City Council Meeting Date: July 12, 2016
To: Mayor and City Council
From: Ben Martig, City Administrator
Title
Consider Resolution establishing a "Committed" Fund Balance Designation for Certain TIF#4 Funds for the Purpose of Site Improvements Associated with the "Save the Northfield Depot" Redevelopment Project and Related Transit Hub.
Body
Action Requested:
The Northfield City Council consider Resolution establishing a "Committed" Fund Balance Designation for Certain TIF#4 Funds for the Purpose of Site Improvements Associated with the "Save the Northfield Depot" Redevelopment Project and Related Transit Hub.
Summary Report:
The City Council met at the Work Session of July 12 to review the attached request from the Save the Northfield Depot. They are requesting designation of TIF#4 funds for site improvements they are estimating, based on the attached quote, in the amount of $129,125. There is approximately $150,000 in available TIF#4 funds that have not been formally designated by the City Council. Staff is recommending designating the full remaining funds to provide for the estimated cost plus extra contingency. This designation of use of funds would appropriate funds available for the project.
The City Fund Balance Year-End Classification Policy establishes guidelines for designating fund balances for particular purposes. Staff is recommending establishing the restrictions as a "Committed" fund balance which requires approval by resolution. The policy is attached with the related section highlighted in yellow.
Staff is not recommending authorizing the expenditure at this time pending further review of the design and other site ownership considerations as further outlined in this memo.
The City Engineer's office is currently reviewing the quote received by the Save the Northfield Depot's contractor ProCon. City Administrator Martig is recommending that the improvements meet public design standards in order to ensure that improvements wo...
Click here for full text