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11-28-2012 Council Agenda
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11-28-2012 Council Agenda
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MAYOR <br />Bill Blesener <br />COUNCIL <br />Rick Montour <br />John Keis <br />Michael McGraw <br />Shelly Boss <br />515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 ADMINISTRATOR <br />www.cilittle- canadaann.us Joel R. Hanson <br />MEMORANDUM <br />TO: Mayor Blesener and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: November 24, 2012 <br />RE: Decertify TIF District 2 -2 <br />Attached is a resolution decertifying TIF District 2 -2. This district was established to assist <br />District County #82 (International Union of Painters and Allied Trades) with their new building <br />project back in 2003. As you will recall, they paid off the outstanding balance of the TIF <br />assistance this past May in order to allow them to take 78% of the building value to tax exempt <br />status pursuant to Minnesota Statutes. As part of that transaction, they also agreed to a Payment <br />In Lieu of Taxes (PILOT) to provide the City with $10,000 of annual funding to offset our loss. <br />By decertifying this TIF district, the remaining property value will be spread normally and add to <br />our tax base. Any remaining funds, after deducting our final administrative costs, will be <br />remitted back to the County and distributed to the appropriate taxing jurisdictions. <br />Staff recommends approval on decertifying resolution as presented. <br />1 <br />
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