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ITEM # 6. <br />fiver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: October 8, 2007 <br />SUBJECT: Consider Resolutions Approving the Decertification of TIF <br />District No. 17 and TIF District No. 20 in the City of Elk River <br />Attachments <br />• EDA Resolution Approving the Decertification of TIF District No. 17 (Decker) <br />• EDA Resolution Approving the Decertification of TIF District No. 17 (SuperMats) <br />Background <br />In 1998 the EDA and City created TIF District No. 17 in order to provide financing <br />assistance for the construction of a 25,000 square foot multi-tenant industrial facility by <br />David Decker. Also in 1998 the EDA and City created TIF District No. 20 in order to <br />provide financing assistance for the construction of a 40,000 square foot industrial facility by <br />Bryan Jones for SuperMats, Inc. <br />Issue <br />The duration of both TIF District 17 and TIF District 20 was limited to 8 years after the <br />receipt of the first tax increment. Since the obligations of the TIF Districts to the <br />developers and its useful life toward financially supporting other TIF Districts has reached <br />its term, it is necessary to decertify the TIF Districts at this time. As a result of the <br />decertification, all local property taxes generated by the properties (an estimated $79,000 <br />combined) 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 EDA is asked to consider action on the <br />following attached resolutions: <br />Resolution No. 07-06 Approving the Decertification of TIF District No. 17 <br />Resolution No. 07-07 Approving the Decertification of TIF District No. 20 <br />S:\EDA\TIF\Decert Memo 10.8.07.doc <br />