3.4. SR 10-15-2007REQUEST FOR ACTION
To Item Number
Ci CouncIl 3.4.*
Agenda Section Meeting Date Prepared by
Consent October 15, 2007 Tim Simon, Finance Director
Item Description Reviewed by
Concur and Approve Decertification of Tax Increment Lori ohnson, Finance Director
Financing District #17 (Decker) and District #20 (SupexMats) Reviewed 6y
Action Requested
Concur with the Economic Development Authority (EDA) and approve decertification of Tax
Increment Financing (TIF) District #17 (Decker) and TIF District #20 (SupexMats).
Background/Discussion
Tax Increment District #17 & #20 were economic development districts and the statutory maximum life
fox this type of district is eight years after receipt of first increment. The obligations of the TIF districts
to the developers and support of other districts has been completed, it is necessary to decertify the
districts at this time.
Financial Impact
All taxes payable on the parcel of property will be distributed to the school, county and city in the same
manner as all property taxes. The TIF taxes generated fox taxes payable 2007 is approximately $85,700.
Attachments
^ Resolutions approving decertification of Tax Increment #17 (Decker) and District #20
(SupexMats) as approved by the EDA on October 8, 2007.
Action Motion by Second by Vote
Follow Up
C\Uommevts and Scmngx\jnrillee\Local Settings\Temporuy Iotemet Files\OLK3T''\lleceaiEyllistria#17#2o.doc
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION 07-06
RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 17 WITHIN DEVELOPMENT
DISTRICT NO. I IN THE CITY OF ELK RIVER
WHEREAS, on February 17, 1998 the Elk River Economic Development Authority (the
"Authority") created its Tax Increment Financing District No. 17., (the "District") within its
Development District No. 1 (the "Project"); and
WHEREAS, as of the date hereof all bonds and obligations to which tax increment from
the District had been pledged have been paid in full ox defeased and all other costs of the
Project have been paid; and
WHEREAS, the Tax Increment Financing plan adopted on February 17, 1998 for Tax
Inclement Financing Distract No. 17 requires, pursuant to M.S. 469.176, Subd.1, that the
duration of the Tax Increment Financing District 17 will be eight years after the date of
receipt by the City of the first tax increment ox ten years from approval of the tax increment
financing plan, whichever is less; and
WHEREAS, the continuance of TIF District No. 17 serves no public ox private purpose;
and
WHEREAS, the Authority desires by this resolution to cause the decertification due to its
payment of obligations of the District after which all property taxes generated by property
within the Districts will be distributed in the same manner as all other property taxes
beginning December 1, 2007,
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Elk
River Economic Development Authority that the city's staff shall take such action as is
necessary to cause the County Auditor of Sherburne County to decertify the District as a tax
increment district and to no longer remit tax increment from the Distract to the Authority.
DATED: October 8, 2007
A.
ATTE~,T:
Ca erme Mehelich, Executive Director
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF SHERBURNE
STATE OF MINNESOTA
RESOLUTION 07-07
RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 20 WITHIN DEVELOPMENT
DISTRICT NO. I IN THE CITY OF ELK RIVER
WHEREAS, on October 6, 1998 the Elk River Economic Development Authority (the
"Authority") created its Tax Inclement Financing District No. 20., (the "District") within its
Development District No. 1 (the "Project"); and
WHEREAS, as of the date hereof all bonds and obligadons to which tax increment from
the District had been pledged have been paid in full or defeased and all other costs of the
Project have been paid; and
WHEREAS, the Tax Inclement Financing plan adopted on October 6, 1998 for Tax
Increment Financing District No. 20 requires, pursuant to M.S. 469.176, Subd.1, that the
duration of the Tax Increment Financing District 20 will be eight years after the date of
receipt by the City of the first tax increment or ten years from approval of the tax increment
financing plan, whichever is less; and
WHEREAS, the continuance of TIF Distract No. 20 selves no public or private purpose;
and
WHEREAS, the Authority desires by this resolution to cause the decertification due to its
payment of obligations of the District after which all property taxes generated by property
within the Districts will be distributed in the same manner as all other property taxes
beginning December 1, 2007,
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Elk
River Economic Development Authority that the city's staff shall take such action as is
necessary to cause the County Auditor of Sherburne County to decertify the District as a tax
increment district and to no longer remit tax increment from the District to the~iprthority.
DATED: October 8, 2007
ATTEST:
~~~ ~~'//
Catherine Mehelich, Executive Director