5.32.
CC Regular Session
- Meeting Date:
- 12/14/2021
- By:
- Diana Lund, Finance
Information
Title
Adopt Resolution #21-354 Decertifying Tax Increment Financing District #8
Purpose/Background:
| Purpose: The City Council needs to formally adopt a resolution when a tax increment financing district decertifies and forward a copy of the resolution to Anoka County. Tax Increment Financing (TIF) District #8 (also known as Amcor) was a redevelopment district created in 2000. The term of TIF District #8 officially expires on December 31, 2028. The City proposes to decertify the district early as the last note payable will be completed by year-end 2021. The City Council is required to formally decertify the TIF district and return any excess tax increment to the County in accordance with Minnesota Statute, Section 469.176, subdivision 2. |
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Notification:
A copy of the resolution will be forwarded to Anoka County when completed.
Observations/Alternatives:
No alternatives. Decertify TIF #8 and return to tax rolls. As the district does not have any qualifying expenditures, future increment cannot be collected.
Recommendation:
Staff recommends adopting the resolution decertifying Tax Increment Financing District #8.
Action:
Adopt Resolution #21-354 Decertifying Tax Increment Financing District #8 and Returning Excess Tax Increments to Other Jurisdictions (if applicable)
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 12/09/2021 09:32 AM |
- Form Started By:
- Diana Lund
- Started On:
- 11/05/2021 09:41 AM
- Final Approval Date:
- 12/09/2021