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<br />eligible expenditures. This option does not allow for the tax capacity that is captured for <br />these districts on an annual basis (1,522,746) to be utilized by the general fund levy in <br />2010. Due to the need to return taxable market value, and its associated tax capacity, to <br />the tax rolls for support of the General Fund levy, staff is not recommending this option. <br /> <br />At this point it would be necessary to decertify the districts or amend the budgets for <br />future expenditures and the City Council will need to give direction to staff to begin the <br />process. Unspent district fund balances for decertified districts will be sent back to <br />Anoka County for redistribution. Staff recommends amending the budgets for TIF <br />Districts 1 and 4 to allow for the expenditures of the year end fund balances for 2009, <br />identify the Oasis market purchase as a new TIF project, and to decertify the districts for <br />2010 to help solve for the 2010 budget gap. <br /> <br />Action Statement: <br /> <br />Staff recommends amending the budgets for TIF Districts 1 and 4 to allow for the <br />expenditures of the year end fund balances for 2009, identify the Oasis market purchase <br />as a new TIF project, and to decertify the districts for 2010 to help solve for the 2010 <br />budget gap. <br /> <br />Reviewed by: <br />Deputy City Admi~L Q. <br />Finance Officer . W <br />City Administrator . <br /> <br />CCWS: 06/30/2009 <br /> <br />Attachments: <br />TIF District Map <br />TIF Districts Nos. 1 and 4 Cash Flow Summary <br />Estimated Tax Impact of Decertification <br />Memo (cover page) to City Administrator dated 2.23.09 <br />