HomeMy WebLinkAbout9.a. Decertification of TIF District No. 1-2 CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COIJNCIL MEETING DATE: December 2, 1997
AGENDA ITEM: Decertification of TIF District No. 1-2 AGENDA SECTION:
New Business
PREPARED BY: Dan Rogness, Community Development Director AGEN����LIYI � '
l �
ATTACHMENTS: Resolution and TIF District Map APPROVED BY: ''i
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The City of Rosemount created a new Tax Increment Financing(TIF)Redevelopment District on December
20, 1994. This was done in order to provide assistance to a proposed motel,restaurant and other commercial
development at the southwest corner of Highways 3 and 42,known at the Carlson site. However, state statutes
require tax increment plans to include the following restriction on the duration of the TIF District:
No tax increments shall be paid to the Authority from the TIF District after three years from the date of
certification(1/13/95)unless within that time period: (1}bonds have been issued in aid of the
Redevelopment; (2)the Authority has acquiredproperty within the TIF District; or(3)the Authority
has constructed public improvements within the TIF District.
Since no such activities have occurred,the Carlson TIF District must be decertified. The Port Authority
and/or City Council may create a new district for this property at a future date if needed for another proposed
(re)development project.
RECOMMENDED ACTION: MOTION to Adopt a Resolution Approving the Decertification of Tax
Increment Financing District No. 1-2 of the City of Rosemount
COUNCIL ACTION:
•
CITY OF ROSEMOUNT
DAKOTA COUNTY,MINNESOTA i�
RESOLUTION 1997- I�i
A RESOLUTION APPROVING THE DECERTIFICATION OF
TAX INCREMENT FINANCING DISTRICT NO. 1-2 OF
THE CITY OF ROSEMOUNT
WI-�REAS, on December 20, 1994, the City of Rosemount(the"City") created its Tax
Increment Financing District 1-2 {the"DistricY')within its Redevelopment Project Na l (the
"Proj ect"); and
WE�REAS, as of the date hereof all bonds and obligations to which tax increment from
the District have been pledged have been paid in full or defeased and all other costs of the Project
have been paid; and
WHEREAS,the City desires by this resolution to cause the decertification of the
District after which all property taxes generated by property within the District will be distributed
in the same manner as all other property taxes.
NOW, THEREFORE,BE IT RESOLVED by the City Council of the City of
Rosemount that the City's staff shall take such action as is necessary to cause the County Auditor
of Dakota County to decertify the District as a tax increment district and to no longer remit tax
increment from the District to the City.
ADOPTED this 2nd day of December, 1997 by the City Council of the City of Rosemount.
Cathy Busho,Mayar
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against:
Member absent:
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