HomeMy WebLinkAboutResolution No. 2014-95RESOLUTION NO. 2014-95
RESOLUTION DECERTIFYING THE SHEFFIELD TAX INCREMENT FINANCING
DISTRICT (NO. M8)
follows:
BE IT RESOLVED By the City Council of the City of Columbia Heights, Minnesota (the "City ") as
Section 1. Recitals.
1.01, The City and the Columbia Heights Economic Development Authority (the "Authority ")
previously established the Sheffield Tax Increment Financing District (No. M8) (the "TIF District ")
within Redevelopment Project No. 1.
1.02. The Authority has fully prepaid and redeemed an outstanding interfimd loan (the
"Interfund Loan ") payable from tax increment derived from the TIF District; therefore, pursuant to
Minnesota Statutes, Section 469. 1763, subd. (b), the TIF District must be decertified on or after the date
of payment in full, as there are no additional obligations payable from tax increment derived from the TIF
District.
1.03. On November 3, 2014, the Authority authorized the decertification of the TIF District
due to payment in full of the Interfund Loan, subject to approval by the City.
Section 2. TIF District Decertified; Filing.
2.01. The TIF District is hereby deemed decertified as of November 3, 2014.
2.02. Authority staff is authorized and directed to transmit a copy of this Resolution to Anoka
County with instructions to decertify the TIF District, it being the intent of the Authority and the City that
any tax increment derived from the TIF District and collected after November 3, 2014 should be
redistributed by the County Auditor to the taxing jurisdictions within the TIF District.
2.03. Authority staff is directed to return any remaining tax increment in the accounts
established for the TIF District to the County Auditor for distribution to the taxing jurisdictions within the
TIF District.
Adopted this 8th day of December, 2014.
Offered by:
Williams
Second by:
Diehm
Roll Call:
All Ayes
AT EST: I (,(& T
Katie Bruno, City Clerk
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