ST. PETER — The city will borrow money from the general fund to cover an expected shortfall in the tax-increment financing district account created with the development of Nicollet Meadows.

The city approved buying 57 acres from St. Peter Public Schools on Nov. 2 for $450,000. That land is slated for workforce housing, and leftover money from Nicollet Meadows' lot sales will cover half of the purchase price.

The City Council on Monday approved an interfund transfer of up to $150,000 from the general fund to cover bond payments in the next two years. After that, it is expected the TIF account will be able to pay the general fund back at 3 percent interest.

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