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16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 04-86
A RESOLUTION APPROVING THE DECERTIFICATION
OF CITY OF PRIOR lAKE TAX INCREMENT FINANCING DISTRICT NO. 2-1
Motion By: PETERSEN
Second By: LEMAIR
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 the 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 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 COUNCil OF PRIOR LAKE, MINNESOTA
that:
1. The recitals set forth above are incorporated herein.
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.
Haugen X Haugen
Blomberg X Blomberg
leMair X leMair
Petersen X Petersen
Zieska X Zieska
YES
NO
Ci~ Ma:: ~ Lake
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245