HomeMy WebLinkAbout[05c] TIF 1-4 Disbursement RequestDATE: July 15, 2009
MEMO TO: St. Joseph Economic Development Authority
FROM: Cynthia Smith-Strack, Municipal Development Group
RE: TIF Disbursements
Background
The City has received the initial settlement for 2009 property taxes. The first half payment includes
revenue for TIF 1-4 (Fabral/Gohman). Finance Director, Lori Bartlett has processed the payment and
requests approval of the following disbursements: TIF 1-4 - GohmanNicwest (payment to lender:
Minnwest Bank): $29,786.46.
Associated information and documentation is attached to this memo.
TIF 1-3 Borgert decertified with the last increment received in Dec. 2008 and TIF 2-1 Millstream will
not begin receiving increments until 2010 due to their construction completion date and TIF
certification date.
Action:
A MOTION to approve the disbursement request for TIF 1-4 in the amount of $29,786.46 is in order.
July 6, 2009
MinnWest Bank
PO Box 7429
St. Cloud MN 56302-7429
1tE: TIF I-4 Tax Settlement -Vic West
Dear Sir or Madam:
In accordance with the Tax Increment Financing Agreement with the City of St. Joseph,
enclosed is a payment in the amount of $ 29,786.46 for the first half tax settlement for 2009.
The amount represents 90% of the increment received from the district as noted in the
development agreement.
If you have any questions or need additional information please feel free to contact me at
320-363-7201.
Sincerely,
CITY OF ST. JOSEPH
Lori Bartlett
Finance Director
cc: St. Joseph EDA
Flle (Tax Increment Financing -District 1-4, Payments, 1" Payment 2009)