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HomeMy WebLinkAboutEDA RES 2020-112003, the RESOLUTION NO. 2020 -11 COLUMBIA HEIGHTS ECOMOMIC DEVELOPMENT AUTHORITY COUNTY OF ANOKA STATE OF MINNESOTA A RESOLUTION DECERTIFYING TAX INCREMENT FINANCING DISTRICT KMART- CENTRAL AVE (COUNTY NO. T4) OF THE CITY OF COLUMBIA HEIGHTS WHEREAS, on September 22, 2003, the City (the "City ") and Economic Development Authority (the "Authority") created its Tax Increment Financing District Kmart- Central Ave (County No.T4), (the "District ") within its Central Business District Redevelopment Project (the "Project "); and WHEREAS, Minnesota Statutes, Section 469.174 to 469.179 authorizes the Authority to decertify a tax increment financing district on any date after all bonds and other obligations have been satisfied; and WHEREAS, as of the decertification date all bonds to which tax increment from the District have been pledged are paid in full; and WHEREAS, the Authority desires by this resolution to decertify the District effective September 8, 2020, by which all taxing jurisdictions will benefit from an increased tax base effective for taxes payable in 2020; and WHEREAS, the excess tax increment in the account for the District, if any, will be returned to the County Auditor for redistribution to the regular taxing jurisdictions; NOW THEREFORE, BE IT RESOLVED by the Board of Economic Development Authority of the City of Columbia Heights that it acknowledges such action was taken by the County Auditor of Anoka County to decertify the District as a tax increment district and to no longer remit tax increment from the District to the City. DATED: September 8, 2020 ATTEST: C Q6 - (Seal) ANOL , L 4'" -\ --)iA -i , 1/4-., air