HomeMy WebLinkAbout4. Closing TIF District 11-Seagate
CITY OF SHAKO PEE
Memorandum
TO: EDA Commissioners
Mark McNeill, Executive Director
FROM: Gregg Voxland, Finance Director
SUBJ: Closing TIF District No. 11 Seagate Resolution 2008-2
DATE: December 9, 2008
Introduction & Background
Tax Increment Financing District No. 11, Seagate has reached the
end of its scheduled life. Resolution No. 2008-2 documents
official decertification of the district.
Action
Offer Resolution No. 2008-2, Resolution Decertifying Tax
Increment Financing District No. 11, and move its adoption.
Gre~Xland
Finance Director
g, \docs\taxinc\c1ose#llEDA
SJB-154371
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ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE
RESOLUTION NO. 2008-2
RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 11
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BE IT RESOLVED By the Board of Commissioners ("Board") of the Economic
Development Authority for the City of Shakopee ("Authority") as follows:
Section 1. Recitals.
1.01. The City of Shakopee ("City") has previously established its Minnesota River Valley
Housing and Redevelopment Project No.1 (the "Project") pursuant to Minn. Stat. Section 469.001
to 469.047 ("HRA Act");and
1.02. Within the Project the City has created Tax Increment Financing District No. 11 (the
"TIF District") pursuant to Sections 469.174 to 469.179 (collectively, the "TIF Act").
1.03. The Project and the TIF District are now administered by the Authority. ("Authority").
1.04. The Authority and City have determined that is in the best interest of the City to
decertify the TIF District as of December 31, 2008.
Section 2. TIF District Decertified; Filing.
2.01. The TIF District is hereby deemed decertified as of December 31,2008.
2.02. Staff 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 Board of Commissioners of the Economic Development Authority for the
City of Shako pee this 16th day of December, 2008.
President
Attest:
Secretary
SJB-154371
SH235-1