7.0. EDSR 04-08-1996 k ) A.( ITEM 7.
ty of ( / MEMORANDUM
lk •
River TO: Economic Development Authority
FROM: Pat Klaers, Executive Direct
DATE: April 8, 1996
SUBJECT: Termination of TIF District No. 12
Attached is a resolution that staff is recommending that the City Council
approve to terminate Tax Increment Financing (TIF) District No. 12. This
district was never certified to the county and no increments were ever
collected. However, the City Council, as recommended by the EDA did
approve a resolution which created TIF No. 12 for Neos, Inc. Therefore,
unless this District is officially terminated, the staff would have to report the
existence of No. 12 to the state in some fashion. As TIF District No. 14, or
Marketech, Inc., is on the same two lots in the McChesney Industrial Park as
was the proposal by Neos for TIF No. 12, it is recommended that we officially
terminate TIF No. 12 to eliminate any possible confusion.
• Action Requested
It is suggested that the EDA recommend to the City Council approval of the
attached resolution which terminates TIF District No. 12.
s:\eda\meetings\termno12.doc
1111
13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425
RESOLUTION 96 -
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF ELK RIVER
A RESOLUTION TERMINATING TAX INCREMENT
FINANCING DISTRICT NO. 12
The City Council of the City of Elk River (the City) acting pursuant to its
authority under the Minnesota Tax Increment Financing Act hereby finds,
determines, and resolves as follows:
WHEREAS, the City created Tax Increment Financing District No. 12
(TIF No. 12) in June, 1995; and,
WHEREAS, TIF No. 12 was never certified to the County and no
development project ever took place; and,
WHEREAS, TIF No. 12 never generated any debt and never generated
any revenues.
• NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River as follows:
1. That TIF No. 12 shall be terminated effective April 8, 1996.
2. That the City Council of the City of Elk River hereby directs staff to
take those steps necessary to terminate TIF No. 12.
Passed and adopted by the City Council of the City of Elk River this 8th day
of April, 1996.
Henry A. Duitsman, Mayor
ATTEST:
Sandra A. Thackeray, City Clerk