2015-05-18 CC Fund 473 InformationNibertVill-C
&m GNT —Wnq. ftQ C=,vLft. Mayor and Council Communication
May 14, 2015
SUBJECT: FINANCE - FUND 473, PRAIRIE Rule FINANCING
INFORMATION: At the request of the City Council, the following information is being
provided.
Fund 473 is the project fund that the City of Albertville used for the development of Prairie Run.
Currently the fund has a deficit of $767,582. It is estimated that with projected sales and the
collection of assessments on the commercial property, the fund break even as illustrated below.
Prairie Run
Deficit Balance
$(767,582)
Less Fieldstone purchase, 10 lots
$185,000
Less Christianson purchase, 2 lots
$79,000
Less projected purchase, 15 lots
$330,000
Balance Due
$(173,582)
Amount due on commercial lot assessment 5178,000
Fund balance after collection of commercial
lot assessment $4,418
These numbers ore estimates os of 4130115
KEY ISSUES:
• The goal for this project/fund is to break even
• Collection of the commercial lot assessments is not in the foreseen near future
• Council and staff have approved a plan to repay the SAC fund back, which has been
loaning funds to 473
• It is staff s recommendation not to reduce or eliminate the commercial assessment.
Responsible Person/Title: Tina Lannes, Finance Director
Submitted Through: Adam Nafstad, City Administrator-PWD
M:\Public Data\City Council\Council Packet Infonnation\2015\051815\051815 Prairie Run Communication.docx
Meeting Date: May 18, 2015
112