3.11. SR 03-17-2008 - Laserfiche WebLink

Home Browse Search

Elk REQUEST FOR ACTION ...r. River To Item Number Ci CouncIl 3.11. Agenda Section Meeting Date Prepared by Consent Match 17, 2008 Tim Simon, Finance Director Item Description Reviewed by Concur and Approve Decertification of Tax Increment Loci ohnson, Ci Administrator Financing District No.6 (Mork Clinic), District No.7 Reviewed by (AmericInn), and District No.10 (Elk Terrace) Action Requested Concur with the Economic Development Authority (EDA) and Housing Redevelopment Authority (HRA) to approve decertification of Tax Increment Financing (TIF) istrict No.6 (Mork Clinic), TIF district No.7 (AmericInn), and TIF district No.10 (Elk Terrace). BackgroundlDiscussio n TIF district No.6 and No.7 were redevelopment districts and the statutory maximum life for this type of district is 25 years after receipt of first increment. The obligations of the TIF districts and support of other districts has been completed; it is necessary to decertify the districts at this tune. TIF district No.10 was to provide financing assistance far the construction of a 23-unit senior apartment housing project and the statutory maximum life for this type of district was limited up to the year 2009 ox until the bond obligations were paid. The obligations of the district have been paid and the support to other districts has been completed; it is necessary to decertify the district at this time. Financial Impact All taxes payable on the parcels of property will be distributed to the school, county, and city in the same manner as all property taxes. The TIF tax generated for taxes payable 2007 is approximately $69,000. Attachments ^ Resolution approving decertification of Tax Increment district No.6 (Mork Clinic) and district No.7 (AmericInn) from the EDA ^ Resolution approving decertification of Tax Increment district No.10 (Elk Terrace) from the H1tA Action Motion by Second by Vote Follow Up S:\Council\Tim\DecertifyDistrict#6#7 #10.doc