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AGENDA ITEM 3-C <br />STAFF ORIGINATOR: Al Rolek <br />DATE: 10/27/03 <br />TOPIC: Resolution No. 03-192 Decertifying Tax Increment Financing <br />District No. 1-7, Apollo Business Park <br />BACKGROUND: <br />Tax Increment Financing District No. 1-7 was established in 1995 to provide <br />assistance to businesses to develop the Apollo Business Park. The businesses <br />within the district are Mag Con, Emergency Apparatus Maintenance, Lino Lakes <br />Business Center Phases 1, 2, 3, and 4, Progressive Engineering, Nol-Tech and <br />Rice Industries. These businesses have added approximately $10 million in <br />market value to the city's tax base, hundreds of jobs and approximately $92,000 <br />in 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. 03-192 Decertifying Tax Increment Financing <br />District No. 1-7 <br />2. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />