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CC Regular Session 5. 32. <br /> Meeting Date: 12/14/2021 <br /> By: Diana Lund,Finance <br /> Information <br /> Title <br /> Adopt Resolution#21-3 54 Decertifying Tax Increment Financing District#8 <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#8 (also known as Amcor)was a redevelopment district created in 2000. <br /> The term of TIF District#8 officially expires on December 31, 2028. The City proposes to decertify the district <br /> early as the last note payable will be completed by year-end 2021. The City Council is required to formally <br /> decertify the TIF district and return any excess tax increment to the County in accordance with Minnesota Statute, <br /> 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 /> No alternatives. Decertify TIF#8 and return to tax rolls. As the district does not have any qualifying expenditures, <br /> future increment cannot be collected. <br /> Recommendation: <br /> Staff recommends adopting the resolution decertifying Tax Increment Financing District#8. <br /> Action: <br /> Adopt Resolution#21-354 Decertifying Tax Increment Financing District#8 and Returning Excess Tax Increments <br /> to Other Jurisdictions (if applicable) <br /> Attachments <br /> TIF Districts Map <br /> Reso#21-3 54 Decertify TIF#8 <br /> Form Review <br /> Inbox Reviewed By Date <br /> Kurt Ulrich Kurt Ulrich 12/09/2021 09:32 AM <br /> Form Started By:Diana Lund Started On: 11/05/2021 09:41 AM <br /> Final Approval Date: 12/09/2021 <br />