HomeMy WebLinkAbout07-044
4646 Dakota Street S.E.
Prior Lake, MN 55372-1714
RESOLUTION 07-044
A RESOLUTION DIRECTING THE DEPOSIT OF EXCESS TIF FUNDS
Motion By: Hedberg
Second By: LeMair
WHEREAS, The City purchased, improved and developed the 35-acre Waterfront Passage
Industrial Park; and
WHEREAS, The City's costs for the park were to be reimbursed by tax increment financing over a
ten-year period; and
WHEREAS, The business park was fully developed in six years leaving a tax increment balance of
$362,575.76 after the City had been reimbursed for all capital expenses for the land
and improvements together with administrative costs; and
WHEREAS, Pursuant to state statute the City Council directed the staff to forward the $362,575.76
to Scott County for redistribution to taxing districts; and
WHEREAS, Said redistribution has taken place and the City has received $114,969.05; and
WHEREAS, The City Council has received a report from staff recommending that these funds be
deposited into the Economic Development Fund to better support economic
development and redevelopment in the Downtown.
WHEREAS, The City Council has directed that these funds and accrued interest from these funds,
between now and the time that the funds are redirected, be retained in the General
Fund and earmarked for future redirection to specific needs as identified by the City
Council.
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 staff is hereby directed to deposit the $114,969.05 into the General Fund.
3. All expenditures from this account require City Council approval.
PASSED AND ADOPTED THIS 5th DAY OF MARCH, 2007.
Hau en
Erickson
Hedber
LeMair
Millar
NO
Hau en
Erickson
Hedber
LeMair
Millar
Frank B
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245