HomeMy WebLinkAbout[07a] TIF-Millstream Shops/Lofts CITY OF ST. JOS�PH
W�vw.cityof stjoseph.com
DATE: July 17, 2013
MEMO TO: Economic Development Authority
Administrator FROM: Cynthia Smith-Strack Municipal Development Group
Judy Weyrens
RE: Disbursement of TIF Payment: St. Joe Meat Market
Mayor
Rick Schultz Background
The City has received the initial $ettlement for 2013 property taxes. The first half payment
councilors includes revenue for TIF 2-1 (Millstream Shops/Lofts)and TIF 2-2(St. Joe Meat Market).
Steve Frank
Bob Loso Finance Director, Lori Bartlett has processed the payment and requests approval of the
Renee symanietZ following disbursements:
Dale Wick
a. TIF 2-1 — Millstream Shops/Lofts (payment to lender: First State Bank, St. Joseph:
EDA $17,102.50(i.e. 90% of increment received).
Doug Danielson
Steve Frank b. TIF 2-2—St. Joe Meat Market(payment to property owner) in the amount of$1,771.05
Larry Hosch (i.e. 95%of increment received).
Gary Osberg
Dale wi�k Associated documentation is attached to this memo.
Action:
A MOTION to approve the disbursement request for TIF 2-1 in the amount of $17,102.50 and
TIF 2-2 in the amount of$1,771.05 is in order.
, �/
July 26,2013
Sentry Bank
400—4`�'Ave NE
P O Box 159
St.Joseph,MN 56374
RE: TIF 2-1,Millstream Shbps&Lofts,Tax Settlement
Dear Sir or Madam:
In accordance with the Tax Increment Financing Agreement with the City of St.Joseph,
enclosed is a payment in the amount of$ 17,102.50 for the first half tax settlement in 2013.
This 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—Dis�rict 2-1,Payments,ls`Payment 2013)
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