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HomeMy WebLinkAboutEDA RES 2009-04 CITY OF COLUMBIA HEIGHTS ECONOMIC DEVELOMENT AUTHORITY COUNTY OF ANOKA STATE OF MINNESOTA RESOLUTION NO. 2009-04 RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT P3/P4/S7 OF THE CITY OF COLUMBIA HEIGHTS EDA WHEREAS, on May 27, 1997, the City of Columbia Heights Economic Development Authority (the "EDA") created its Redevelopment Tax Increment Financing District No. P3/P4 (Housing TIF #1) (the "District"), within the Central Business District Redevelopment Project (the "Project"). WHEREAS, on December 17, 2001, the EDA expanded the geographic boundaries of the district (the S7 geographic enlargement). WHEREAS, an Internal Fund Loan obligation, previously authorized, has been paid and the obligation is no longer outstanding, 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 May 27, 1997 for Tax Increment Financing District No. P3/P4/S7 requires, pursuant to M.S. 469.176, Subd.1 b (a) (4) redevelopment districts, that the duration of the Tax Increment Financing District P3/P4/S7 Housing TIF #1 will be 25 years from the receipt by the EDA of the first tax increment, and WHEREAS, the receipt of first tax increment was July of 1998; and WHEREAS, December 31, 2023 is 25 years from the first receipt of increment, or the statutorily required expiration date, and WHEREAS, the EDA desires to decertify the District prior to its statutorily required expiration date; and NOW THEREFORE, BE IT RESOLVED by the Economic Development Authority of the City of Columbia Heights that the EDA's staff shall take such action as is necessary to inform the County Auditor of Anoka County that the District is decertified and to no longer remit tax increment from the District to the City. Approved by the Authority this ,;;. of the Columbia Heights Economic Development ATTEST: ~/ Executi:e Diretor~al er R. Fehst (Seal)