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� " . I <br /> � � ' <br /> LEGAL DEPARTMENT MEMORANDUM <br /> #2001-04 <br /> March 13, 2001 <br /> TO: The Honorable Mayor Howley and City Council <br /> FROM: Steve G City Manager <br /> John Cout , orporation CounselQ�`��� <br /> � <br /> SUBJECT: <br /> Olde Towne Redevelopment Project Area <br /> SUMMARY RECOMMENDATION: <br /> The Council is being asked to approve the attached resolution indicating an intent to be <br /> reimbursed from tax increment finance funds (TIF) for the expense of purchasing property in <br /> downtown Decatur for redevelopment. <br /> BACKGROUND: <br /> State law permits the City to reimburse itself for certain eligible expenses related to a TIF <br /> development project, including the purchase of land. Certain US Treasury regulations provide <br /> that a City indicate an intent to so reimburse itself. The attached resolution satisfies those <br /> regulations, and will allow the City to access TIF funds for payment of the City's costs in <br /> purchasing the 300 block of North Water Street - approximately $1,103,500.00. This is <br /> consistent with the City's long-standing plans regarding the financing of this development. <br /> POTENTIAL OBJECTION: <br /> None <br /> INPUT FROM OTHER SOURCES: <br /> None <br /> STAFF REFERENCE: <br /> John W. Couter, Corporation Counsel,424-2807 <br /> AJ Krieger, Assistant City Manager for Economic and Urban Development,424-2727 <br /> BUDGET/TIME IMPLICATIONS: <br /> None <br />