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• AGENDA ITEM 5 <br />• <br />• <br />STAFF ORIGINATOR: <br />DATE: <br />Mary Alice Divine <br />10/27/03 <br />TOPIC: Resolution No. 03 -10 Decertifying Tax Increment Financing <br />District No. 3 -1, Clearwater Creek Development Center <br />BACKGROUND: <br />Tax Increment Financing District No. 3 -1 was established in 1995 to provide <br />assistance to businesses to develop the Clearwater Creek Development Center <br />on 35E. The businesses within the district are AdGraphics, Northern Wholesale <br />and GNW Machine. These businesses have added more than $11 million in <br />market value to the city's tax base, approximately 300 jobs and approximately <br />$135,000 in annual city taxes. <br />The obligations in that district have been satisfied. This resolution decertifies the <br />District as of November 15, 2003. <br />OPTION <br />1. Adopt Resolution No. 03 -10 Decertifying Tax Increment Financing District <br />No. 3 -1 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />