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2019-06-12 CC Packet
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2019-06-12 CC Packet
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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />June 12, 2019 <br />Finance <br />VII. <br />TITLE OF ISSUE: <br />Decertification of Tax Increment Financing (TIF) District 1-6 <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />Staff is proposing that the City Council decertify TIF District 1-6. The District was established on August 24, <br />2005 and no activity has taken place to date. The district has not incurred any expenditures that are permitted to <br />be repaid with TIF within the time period specified by State Statute. All expenditures for the demolition of <br />existing buildings was through the form of grants. That means that there is no legal way to reimburse any <br />qualified expenses that may be incurred prior to its mandatory decertification date. Any development that <br />requires TIF on these parcels would be better served a new district according to Northland Securities, the city's <br />financial advisors and Briggs and Morgan, the city's bond attorneys. <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 ClerkÓs Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />X <br />Vote Record: Aye Nay <br /> _____ <br />Other (specify)____________ <br /> _____ _____ Love <br /> _____ _____ Paar <br />_______________________________________________________________ <br /> _____ _____ Koski <br /> _____ _____ Montain _______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br />42 <br /> <br />
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