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<br />. <br /> <br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO. 99-11 <br /> <br />A RESOLUTION ACKNOWLEDGING THE EXPIRATION OF <br />TAX INCREMENT FINANCING DISTRICT NO.1 <br />OF THE CITY OF ARDEN HILLS <br /> <br />WHEREAS, on June 26, 1989, the City of Arden Hills, (the "City") approved its Tax Increment <br />Financing District No. I, (the "District") within its Development District No. I, (the "Project"); <br />and <br /> <br />WHEREAS, the Tax Increment Financing Plan for Tax Increment Financing District No. I <br />requires, pursuant to M.S. 469.176, Subd. I, that the duration of the Tax Increment Financing <br />District No.1 will be eight (8) years after the date of receipt by the City of the first tax increment <br />or ten (10) years from approval of the tax increment financing plan, whichever is less; and <br /> <br />WHEREAS, the receipt of the first tax increment was approximately June of 1993; and <br /> <br />WHEREAS, June 26, 1999 will be ten (10) years from the approval of the tax increment <br />. financing plan, which is the lesser of the duration limits; and <br /> <br />WHEREAS, the City desires, by this resolution, to acknowledge the decertification of the <br />District due to its expiration, after which all property taxes generated by property within the <br />District have been and will continue to be distributed in the same manner as all other property <br />taxes beginning with the second half of taxes payable in 1999; and <br /> <br />WHEREAS, the remaining tax increment in the account for the District is budgeted to be <br />expended on current and future tax increment eligible costs in Development District No. I and/or <br />to be transferred to other Tax Increment Financing Districts. <br /> <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Arden Hills, <br />Minnesota that it acknowledges such action was taken by the County Auditor of Ramsey County <br />to decertifY the District as a tax increment district and to no longer remit tax increment from the <br />District to the City. <br /> <br />. <br /> <br />ATT~r <br /> <br />BRIAN FRITSINGER, CITY ADMINISTRATOR <br /> <br /> <br />F ARDEN HILLS <br /> <br />PASSED AND ADOPTED BY THE CITY COUNCIL OF <br />THIS 8th DAY OF MARCH, 1999. <br /> <br />(i eJ,liP :.){H' <br />'-P" <br />