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��� <br />� <br />REQUEST FOR COUNCIL ACTION <br />Department A proval <br />Y- � � <br />I� � <br />Item Description: TIF District 13 Decertification <br />BACKGROUND <br />Date: Nov. 30, 2015 <br />Item No.: 8.h <br />City Manager Approval <br />On Apri126, 1993, the City Council began the process to create Tax Increment Financing (TIF) <br />District 13. TIF District 13 is now best known as the property directly south of the University of <br />Northwestern Campus. It runs along both sides of Lincoln Drive from Lydia Avenue and stops <br />just short of County Road C2. <br />At the time the district was created, the area was a site known as "Paul's Place" (Attachment A). <br />80% of the buildings in place were considered to be structurally substandard. ln 1993, the <br />County Assessor's Estimated Market Value for the TIF District was $1,285,800. <br />The creation of TIF District 13 resulted in redevelopments such as the Eaglecrest Senior Housing <br />development and the former Country Inn and Suites (now part of the University of <br />Northwestern). In 2015, the County Assessor's office Estimated Market Value for the properties <br />in the TIF District is over $30 million. <br />On June 22, 2015, City staff presented the City Council with an overview of the status of the <br />City's TIF Districts. One issue that was raised was that TIF District 13 needed to be decertified <br />and excess funds redistributed to the relevant taxing bodies (City, County, School District, etc.) <br />Approval of the attached resolution will begin the decertification process. <br />POLICY OBJECTIVE <br />This action will be one of the final steps to conclude this redevelopment effort initiated in 1993. <br />BUDGET IMPLICATIONS <br />The decertification process will add the increased valuation from the redevelopment of this area <br />to the City's overall taxable market valuation. This will increase the property taxes that enter the <br />City's General Fund from this area and thereby reduce the property tax burden across the City. <br />STAFF RECOMMENDATION <br />Staff recommends the approval of the attached resolution (Attachment B) approving the <br />decertification of TIF District 13. <br />REQUESTED COUNCIL ACTION <br />Offer a motion to approve the attached Resolution approving the decertification of TIF District <br />13 and performance of the actions necessary to meet the City's obligations identified in the <br />Resolution. <br />Page 1 of 2 <br />