HomeMy WebLinkAbout24-111 Decetification of Tax Increment Financing District No. 6-1
4646 Dakota Street SE Prior Lake, MN 55372
RESOLUTION 24-111 A RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT NO. 6-1 OF THE CITY OF PRIOR LAKE
Motion By: Burkart Second By: Churchill
WHEREAS, Tax Increment Financing (Housing) District No. 6-1 (the “District”) was established by the City of Prior Lake (the “City”) on June 26, 2006; 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, 2024, by which all taxing jurisdictions will benefit from an increased tax base effective for taxes payable in 2025; 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, 2024.
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, 2024. 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 8th day of October 2024 VOTE Briggs Braid Burkart Churchill Lake
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐ Absent ☐ ☐ ☐ ☐ ☐
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Jason Wedel, City Manager