HomeMy WebLinkAboutResolution No. 2009-001RESOLUTION N0.2009-01
BEING A RESOLUTION AUTHORIZING
CERTAIN INTERFUND TRANSFERS AND INTER:FUND LOAN TERMS
WHEREAS, the City of Columbia Heights has maintained certain separate funds listed below, and
WHEREAS, the purposes for which these funds were created and maintained separately have been
satisfied or expired; and
WHEREAS, the City of Columbia Heights has determined it advantageous and cost-effective to
consolidate its various funds' interests in the land at 825 41St Avenue NE under a single fund; and
WHEREAS, the City of Columbia Heights has issued certain interfund loans to the Columbia Heights
Economic Development Authority, the terms of which no longer reflect the current use andfor values
of the land financed by said interfund loans; and
WHEREAS, the City of Columbia Heights has determined the need to provide temporary interfund
financing for certain renovations at the City's Murzyn Hall Property;
BE IT HEREBY RESOLVED by the City Council of the City Of Columbia Heights, that the City of
Columbia Heights authorizes the following interfund transfers and interfund loan terms effective
December 31, 2008:
1. Transfer ending fiand balance of Fund 887 Flex Benefit to the General. Fund 1.01, and reclassify
the flex benefit activity as part of the General Fund.
2. Transfer the ending fund balance of Fund 250 C.H.A.S.E. to Fund 261 After School Programs.
3. Transfer ending fund balance of Fund 290 Parking Ramp Assessments to Fund 405 Downtown
Parking Maintenance.
4. Transfer ending fund balances of TIF Fund 386 and TIF Fund 370 to TIF Fund 379.
5. Transfer ending fund balance of Fund 436 Liquor Capital Construction to Fund 439 Liquor
Debt Service.
6. Forgive the $600,000 interfund loan (reference resolution 2004-04) from Fund 390 Four Cities
Bonds to Fund 204 EDA Administration as follows:
• $581,962.50 in payment for the City's acquisition of the EDA's share of 825 41St Avenue
NE, calculated at the 01/01/08 carrying value.
• $18,037.50 as a transfer to close out the loan.
7. Transfer all the component pieces of the land at 825 41St Avenue that are held by City and the
EDA funds, calculated at the 01/01/08 carrying value including capitalized demolition costs, to
Fund 417 Public Safety Building Construction as follows:
• $581,962.50 from Fund 204 EDA Administration.
• $365,585.87 from Fund 202 Anoka County CDBG.
• $ 23,877.88 from Fund 420 Capital Improvement Development.
8. Transfer ending fund balance of Fund 390 Four Cities Bonds to Fund 401 Capital Improvement
Fund.
9. Transfer ending fund balance of Fund 299 EDA Business Revolving Loans to Fund 204 EDA
Administration.
10. Forgive $400,000 of the $800,000 interfund loan (reference resolution 2004-60) from City
Fund 420 Capital Improvement Development to Fund 204 EDA Administration, making the
$400,000 forgiven a 2008 transfer.
11. Loan $930,227 from Fund 431 Capital Equipment Replacement General Government to Fund
411 Capital Improvement General Government Buildings at 0% interest.
Passed this 12th day of January, 2009
Offered by: Diehm
Seconded by: Kelzenberg
Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm Kelzenberg
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Mayor Gary L. Peterson
Attest:
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I~atricia Muscovitz, CMC ~.-'-
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City Clerk