CC RES 03-102 A RESOLUTION SETTING THE CITY OF ST. ANTHONY 2004 TAX LEVY AND BUDGET IN COMPLIANCE WITH THE TRUTH IN TAXATION ACT

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v ' To offset some of the cost of the new facilities, the Kenzie Terrace TIF District was decertified. The average cost savings for desertification of the District totaled $65.10 and added $335,500 to St. Anthony's tax capacity. That cost savings is reflected on the current Truth in Taxation Statements. In addition, due to the refinancing of the 1993, 1994 & 1995 Road Improvement Bonds, an additional reduction in taxes will appear on the final property tax statements (the average savings is equal to $38.78). Recommendation: To comply with State Law and Truth in Taxation requirements, Council approve resolution #03-102 setting the 2004 property tax levy as presented, which includes a reduction in the Road Improvement Levy of$112,618. •