HomeMy WebLinkAbout22-130 TIF 3-1 Decertify Resolution
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 22-130
A RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 3-1
OF THE CITY OF PRIOR LAKE
Motion By: Braid Second By: Thompson
WHEREAS, Tax Increment Financing (Housing) District No. 3-1 (the “District”) was established
by the City of Prior Lake (the “City”) on December 17, 2001; and
WHEREAS, Minnesota Statutes, Section 469.174 to 469.179 (the “TIF Act”) authorizes the City
Council to decertify a tax increment financing district on any date after all the bonds
and other obligations have been satisfied; and
WHEREAS, as of the date hereof there are no outstanding obligations to which tax increment
from the District has been pledged; and
WHEREAS, the City desires by this resolution to decertify the District effective December 31,
2022, by which all taxing jurisdictions will benefit from an increased tax base
effective for taxes payable in 2023; and
WHEREAS, the City Council acknowledges such action will be taken by Scott County to
decertify the District as a tax increment district and to no longer remit tax increment
from the District to the City after December 31, 2022.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Finance Director is authorized to pay any costs incurred for the District from the
City’s General Fund.
3. The City Finance Director is authorized and directed to provide Scott County with
documents related to decertification of the District, to submit the Confirmation of
Decertified TIF District form to the Office of the State Auditor and take any other steps
required for decertification by December 31, 2022.
4. The City Finance Director is authorized and directed to determine the amount of excess
tax increment in the account for the District and to return all excess tax increment to Scott
County for redistribution to other taxing jurisdictions within nine months after the end of
the year.
Passed and Adopted this 7th day of November 2022.
VOTE Briggs Thompson Braid Burkart Churchill
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager