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AGENDA RECOMMENDATION |
Consent Calendar 5.C.
City Council Regular Meeting
- Meeting Date:
- 08/24/2026
Agenda Item:
Resolution requesting Decertification of Tax Increment Financing District No. 33-2 (Habitat for Humanity Housing Project).
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
On September 28, 2009, the Mankato City Council approved the establishment of Tax Increment Financing District No. 33-2, a housing TIF district, and the accompanying development agreement. The purpose of the tax increment district was to assist Habitat for Humanity with the development of 13 single-family dwellings located along Rogers Street to provide affordable housing to low and moderate income families.
The amount of assistance was $178,881.03 for the 15-year term of the district, on a pay-as-you-go basis. TIF revenues assisted with infrastructure costs associated with the installation of Rogers Street and utility services for the single-family dwellings.
A total of 29 tax increment payments were made beginning in June 2012 and the final tax increment payment was made in July 2026. The total amount of tax increment payments to the developer was $145,188, which is less than the amount of increment that was projected. Per the terms of the development agreement, the City is not responsible for the shortfall in the TIF. The TIF District has reached its term and the district needs to be decertified. The recommendation is to adopt the attached resolution decertifying the TIF District.
The amount of assistance was $178,881.03 for the 15-year term of the district, on a pay-as-you-go basis. TIF revenues assisted with infrastructure costs associated with the installation of Rogers Street and utility services for the single-family dwellings.
A total of 29 tax increment payments were made beginning in June 2012 and the final tax increment payment was made in July 2026. The total amount of tax increment payments to the developer was $145,188, which is less than the amount of increment that was projected. Per the terms of the development agreement, the City is not responsible for the shortfall in the TIF. The TIF District has reached its term and the district needs to be decertified. The recommendation is to adopt the attached resolution decertifying the TIF District.