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ity of <br /> <br />iver <br /> <br /> TO: <br /> <br />_~ FROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />MEMORANDUM <br /> <br />**Item 3.107' <br /> <br />Mayor & City Council <br /> <br />Paul Steinman, Director of Economic <br />Development <br /> <br />December 21, 1998 <br /> <br />Consider Resolution 98- <br />Tax Increment Financing <br />District No. 11 <br /> <br />__ Decertifying <br /> <br />Issue <br /> <br />The issue before the City Council at this time is to consider passing a <br />resolution formally decertifying Tax Increment Financing District No. 11 on <br />December 31, 1998. TIF District No. 11 is being decertified three years <br />earher than expected due to surplus tax increment revenues generated from <br />the project within this district. <br /> <br />The attached resolution describes how a redistribution of tax revenues from <br />this district will occur in 1999 based upon 1998 taxes payable. <br /> <br />Recommendation <br /> <br />Staff recommends approval of Resolution 98-__ Decertifying Tax Increment <br />Financing District No. 11 Lying Within Development District No. 1 in the <br />City of Elk River. <br /> <br />13065 Orono Parkway · P.O. Box 490 · Elk River, MN 55330 · TDD & Phone: (612) 441-7420 · Fax: (612) 441-7425 <br /> <br /> <br />