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- , • , . <br /> LEGAL DEPARTMENT MEMORANDUM <br /> #2002-04 <br /> February 21, 2002 <br /> TO: The Honorable Mayor and City Council Members <br /> FROM: Steve Garm ity Manager <br /> John W. Cou , Corporation Couns�ll(/ <br /> ,� <br /> SUBJECT: Olde Towne Redevelopment Project Area <br /> SUMMARY RECOMMENDATION: The Council is being asked to approve the attached <br /> resolution indicating an intent to be reimbursed from t� increment finance funds (TIF) for the <br /> expense of purchasing property in downtown Decatur for redevelopment. <br /> BACKGROUND: State law permits the City to reimburse itself for certain eligible expenses <br /> related to a TIF development project, including the purchase of land. Certain US Treasury <br /> regulations provide that a City indicate an intent to so reimburse itself. The attached resolution <br /> satisfies those regulations, and will allow the City to access TIF funds for payment of the City's <br /> costs in purchasing the 300 block of North Water Street (west side) and a portion of the 300 <br /> block of North Main Street - approximately $395,00.00. This is consistent with the City's <br /> long-standing plans regarding the financing of this development. <br /> POTENTIAL OBJECTION: None <br /> INPUT FROM OTHER SOURCES: None <br /> STAFF REFERENCE: John W. Couter, Corporation Counsel, 424-2807, AJ Krieger, Assistant <br /> City Manager, 424-2727 <br /> BUDGET/TIME IMPLICATIONS: None <br />