HomeMy WebLinkAbout06-214
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 06-214
RESOLUTION AUTHORIZING PAYMENT OF EXCESS TAX INCREMENT
FOR WATERFRONT PASSAGE BUSINESS OFFICE PARK TO SCOTT COUNTY
MOTION BY:
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
Dornbush
SECOND BY:
Millar
All tax increment districts (TIF 2-1, 2-2, 2-3, 2-5, 2-6, 2-7 and 2-8) that were
established in the Waterfront Passage Business Office Park have been de-
certified; and
Tax increment legislation requires excess tax increment be remitted to the
county auditor for re-distribution to all eligible taxing jurisdictions within Scott
County; and
The bonds for Waterfront Passage Business Office Park have been paid in
full; and
Initial loans from the water/sewer utility fund and trunk reserve fund have
been re-paid (JV #06-261); and
Annual administration charges of $500.00 per district have been reimbursed
in the total amount of $30,000 (JV #06-271); and
Total net TIF revenue of $1,405,832.25 has been accounted for and
transferred to the Debt Service Fund; and
Total bond payments of $1,013,256.49 have been expended.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE that:
1. The recitals set forth above are incorporated herein.
2. That the City Council hereby approves payment in the amount of $362,575.76 from the
Debt Service Fund (Account #534-47000-630) to Scott County.
Passed and adopted this 18th day of December, 2006.
{Seal}
Haugen
Dornbush
Erickson
LeMair
Millar
YES
X
X
X
X
X
NO
Haugen
Dornbush
Erickson
LeMair
Millar
CUj/-
Frank Bo.vles, . y nager
www.cityotprionaRe.com
I:\COUNCIL\RESOLUTI\FINARES\2006\06-214 E~tlfje~44]4230 / Fax 952.447.4245