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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 12/20/04 <br />TOPIC: Consideration of Resolution No. 04 -04 Terminating <br />Tax Increment Financing District No. 1 -8 and <br />Directing Decertification by the County Auditor <br />VOTE REQUIRED: 3/5 <br />BACKGROUND: <br />TIF District No. 1 -8 was created by the Economic Development Authority on April <br />28, 1997. The establishment of this 25 -year Redevelopment District was in <br />response to several areas within the city that met the criteria for redevelopment <br />and had potential for redevelopment. Of the three sites within the district, only <br />one has redeveloped. Fairview Healthcare was provided with assistance to <br />redevelop the former Gethsemane Church site on the southwest corner of the <br />35W /Lake Drive and construct its clinic. All obligations under the EDA's <br />agreement to Fairview have been met. <br />The tax capacity generated by Fairview Clinic is approximately $23,000 and will <br />now be on the tax roles. <br />OPTIONS: <br />1. Approve Resolution No. 04 -04 Terminating TIF District No. 1 -8 <br />2. Do not terminate the district. <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />