2003-09-10 CC Packet - Laserfiche WebLink

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ervi{[e 'Estabfisfieri 1857 1880 :Main Street . CenteT'lliUe/ 9vf9IL 55038 (651) 429-3232 . ~at( (651) 429-8629 STATE OF MINNESOTA COUNTY OF ANOKA CITY OF CENTERVlLLE RESOLUTION #03 - 045 A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO CLOSE OUT THE TIF 1-3 CAPITAL PROJECT FUND WHEREAS, Tax Increment Financing (TIF) District 1-3 was decertified in 1998; -and, WHEREAS, the TIF District 1-3 Fund (Fund 404) has a cash balance of $143,021.31, consisting of unspent tax increment and earned interest; and, WHEREAS, interest in the amount of $4,902 accrued prior to July 1, 1997; and, WHEREAS, the City of Centerville has documented administrative expenses in excess of the $4,532 remaining in the TIF 1-3 Plan Budget; and, WHEREAS, MS. Chapter 469.176, Subd. 2 requires the City to return excess TIF funds to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their local tax rates. THEREFORE, BE IT RESOL VEJfthat the Finance Director of the City of Centervi11e is hereby authorized to transfer interest in the amount of $4,902, earned prior to July 1, 1997, from the TIF 404 Fund to the General Fund. BE IT FURTHER RESOLVED that the Finance Director is authorized to transfer funds in the amount of $4,532 from the TIF 404 Fund to the General Fund in reimbursement for documented administrative expenses related to TIF District 1-3. BE IT FURTHER RESOLVED that the remaining increment in the amount of ;f,$133,587.31, including interest earned on and after July 1, 1997, be returned to Anoka ." County for redistribution to the appropriate taxing districts: PASSED AND ADOPTED by the City of Centervi11e this 10th day of September, 2003. Mayor, Terry Sweeney Attest: City Clerk, Teresa Bender