HomeMy WebLinkAbout2012-06-06 PACKET 04.G.REQUEST OF CITY COUNCIL ACTION COUNCIL AGENDA
MEETING ITEM #
DATE d &
PREPARED BY Finance Robin Roland
ORIGINATING DEPARTMENT DEPARTMENT HEAD
COUNCIL ACTION REQUEST
Consider a resolution decertifying TIF district 1 -13 effective December 31, 2010.
STAFF RECOMMENDATION
Adopt resolution decertifying TIF district 1 -13.
BUDGET IMPLICATION N/A
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® MEMO /LETTER: Roland 6/1/12
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COUNCIL ACTION TAKEN: ❑ APPROVED ❑ DENIED ❑ OTHER
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H: \Council items \CC Action Form Authorize OSA repsonse.doc
City of Cottage Grove Memo
Finance Department
TO: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
FROM: Robin Roland, Finance & Community Development Director
DATE: June 1, 2012
SUBJECT: Consider Resolution decertifying TIF district 1 -13
Introduction
Under Minnesota Statutes Section 469.174, City Council may decertify a tax increment
financing district on any date after all obligations of the district are satisfied.
Discussion
Tax Increment Financing district 1 -13 was created by the City of Cottage Grove on April 20,
2005 as an Economic Development district with a life of nine years. This district would expire
on December 31, 2014. However, all obligations pledged to this district were satisfied as of
December 31, 2010. As such, the district must be decertified.
Requested Action
Adopt the resolution decertifying Tax Increment Financing District 1 -13.
RESOLUTION 2012 -XXX
A RESOLUTION DECERTIFYING
TAX INCREMENT FINANCING DISTRICT NO. 1 -13
OF THE CITY OF COTTAGE GROVE
WHEREAS, on April 20, 2005, the City of Cottage Grove (the "City ") created its Tax
Increment Financing District No. 1-13, (the "District ") within its Development District No. 1 (the
"Project "); and
WHEREAS, Minnesota Statutes, Section 469.174 to 469.179 authorizes the City Council
to decertify a tax increment financing district on any date after all bonds and other obligations have
been satisfied; and
WHEREAS, as of the date hereof all obligations to which tax increment from the District
have been pledged have been paid in full; and
WHEREAS, the City desires by this resolution to decertify the District effective December
31, 2010, by which all taxing jurisdictions will benefit from an increased tax base subsequent to
that date; and
WHEREAS, the tax increment for the District, which was required to be returned to the
County, has been returned to the County Auditor for redistribution to the regular taxing
jurisdictions;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Cottage Grove
that it acknowledges such action was taken by the County Auditor of Washington County to
decertify the District as a tax increment district and to no longer remit tax increment from the
District to the City.
DATED: June 6, 2012
Myron Bailey, Mayor
ATTEST:
Caron Stransky, City Clerk