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Item ~~ 5 <br />giver <br />MEMORANDUM <br />TO: Housing and Redevelopment Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: March 3, 2008 <br />SUBJECT: Consider Resolution Approving the Decertification of TIF <br />District No. 10 in the City of Elk River <br />Attachments <br />• HRA Resolution Approving the Decertification of TIF District No. 10 (Elk Terrace) <br />Background <br />In 1992 the HRA and City created TIF District No. 10 in order to provide financing <br />assistance fox the construction of a 23-unit senior apartment housing project on a <br />redevelopment site at Holt Ave and 4`" Street in Elk River. The TIF funds were used to <br />assist the developer for infrastructure improvements, demolition of two single-family <br />residences, site preparation and related public improvements. <br />Issue <br />The duration of TIF District 10 was limited up to the year 2009 or until the bond obligations <br />were paid. Since the obligations and its useful life toward financially supporting other TIF <br />Districts has reached its term, it is necessary to decertify the TIF District at this time. As a <br />result of the decertification, all local property taxes generated by the property (an estimated <br />$8,000) will be distributed to the school, county and city in the same manner as all other <br />property taxes. <br />Requested Action <br />In accordance with statutory requirements, the HRA is asked to consider action on the <br />following attached resolution: <br />Resolution No. 08-01 Approving the Decertification of TIF District No. 10 <br />S:\EDA\TIF\Tif10\Decert Memo 3.3.08.doc <br />