HomeMy WebLinkAbout10F - Decert TIF Keyland Homes
STAFF AGENDA REPORT
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
MEETING DATE:
AGENDA #:
PREPARED BY:
AGENDA ITEM:
BACKGROUND:
ISSUES:
ALTERNATIVES:
May 3, 2004
10- F
JOHN SULLIVAN, COMMUNITY DEVELOPMENT
DIRECTOR
CONSIDER APPROVAL OF RESOLUTION AUTHORIZING
THE DECERTIFICATION OF TIF DISTRICT 2-1 (KEYLAND
HOMES)
The purpose of this item is to consider the decertification of Tax
Increment Finance District (TIF) #2-1 (Keyland Homes). On
September 20, 1993, the City Council approved establishment of TIF
District 2-1, which was an approximately 1.8 acre parcel incorporated
as part of the Waterfront Passage Business Park. Upon initial
establishment of the District in 1993, Keyland Homes developed an
approximate 18,000 sq. ft. production/war~house facility. On January
5, 1998, the City Council approved a modification to TIF District 2-1,
which provided for the expansion of the District. The expansion was
-necessary to accommodate the acquisition of approximately one-half
acre of land by H & S, LLC (Keyland Homes) adjacent to its existing
site. The expansion and modification allowed an expansion of up to
15,000 additional square feet of the production/warehouse facility.
The District is now completed. All payments have been completed
and District 2-1, according to the Developer's Agreement and state
statutes, should be decertified.
There do not appear to be any outstanding issues with respect to the
decertification of TIF District 2-1. This decertification means that the
property taxes generated by this property will now be distributed to the
taxing jurisdictions of Scott County, School District 719, and
miscellaneous taxing districts. The format of the resolution is in
accordance with the decertification process and is consistent with
previous decertification actions by the City of Prior Lake.
The City Council has three alternatives:
1. Adopt the Resolution as presented, or with amendments.
2. Further review the Resolution and direct staff to provide additional
information to the City Council.
3. Do not approve the Resolution as presented.
h:\tif fites\5-17..()4 tif district 2-1 decertification staff agenda report.doc
www.cityofpriorlake.com
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Phone 952.447.4230 / Fax 952.447.4245
RECOMMENDATION: Adopt Alternative #1.
ACTION REQUIRED: A motion and a second to adopt the proposed resolution.
ATTACHMENTS:
I. Resolution #04-XXX
REVIEWED BY:
h: \tif files\5-17 -04 tif district 2.1 decertification staff agenda report. doc
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16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 04-xxx
RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 2-1 OF THE CITY OF
PRIOR LAKE.
MOTION BY:
SECOND BY:
WHEREAS: On September 20, 1993, the City of Prior Lake (the "City") created its Tax Increment
Financing District No. 2-1 ("District No. 2-1 ") within its Project Area No.2 (the "Project
Area"); and subsequently modified District 2-1 of Development District No. 2 on
January 5, 1998 to increase the size of District 2-1 approximately .53 acres to enable the
construction of an additional 15,000 square foot expansion of the production/warehouse
facility; and
WHEREAS: As of the date hereof all bonds and obligations to which tax increment from District No.
2-1 have been pledged have been paid in full or defeased and all other costs of the
Project have been paid; and
WHEREAS: The City desires by this resolution to cause the decertification of District No. 2-1 after
which all property taxes generated by property within the District will be distributed in
the same manner as all other property taxes.
NOW THEREFORE, BE IT RESOLVED BY THE CITY OF PRIOR LAKE, MINNESOTA:
1. The above recitals are incorporated herein as if fully set forth.
2. The City's staff shall take such action as is necessary to cause the County Auditor of Scott
County to decertify the District No. 2-1 as a tax increment district and to no longer remit tax
increment from the District No. 2-1 to the City.
Passed and adopted this 3rd day of May, 2004
Yes
No
Haugen Haugen
Blomberg Blomberg
LeMair LeMair
Petersen Petersen
Zieska Zieska
Frank Boyles, City Manager
Decertification of TIF District 2-1 Keyland Homes RESOLUTION 04.doc
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245