HomeMy WebLinkAbout06-045
RESOLUTION APPROVING THE DECERTIFICATION OF
TAX INCREMENT FINANCING DISTRICT NO. 2-7 OF THE CITY OF PRIOR LAKE.
MOTION BY: LeMair
SECOND BY: Dornbush
WHEREAS: On March 4, 1996, the City of Prior Lake (the "City") created its Tax Increment
Financing District No. 2-7 ("District No. 2-7") 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. 2-7 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. 2-7
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. 2-7 as a tax increment district and to no
longer remit tax increment from the District No. 2-7 to the City.
Passed and adopted this 20th day of March, 2006.
Yes No
Haugen X HauJlen
Dornbush X Dornbush
Erickson X Erickson
I LeMair X LeMair
I Millar X Millar
ru.rN-
Frank Boyles, City Manager
www.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245