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�0 OORSEY 5 <br />) RSI9Y & WHIrN EY 1.1.11 <br />MEMORANDUM <br />TO: Mayor and Members of the City Council <br />Michael Mornson, City Manager <br />FROM: Jerome P. Gilligan <br />DATE: May 2, 2005 <br />RE: Decertification of Hellickson TIF District <br />In 1993 the St. Anthony HRA established a Tax Increment Financing District (the "TIF <br />District') in connection with the development of the Hellickson Dental Building on Silver Lake <br />Road. The NRA issued a pay-as-you-go TIF Note (the "TIF Note") to Dr. Hellickson pursuant to <br />which the HRA was required to pay available tax increment from the TIF District to reimburse <br />certain public redevelopment costs of the development of the dental building. The HRA now <br />has no further obligations under the TIF Note and the HRA can now decertify the I -IF District. <br />Upon the decertification of the TIF District the full value of the dental building will go on the <br />property tax rolls. <br />To decertify the TIF District the HRA should adopt a resolution approving the <br />decertification of the TIF District. Upon adoption of the decertification resolution City staff will <br />direct Ramsey County to decertify the TIF District and no further tax increment will be payable to <br />the HRA from the TIF District. <br />DORSEY & WHI1 NEY LLP <br />