4.7.
CC Regular Session
- Meeting Date:
- 12/08/2015
- By:
- Diana Lund, Finance
Information
Title
Adopt Resolution #15-12-292 Decertifying Tax Increment Financing District #7
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 #7 (also known as B&B Carpeting) was a redevelopment district created in 2000. The term of TIF District #7 officially expires on December 31, 2015. 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.
Tax Increment Financing (TIF) District #7 (also known as B&B Carpeting) was a redevelopment district created in 2000. The term of TIF District #7 officially expires on December 31, 2015. 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.
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 #7.
Action:
Adopt Resolution #15-12-292 Decertifying Tax Increment Financing District #7 and Returning Excess Tax Increments to Other Jurisdictions (if applicable)
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 12/03/2015 10:45 AM |
- Form Started By:
- Diana Lund
- Started On:
- 11/24/2015 05:13 PM
- Final Approval Date:
- 12/03/2015