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CITY OF CENTERVILLE <br /> REQUEST FOR <br /> COUNCIL ACTION Verville <br /> Agenda Item# Department: Requested Council Meeting Date: <br /> Administration February 13, 2019 <br /> TITLE OF ISSUE: <br /> Decertification of Tax Increment Financing (TIF) District 1-7 <br /> BACKGROUND AND SUPPLEMENTAL INFORMATION: <br /> Staff is proposing that the City Council decertify TIF District 1-7. The District was established on January 2, <br /> 2013 and no activity has taken place to date. The district has not incurred any expenditures that are allowed to <br /> be repaid with TIF within five years of its establishment. That means that the district will not be able to fully <br /> reimburse any qualified expenses on the property that may be incurred prior to its mandatory decertification <br /> date of. Any development that requires TIF on these parcels would be better served through establishment of a <br /> new district according to Northland Securities, the city's financial advisor. <br /> COST AND SOURCE(S) OF FUNDING: <br /> No cost <br /> REQUESTED COUNCIL ACTION: <br /> Staff recommends that the City Council adopt the resolution as presented. <br /> For Clerk's Use: <br /> SUPPORTED DOCUMENTS ATTACHED <br /> Motion By: <br /> Resolution Ordinance Contract Minutes Plan Map <br /> Second By: <br /> X <br /> Vote Record: Ave Nay <br /> �� King Other(specify) <br /> Love <br /> Paar <br /> Koski <br /> Montain <br /> Administration Department Use: <br /> Refer to: <br /> Consent <br /> Tabled Until: <br /> Regular <br /> Other: <br /> 12 <br />