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ity of <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />Item 4.2. <br /> <br /> TO: <br /> <br />~07~FROM: <br /> <br /> DATE: <br /> <br /> SUBJECT: <br /> <br />Mayor & City Council <br /> <br />Paul Steinman, Director of Economic <br />Development <br /> <br />December 21, 1998 <br /> <br />Consider Resolution 98- Decertifying <br />Tax Increment Financing District No. 9 <br /> <br />Issue <br /> <br />The issue before the City Council at this time is to consider passing a <br />resolution formally decertffying Tax Increment Financing District No. 9 on <br />December 31, 1998. TIF District No. 9 is being decertified one year earlier <br />than expected due to surplus tax increment revenues generated from the <br />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. 9 Lying Within Development District No. I in the City <br />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 />