HomeMy WebLinkAbout5.F.10. Closing TIF District 11 Seagate-Res. No. 6852
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CITY OF SHAKOPEE
Memorandum
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TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Closing TIF District No. 11 Seagate - Resolution 6852
DATE: December 9, 2008
Introduction & Back~round
Tax Increment Financing District No. 11, Seagate has reached the end of its Scheduled life.
Resolution No. 6852 documents official decertification of the district.
The original principal ofthe notes was $4,572,725. Total payments to Seagate were
$3,518,125.52 of which principal was only $114,946.37.
Action
Offer Resolution No. 6852, Resolution Decertifying Tax Increment Financing District No. 11, and
move its adoption.
N
Gregg Voxland
Finance Director
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CITY OF SHAKO PEE
RESOLUTION NO. 6852
RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 11
BE IT RESOLVED By the City Council (ItCouncillt) of the City of Shakopee (ItCitylt) as
follows:
Section 1. Recitals.
1.01. The City has previously established its Minnesota River Valley Housing and
Redevelopment Project No.1 (the Itproject") pursuant to Minn. Stat. Section 469.001 to 469.047
(ItHRA Actlt);and
1.02. Within the Project the City has created Tax Increment Financing District No. 11 (the
ItTIF Districtlt) pursuant to Sections 469.174 to 469.179 (collectively, the ItTIF Actlt).
1.03. The Project and the TIP District are now administered by the Economic Development
Authority for the City of Shakopee (ItAuthoritylt).
1.04. The Authority and City have determined that is in the best interest of the City to
decertify the TIP District as of Decemher 31, 2008.
Section 2. TIF District Decertified~ Filing.
2.01. The TIF District is hereby deemed decertified as of December 31, 2008.
2.02. The Authority is authorized and directed to transmit a copy of this resolution to Scott
County with instructions to de-certify the TIF District, it being the intent of the City that no
collection of tax increment from the TIF District will be distributed to the Authority after December
31,2008.
Approved by the City Council of the CityofShakopee this 16th day of December, 2008.
Mayor
Attest:
'City Clerk