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REQUEST FOR ACTION <br /> River <br /> To ITEM NUMBER <br /> Economic Development Authority 5. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> General Business October 8, 2012 Tim Simon,Finance Director <br /> ITEM DESCRIPTION REVIEWED By <br /> Decertification of Tax Increment Financing District No. 19 Cal Portner, City Administrator <br /> REVIEWED BY <br /> Peter Beck, City Attorney <br /> ACTION REQUESTED <br /> Consider Resolution approving the decertification of tax increment financing (TIF) District No. 19. <br /> BACKGROUND/DISCUSSION <br /> In 1998,the EDA and city created TIF District No. 19 in order to provide a financing mechanism to <br /> complete various public improvements enabling the development of a commercial/industrial project at <br /> the southeast corner of Main Street and Highway 169 in Elk River. <br /> The maximum duration of TIF District 19 is 25 years after the receipt of the fast tax increment in 2000. <br /> Since the obligations of the TIF District will be fulfilled with the receipt of the 2' half of the 2012 tax <br /> increment in December,it is necessary to decertify the TIF District. <br /> The parcels in the district had an original taxable market value of$1,532,320 and today the current taxable <br /> market value is $28,071,800. <br /> FINANCIAL IMPACT <br /> As a result of the decertification,all local property taxes generated by the properties in 2013 and <br /> thereafter will be distributed to the school, county and city in the same manner as all other property taxes. <br /> ATTACHMENTS <br /> • Resolution Decertifying Tax Increment Financing District No. 19 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> P O W E R E D B Y <br /> N:\Departments\Community Development\Economic Development\EDA to move\Agenda\Year2012\10-8-12 EDA <br /> Agenda\Action Requested-Decertify TIF 19.docx <br />