Tax Increment Finance Authority

APPROVED 07/24/2024 TAX INCREMENT FINANCE AUTHORITY MINUTES JUNE 26, 2024 THE MEETING OF THE TAX INCREMENT FINANCE AUTHORITY WAS CALLED TO ORDER AT 7:00 P.M., ON JUNE 26, 2024, BY CHAIRMAN GARANT Present: Ball, Garant, Gillies, LaFore, Reindel, Weinert Absent: Yelencich Others: Director Moore Visitors: None Motion by Reindel, seconded by Ball, to excuse Authority Member Yelencich from tonight’s meeting due to being out of town. All yeas Motion passes APPROVAL OF MINUTES Motion by Weinert, seconded by Reindel, to approve the minutes from May 22, 2024, as presented. All yeas Motion passes APPROVAL OF BILLS Motion by LaFore, seconded by Weinert, to approve the Payroll Expenses for May 17, 2024 through June 13, 2024 in the amount of $6,283.89. All yeas Motion passes Motion by LaFore, seconded by Weinert, to approve the Schedule of Bills for May 21, 2024 through June 17, 2024 in the amount of $21,412.23. All yeas Motion passes CORRESPONDENCE Revenue and Expense Report through May, 2024 City Council Minutes for the May 6, 2024 Regular Meeting City Council Minutes for the May 20, 2024 Regular Meeting City Council Minutes for the June 3, 2024 Regular Meeting Received and filed the correspondence as presented. TIFA Mtg: 06/26/2024 Page 1 of 3  APPROVED 07/24/2024 PUBLIC COMMENTS None ADOPTION OF AGENDA Motion by Weinert, seconded by LaFore, to adopt the agenda as presented. All yeas Motion passes ITEMS FOR CONSIDERATION 1. Approval of the FY2024-25 TIFA Budget Administration provided the current financial status of TIFA along with the proposed FY2024-25 TIFA budget. This tis the second year that TIFA revenues will not be adjusted through a tax base sharing agreement. Motion by Reindel, seconded by Weinert, to approve the FY2024/2025 TIFA Budget. All yeas Motion passes 2. Approval of TIFA Resolution 2024-1: Dedication of Funds Motion by Weinert, seconded by LaFore, to adopt TIFA resolution 2024-1 which dedicates the $515,553 in surplus funds against future projects. All yeas Motion passes MISCELLANEOUS MATTER FROM THE DIRECTOR Rauhorn sent their insurance paperwork to the City related to Phase 2 of the Downtown Lighting Project. They should be starting soon. The Hometown Football League clarified that the $1,000 from Northstar Bank was split between the football shed project and funding for their cheerleaders. This will reduce the funds to $500 that will help offset the $7,500 approved by TIFA. CHAIRMAN AND AUTHORITY MEMBERS Rich Weinert asked if the old City dump property would be usable as a solar farm to help power the City streetlights. Weinert reminded authority members of the upcoming RAHGS Heritage and Fiber Fest taking place this weekend. TIFA Mtg: 06/26/2024 Page 2 of 3  APPROVED 07/24/2024 ADJOURNMENT Motion by Ball, supported by Reindel, to adjourn the Tax Increment Finance Authority meeting at 7:25pm. All yeas Motion passes Respectfully Submitted: Heather McCallister City Clerk TIFA Mtg: 06/26/2024 Page 3 of 3