HomeMy WebLinkAbout6.f. Decertifying Tax Increment Financing District No. 1CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: MARCH 20, 2001
AGENDA ITEM: DECERTIFYING TAX INCREMENT
FINANCING DISTRICT NO.1
PREPARED BY: LINDA JENTINK, CITY CLERK
EXECUTIVE SECRE for PORT AUTHORITY
ATTACHMENTS: RESOLUTION
AGENDA SECTION:
CONSENT
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APPROVED BY:
Tax Increment Financing District No. 1 has run its length. Beginning in 1979, many redevelopment
projects have changed the face of "old" Rosemount in that time.
We have been advised by our City Attorney's office that the attached resolution is required at this time
and that this will stop collection of tax increment from properties within District No. 1 by Dakota
County.
There are other TIF Districts within Rosemount that will continue to run their life while benefiting new
businesses or redevelopment.
RECOMMENDED ACTION: MOTION to approve A RESOLUTION DECERTIFYING TAX
INCREMENT FINANCING (DOWNTOWN REDEVELOPMENT) DISTRICT NO. L.
COUNCIL ACTION:
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2001 -
A RESOLUTION DECERTIFYING
TAX INCREMENT FINANCING (DOWNTOWN REDEVELOPMENT)
DISTRICT NO.1
BE IT RESOLVED, by the City Council ( "Council ") of the City of Rosemount ( "City ") as follows:
SECTION 1. Recitals.
1.01 The City has previously established the Rosemount Redevelopment Project (the "Project ") and
a Redevelopment Plan therefor, originally administered by the Housing and Redevelopment
Authority in and for the City of Rosemount ( "HRA "), and Development District No. 1
(Development District) and a Development Program (Program) therefor, originally
administered by the Rosemount Economic Development Authority ( "EDA ").
1.02 The Rosemount Port Authority ( "Authority ") currently administers the Project and the
Development District, which areas have the same boundaries and the same general objectives
and public purpose.
1.03 Within the Project and Development District the City has created Tax Increment Financing
(Downtown Redevelopment) District No. 1 (the "TIF District ") pursuant to Minnesota State
Statutes Sections 469.174 to 469.179 (collectively, the "TIF Act").
1.04 The Authority and City have determined that it is in the best interest of the City to decertify the
TIF District as of April 1, 2001.
SECTION 2. TIF District Decertified; Filing
2.01 The TIF District is hereby deemed decertified as of April 1, 2001.
2.02 Staff is authorized and directed to transmit a copy of this resolution to Dakota County with
instructions to decertify the TIF District, it being the intent of the City that no collection of
tax increment from the TIF District will be distributed to the Authority after April 1, 2001.
Approved this 20' day of March, 2001, by the City Council of the City of Rosemount.
Cathy Busho, Mayor
ATTEST:
Linda J. Jentink, City Clerk
Motion by:
Voted in favor:
Voted against
Member Not Present:
Seconded by:
RESOLUTION 2001-
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