Agenda Packets - 1998/12/07 - Laserfiche WebLink

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City of Mounds View Staff Report November 20, 1998 Page 2 There is another option that could be considered. If the Council feels that the cash balances in TIF funds are greater than its current needs, and that there are no identified long term needs for some of those cash balances, it can return funds to the County for redistribution to the three largest taxing jurisdictions, the County, School District and City. In other words, neither a district nor individual property is decertified, but some of the collected captured tax increment is returned to the taxing jurisdictions to be used for general fund purposes. 4. Decertifying TIF District 4. District 4 is comprised of the property generally described as the Mounds View Community Center. Since the City and none of the proposed tenants pay property taxes, there is no possibility of any captured increment being collected, therefore, there would be no impact on property taxes. On the other side of the equation, if there is no possibility of increment there is no need for the District. State law has provisions that if there is no activity in a district after 4 years, it is required to be decertified. For these reasons,the City should undertake the steps necessary to decertify the district. The City Attorney has been contacted to prepare the documents necessary to decertify the District, and this issue will be placed on a Council agenda in the near future.