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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 ,~ ~- ___ r .; { t®. Mayor Gary L. Peterson Attest: n , ,. , ,~ . ~ F~ ~ _ ~ .....~ ~ 4. 4 _s c .~.. I~atricia Muscovitz, CMC ~.-'- ~.m City Clerk