Agenda - Council - 12/10/2013 - Laserfiche WebLink

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Our Mission: Ti work together to responsibly grow our conununity, and to provie quality, cost-effective, an efficient government services CC Regular Session Meeting Date: 12/10/2013 By: Diana Lund, Finance Information Title: Adopt Resolution #13-12-216 Decertifying Tax Increment Financing District #2 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 #2 (also known as the Gateway District) was a redevelopment district created in 1986. The term of TIF District #2 officially expires on December 31, 2013. 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. The city will not be returning any funds to Anoka County for redistribution, as all funds were spent according to the TIF #2 budget (as outlined in the plan modification of the budget adopted November 26, 2013). 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 #2. Action: Adopt Resolution #13-12-216 Decertifying Tax Increment Financing District #2 and Returning Excess Tax Increments to Other Taxing Jurisdictions (if applicable). Res Decertifvine TIF No 2 Attachments Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 12/04/2013 11 37 AM Form Started By Diana Lund Started On 12/02/2013 09 52 AM Final Approval Date 12/04/2013