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CC Regular Session <br />Meeting Date: 12/08/2015 <br />By: Diana Lund, Finance <br />4. 7. <br />Information <br />Title <br />Adopt Resolution #15-12-292 Decertifying Tax Increment Financing District #7 <br />Purpose/Background: <br />Purpose: The City Council needs to formally adopt a resolution when a tax increment financing district decertifies <br />and forward a copy of the resolution to Anoka County. <br />Tax Increment Financing (TIF) District #7 (also known as B&B Carpeting) was a redevelopment district created in <br />2000. The term of TIF District #7 officially expires on December 31, 2015. The City Council is required to <br />formally decertify the TIF district and return any excess tax increment to the County in accordance with Minnesota <br />Statute, Section 469.176, subdivision 2. <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 #7. <br />Action: <br />Adopt Resolution #15-12-292 Decertifying Tax Increment Financing District #7 and Returning Excess Tax <br />Increments to Other Jurisdictions (if applicable) <br />Attachments <br />Resolution #15-12-292 Decertifying TIF #7 <br />TIF Map <br />Cashflows TIF 7 <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 12/03/2015 10:45 AM <br />Form Started By: Diana Lund Started On: 11/24/2015 05:13 PM <br />Final Approval Date: 12/03/2015 <br />