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6. 9. <br />CC Regular Session <br />Meeting Date: <br />Primary Strategic Plan Initiative: <br />12/10/2024 <br />Identify and implement operational efficiencies, cost savings and additional <br />funding sources. <br />Title: <br />Adopt Resolution #24-354 Decertifying Tax Increment Financing District #9 <br />Purpose/Background: <br />Purpose: The City Council needs to formally adopt a resolution when a tax increment financing district <br />decertifies and forward a copy of the resolution to Anoka County. <br />Tax Increment Financing (TIF) District #9 (also known as ACCAP) was a Housing District created in 2001. The <br />term of TIF District #9 officially expires on December 31, 2029. The City proposes to decertify the district early <br />as the last note payable will be completed in 2024. The City Council is required to formally decertify the TIF <br />district and return any excess tax increment to the County in accordance with Minnesota Statute, Section 469.176, <br />subdivision 2. <br />Notification: <br />A copy of the resolution will be forwarded to Anoka County when completed. <br />Time Frame/Observations/Alternatives: <br />No alternatives. Decertify TIF#9 and return to the general tax rolls. As the district does not have any qualifying <br />expenditures, future increment cannot be collected. This district generated approximately $35,000 in tax <br />increment. With the decertification, approximately $35,000 will be added back to the General Property tax rolls. <br />Under the General Property tax, the city will receive approximately 49% of the approximately $35,000 or about <br />$17,000. The remaining will be distributed to the County and the School District. <br />Recommendation: <br />Staff recommends decertifying Tax Increment District #9. <br />Outcome/Action: <br />Motion to Adopt Resolution #24-354 Decertifying Tax Increment Financing District #9 and Returning Excess Tax <br />Increments to Other Jurisdictions (if applicable). <br />Reso #24-354 Decertifying TIF #9 <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Brian Hagen Brian Hagen 12/03/2024 09:10 AM <br />Form Started By: Diana Lund Started On: 11/18/2024 10:27 AM <br />Final Approval Date: 12/03/2024 <br />