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<br />J <br />., <br /> <br />.. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />'" <br /> <br />CITY OF ARDEN IDLLS <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />March 2, 1999 <br /> <br />TO: <br /> <br />Brian Fritsinger, City Administrator <br />Terrance Post, City Accountant@ <br /> <br />Decertification of Tax Increment Financing (TIF) District No.1, <br />Round Lake Road Housing $County #3C) <br /> <br />FROM: <br /> <br />SUBJECT: <br /> <br />Background <br />Tax Increment Financing (TIF) District No. 1 (Round Lake Housing) was created on June 26, <br />1989. The maximum duration of this district is determined by statutory restrictions imposed by <br />Minnesota Statute 469.176, Subd. 1. The duration limits are essentially the lesser often (10) <br />years from approval date (i.e., June 26,1999) or eight (8) years from receipt of first tax <br />increment (i.e., June 30, 2001). <br /> <br />Budgetary Imnact <br />During the course of the last six (6) years, tax increment from this district has been essentially <br />used to help reduce the debt incurred to the Permanent Improvement Revolving (PIR) Fund in <br />the acquisition of the Kern Milling site by Tax Increment Financing District No.2 (Round Lake <br />Office). Decertification of Tax Increment Financing District was anticipated as part of the 1999 <br />budgeting process by only budgeting first half property taxes ($18,500) in Fund No. 703, "TIF <br />District No. I Round Lake Housing.. <br /> <br />Recommendation <br />Staff recommends that the Arden Hills City Council adopt Resolution No. 99-11, "A Resolution <br />Acknowledging the Expiration of Tax Increment Financing District No. I of the City of Arden <br />Hills," at the March 8, 1999 regular Council meeting. <br /> <br />Enclosures <br /> <br />CC/Kevin Ringwald, EDA Executive Director <br />Ehlers & Associates <br />