007-373
APPROVE TRANSFER OF FUNDS FROM THE PROJECT ADMINISTRATION
FUND TO THE GENERAL FUND AND THE HRA FUND
WHEREAS, in 1998 the City established the Village of Bassett Creek Tax Increment Financing District
7-5A, and
WHEREAS, in order to minimize the state penalty associated with TIF assistance, the existing TIF
district 7-5 was restructured to elect the local contribution penalty option. Since the existing TIF
District 7-5 was established under the Homestead and Agricultural Aid (HACA) penalty option, the
election of the less costly local contribution option was done, and
WHEREAS, the local contribution option was covered by transferring $154,800 from the General Fund
and $72,500 from the HRA Fund, and
WHEREAS, the original amounts transferred have earned interest and the balances to be returned to the
General Fund and HRA Fund are now $232,976 and $109,112 respectively,
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, that the Administrative Services Director is authorized to transfer $342,088 from the
Project Administration Fund to the General Fund in the amount of $232,976 and to the HRA General
Fund in the amount of $109,112.
Adopted by the City Council on September 11, 2007.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota,
certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on
September 11, 2007 with the original thereof on file in my office, and the same is a correct transcription
thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this
day of
City Clerk