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Home My WebLink AboutEDA RES 2007-06 CITY OF COLUMBIA HEIGHTS ECONOMIC DEVELOMENT AUTHORITY COUNTY OF ANOKA STATE OF MINNESOTA RESOLUTION NO. 2007-06 RESOLUTION ACKNOWLEDGING THE EXPIRATION OF TAX INCREMENT FINANCING DISTRICT N7 OF THE CITY OF COLUMBIA HEIGHTS lenA WHEREAS, on December II, 1995, the City of Columbia Hcights Economic Development Authority (thc "EDA") created its Tax Increment Financing District No. N7 (53nl Avenue/Medtronic) (the "District"), within thc Central Business District Redevelopment Project (the "Project") and authorized a Development Agreement and a Pay As You Go tax increment obligation; WHEREAS, the Limited Revenue Note (Pay As You Go) obligation has been paid according to the stipulations in the Development Agreement and the obligation is no longer outstanding, and WHEREAS, the District expired on its statutorily required decertification date; and WHEREAS, there are no parcels located in the District which currently have delinquent taxes under the duration limits; and WHEREAS, the Tax Increment Financing plan adopted on December 11, 1995 for Tax Increment Financing District No. N7 requires, pursuant to M.S. 469.176, Subd.1 b (a) (3) economic development districts, that the duration of the Tax Increment Financing District N7, 53'" A venue/Medtronic will be the enrlier of nine years after the date of receipt by the EDA of the first tax increment 01' eleven years from approval of the tax increment financing plan, whichever is less, and WHEREAS, the receipt of first tax increment was July of 1998; and WIIEREAS, December 11, 2006 is eleven years from approval and December 31, 2007 is nine years from first receipt, and WHEREAS, the District expired on December II, 2006, and WHEREAS, the EDA desires to acknowledge the expiration of the District; and NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Columbia Heights that thc EDA's staff shall take such action as is necessary to inform the County Auditor of Anoka County that the District expired and to no longer remit tax incremcnt from the District to the City. Dated: Februmy 27,2007 ATTEST: 4ft(// ~ ~~/'1 'bA# Walter R. Fehst- Executive Director (Seal)