4.5.
CC Regular Session
- Meeting Date:
- 12/09/2014
- By:
- Diana Lund, Finance
Information
Title
Adopt Resolution #14-12-245 Decertifying Tax Increment Financing District #4
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 #4 (also known as Front Street) was a redevelopment district created in 1987. The term of TIF District #4 officially expires on December 31, 2014. 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. The city will not be returning any funds to Anoka County for redistribution, as all funds were spent according to the TIF #4 budget (as outlined in the plan modification of the budget adopted December 8, 2009). |
Notification:
A copy of the resolution will be forwarded to Anoka County when completed
Observations/Alternatives:
There are no alternatives. The city is required by statute to formally decertify a TIF district when the district comes to the end of its required decertification date.
Funding Source:
Not Applicable.
Recommendation:
Staff recommends Adopting the Resolution Decertifying Tax Increment Financing District #4.
Action:
Adopt Resolution #14-12-245 Decertifying Tax Increment Financing District #4 and Returning Excess Tax Increments to Other Taxing Jurisdictions (if applicable).
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 12/04/2014 08:07 AM |
| Diana Lund (Originator) | Diana Lund | 12/04/2014 01:41 PM |
| Kurt Ulrich | Kurt Ulrich | 12/04/2014 01:43 PM |
- Form Started By:
- Diana Lund
- Started On:
- 11/24/2014 02:35 PM
- Final Approval Date:
- 12/04/2014