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CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 2A <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />MEETING DATE: August 26, 2024 <br />TOPIC: Consider Resolution No. 24-110, Decertifying Tax Increment <br />Financing District 1-12 <br />VOTE REQUIRED: Simple Majority <br />BACKGROUND <br />Tax increment financing (TIF) is a method of stimulating economic development in a targeted <br />geographic area. TIF uses the additional property taxes that are paid due to the new <br />development to pay for the development costs. <br />Tax Increment Financing District 1-12 was created for the Clearwater Creek Business Park <br />Project on March 24, 2017 and is required to be decertified by December 31, 2026. The TIF <br />PAYGO Note issued to Distribution Alternatives on November 22, 2017 has been paid in full in <br />the amount of $1,200,000 as of August 1, 2024. <br />With all obligations of the District satisfied, the district should be decertified to allow the <br />affected parcels be added back to the tax base benefitting all local taxing jurisdictions. <br />RECOMMENDATION <br />Staff recommends approving Resolution No. 24-110, Decertifying Tax Increment Financing <br />District 1-12. <br />ATTACHMENTS <br />Resolution No. 24-110 <br />