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<br /> <br />City of Elk River <br />REQUEST FOR COUNCIL ACTION <br />Agenda Section Meeting Date <br />Consent A ril 16, 2007 <br />Item Description <br />Concur and Approve Decertification of TIF District #15 <br />cChesne <br /> <br />Item Number <br />3.8. <br /> <br />Prepared by <br />Tim Simon, Finance Director <br />Reviewed by <br />Lori Johnson, City Administrator <br /> <br />Introduction <br />On April 9, 2007 the Economic Development Authority approved the decertification of Tax Increment <br />District No.15 (I\1cChesney). The City Council is asked to concur with the EDA to decertify Tax <br />Increment District #15. <br /> <br />Discussion <br />Tax Increment District #15 was an economic development district and the statutory maximum life for <br />this type of district is 8 years after receipt of first increment. All obligations to the developer have been <br />met within the statutory life of the district. <br /> <br />McChesney Cabinets is a manufacturer and installer of custom cabinets and countertops and specialty <br />wood items. The district was established to support the construction of a 10,000 square foot facility in <br />the McChesney Industrial Park. (Tax increment Financing Plan) <br /> <br />Financial Impact <br />All Taxes Payable on the parcel of property will be distributed to the school, county and city in the same <br />manner as all property taxes. The TIF tax generated for taxes payable 2007 is $10,206.52. <br /> <br />Attachments <br />. Economic Development Authority memorandum on April 9, 2007. <br />. Resolution approving decertification of Tax Increment #15 (I\1cChesney) from the EDA. <br /> <br />Action Requested <br />Concur and approve decertification ofTIF district #15 (I\1cChesney). <br /> <br />Council Action <br /> <br />Motion by_ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />S,\Council\Tim\D"ertify #15 (2).doc <br />