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REQUEST FOR ACTION <br />To Item Number <br />Ci CouncIl 3.4.* <br />Agenda Section Meeting Date Prepared by <br />Consent October 15, 2007 Tim Simon, Finance Director <br />Item Description Reviewed by <br />Concur and Approve Decertification of Tax Increment Lori ohnson, Finance Director <br />Financing District #17 (Decker) and District #20 (SupexMats) Reviewed 6y <br />Action Requested <br />Concur with the Economic Development Authority (EDA) and approve decertification of Tax <br />Increment Financing (TIF) District #17 (Decker) and TIF District #20 (SupexMats). <br />Background/Discussion <br />Tax Increment District #17 & #20 were economic development districts and the statutory maximum life <br />fox this type of district is eight years after receipt of first increment. The obligations of the TIF districts <br />to the developers and support of other districts has been completed, it is necessary to decertify the <br />districts at this time. <br />Financial Impact <br />All taxes payable on the parcel of property will be distributed to the school, county and city in the same <br />manner as all property taxes. The TIF taxes generated fox taxes payable 2007 is approximately $85,700. <br />Attachments <br />^ Resolutions approving decertification of Tax Increment #17 (Decker) and District #20 <br />(SupexMats) as approved by the EDA on October 8, 2007. <br />Action Motion by Second by Vote <br />Follow Up <br />C\Uommevts and Scmngx\jnrillee\Local Settings\Temporuy Iotemet Files\OLK3T''\lleceaiEyllistria#17#2o.doc <br />