HomeMy WebLinkAbout9B2 - Becker Arena TIF
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
STAFF AGENDA REPORT
AGENDA ITEM:
December 20, 2004
9B-2
JOHN SULLIVAN, COMMUNITY DEVELOPMENT
DIRECTOR
CONSIDER APPROVAL OF A RESOLUTION AUTHORIZING
THE DECERTIFICATION OF TIF DISTRICT 2-2 (BECKER
ARENA PRODUCTS).
MEETING DATE:
AGENDA #:
PREPARED BY:
BACKGROUND:
The purpose of this item is to consider the decertification of Tax
Increment Finance District (TIF) #2-2 (Becker Arena Products).
On March 8, 1994, the Prior Lake City Council approved
establishment of TIF District #2-2 by approving Resolution #94-12.
The site is located in the Waterfront Passage Business Park and the
project is known as Becker Arena Products. The site is an
approximately 1.2 acre parcel identified as Lot 3 Block 1, W ~terfront
Passage Business Park. TIF District #2-2 is part of Development
District No.2, which was established May 18, 1992. TIF District #2-2
was established as an Economic Development District, and hence has
a 10 year duration. TIF District #2-2, according to the Developer's
Agreement, State Statutes, the Scott County Auditor, and
recommended by city staff, should be decertified.
ISSUES:
The City has been collecting tax increments every year. Currently, the
taxes are paid in full for 2003. The City will continue to bill the
developer for the tax increments owed under the development
agreement for 2004 in 2005. The remaining balance owed the City is
approximately $4,688.70. Mrs. Gail Becker of Becker Arena Products
has committed to pay the obligation in full.
There do not appear to be any other outstanding issues with respect to
the decertification of TIF District 2-2. 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.
c:\documents and settings\jsullivan\local settings\temporary internet files\olk7\tif district 2-2 (becker arena products) decertification 12-20-04
staff agenda report.doc 1
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245
ALTERNATIVES:
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.
RECOMMENDATION: Adopt Alternative #1.
ACTION REQUIRED: A motion and a second to adopt the proposed resolution.
ATTACHMENTS: 1. Resolution#04-XXX
REVIEWED BY:
Frank Boyles, City Manager
c:\documents and settings\jsullivan\local settings\temporary internet files\olk7\tif district 2-2 (becker arena products) decertification 12-20-04
staff agenda report. doc 2
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 04-xxx
RESOLUTION APPROVING THE DECERTIFICATION OF TAX
INCREMENT FINANCING DISTRICT NO. 2-2 OF THE CITY OF
PRIOR LAKE.
MOTION BY:
SECOND BY:
WHEREAS: On March 8, 1994, the City of Prior Lake (the "City") created its Tax Increment
Financing District No. 2-2 ("District No. 2-2") within its Project Area No.2 (the "Project
Area"); and
WHEREAS: As of the date hereof all bonds and obligations to which tax increment from District No.
2-2 have been pledged (with the exception of $4,688.70) have been paid in full or
defeased and all other costs of the Project have been paid; and
WHEREAS: The development agreement expires on 12-31-04; and
WHEREAS: The developer has confirmed their commitment to pay the city in full the outstanding
$4,688.70 by 12-31-05; and
WHEREAS: The City desires by this resolution to cause the decertification of District No. 2-2 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. 2-2 as a tax increment district and to no longer remit tax
increment from the District No. 2-2 to the City.
Passed and adopted this 20th day of December, 2004
Yes
No
Haugen Haugen
Blomberg Blomberg
LeMair LeMair
Petersen Petersen
Zieska Zieska
12-20-04 City Council TIP 2-2 Decertification RESOLUTION
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245
Frank Boyles, City Manager
12-20-04 City Council TIF 2-2 Decertification RESOLUTION
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