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Crty of <br /> Elk REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Housing Redevelopment Authority 5. <br /> AGENDA SECTION ` MEETING DATE PREPARED BY <br /> General Business December 3, 2012 Tim Simon, Finance Director <br /> ITEM DESCRIPTION REVIEWED By <br /> Decertification of Tax Increment Financing District No. 16 Annie Deckert,Director of Economic <br /> Development <br /> REVIEWED BY <br /> ACTION REQUESTED <br /> Consider resolution approving the decertification of tax increment financing (TIF) District No. 16. <br /> BACKGROUND/DISCUSSION <br /> In 1997, the HRA and city created TIF District No. 16 in order to provide a financing mechanism to <br /> redevelop the properties at King Ave &Main Street in downtown Elk River. <br /> The maximum duration of TIF District 16 is 25 years after the receipt of the first tax increment in 1999. <br /> Since the obligations of the TIF District will be fulfilled with the receipt of the 2nd 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$175,000 and today the current taxable <br /> market value is $2,258,500. <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. 16 <br /> Action Motion by Second by Vote <br /> Follow Up <br /> I P O I E R E I H Y <br /> C:\Users\dhuebner\AppData\Local\Microsoft\Windows\Temporary Internet NATURE <br /> Files\Content.Outlook\X3O71NQV\Action Requested-Decertify TIF 16.docx <br />