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ITEM 4.5 . <br />ty of MEMORANDUM <br />kk TO: Mayor & City Council <br />River <br />FROM: Lori Johnson, Asst. City Administrator <br />DATE: December 21, 1995 <br />SUBJECT: Resolution Terminating Tax Increment <br />Financing District No. 2 <br />Attached is a resolution to terminate Tax increment Financing District No. 2. <br />This resolution authorizes the Guardian Angels TIF District to be decertified <br />one year early due to higher than anticipated increment revenue which has <br />generated sufficient cash to pay off the bonds remaining on this project. <br />The final increment collections for TIF District No. 2 will be received in 1995. <br />Likewise, the final increments for TIF District No. 3 will also be received in <br />1995. TIF District No. 3 is terminating in accordance with the original plan. <br />• Action Requested <br />The City Council is asked to approve the attached resolution terminating Tax <br />Increment Financing District No. 2. <br />• <br />13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441 -7420 • Fax: (612) 441 -7425 <br />