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CC Regular Session <br />Meeting Date: 12/09/2014 <br />By: Diana Lund, Finance <br />Information <br />Title <br />Adopt Resolution #14-12-245 Decertifying Tax Increment Financing District #4 <br />4. 5. <br />Purpose/Background: <br />Purpose: The City Council needs to formally adopt a resolution when a tax increment <br />financing district decertifies and forward a copy of the resolution to Anoka County. <br />Tax Increment Financing (TIF) District #4 (also known as Front Street) was a <br />redevelopment district created in 1987. The term of TIF District #4 officially expires on <br />December 31, 2014. The City Council is required to formally decertify the TIF district and <br />return any excess tax increment to the County in accordance with Minnesota Statute, <br />Section 469.176, subdivision 2. <br />The city will not be returning any funds to Anoka County for redistribution, as all funds <br />were spent according to the TIF #4 budget (as outlined in the plan modification of the <br />budget adopted December 8, 2009). <br />Notification: <br />A copy of the resolution will be forwarded to Anoka County when completed <br />Observations/Alternatives: <br />There are no alternatives. The city is required by statute to formally decertify a TIF district when the district comes <br />to the end of its required decertification date. <br />Funding Source: <br />Not Applicable. <br />Recommendation: <br />Staff recommends Adopting the Resolution Decertifying Tax Increment Financing District #4. <br />Action: <br />Adopt Resolution #14-12-245 Decertifying Tax Increment Financing District #4 and Returning Excess Tax <br />Increments to Other Taxing Jurisdictions (if applicable). <br />Attachments <br />Resolution Decertifying TIF #4 <br />TIF Map <br />TIF #4 Cash Flow <br />