4.5. SR 12-21-1995ITEM 4.5 .
ty of MEMORANDUM
kk TO: Mayor & City Council
River
FROM: Lori Johnson, Asst. City Administrator
DATE: December 21, 1995
SUBJECT: Resolution Terminating Tax Increment
Financing District No. 2
Attached is a resolution to terminate Tax increment Financing District No. 2.
This resolution authorizes the Guardian Angels TIF District to be decertified
one year early due to higher than anticipated increment revenue which has
generated sufficient cash to pay off the bonds remaining on this project.
The final increment collections for TIF District No. 2 will be received in 1995.
Likewise, the final increments for TIF District No. 3 will also be received in
1995. TIF District No. 3 is terminating in accordance with the original plan.
• Action Requested
The City Council is asked to approve the attached resolution terminating Tax
Increment Financing District No. 2.
•
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425
. RESOLUTION 95-
CITY COUNCIL
CITY OF ELK RIVER
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ELK RIVER
TERMINATING TAX INCREMENT FINANCING DISTRICT NO. 2
The City Council of the City of Elk River (the City), acting pursuant to its authority
under the Minnesota Tax Increment Financing Act (Minn. Stat. § §469.174 to 469 -179),
hereby finds, determines and resolves as follows:
WHEREAS, the City created Tax Increment Financing District No. 2 (TIF No. 2) in July
1985; and
WHEREAS, the purposes of TIF No. 2 included financing the necessary public
improvements to make possible the development of a 36 -unit apartment
complex for moderate income elderly persons; and
WHEREAS, TIF No. 2 has generated sufficient tax increment to meet the purposes set forth
in the TIF Plan for TIF No. 2;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River as
follows:
1. That Tax Increment Financing District No. 2 shall be terminated
effective December 31, 1995.
2. That the City Council of the City of Elk River hereby directs
staff to proceed to take those steps necessary to terminate TIF No. 2.
This Resolution adopted this 18th day of December, 1995
Henry A. Duitsman, Mayor
Attest:
Sandra A. Thackeray, City Clerk
aPXB 104251