HomeMy WebLinkAbout2018.12.03 RESO 2018-45 Terminating TIF DistrictRESOLUTION NO. 2018-45
RESOLUTION RELATING TO THE TERMINATION OF TAX
INCREMENT DISTRICT NO. 1-1 AND DIRECTING
DECERTIFICATION THEREOF BY THE COUNTY AUDITOR
WHEREAS, by adoption of a resolution on August 19, 1996 the City of Hugo, Minnesota
(the "City") has heretofore created Tax Increment Financing (Redevelopment) District No. 1-1
(the "District"), and has approved a Tax Increment Financing Plan (the "TIF Plan"), for the
district; and
WHEREAS, the County Auditor of Washington County has certified the original net tax
capacity and the original local tax rate of the District pursuant to the provisions of Minnesota
Statutes, Section 469.177; and
WHEREAS, as of the date hereof, the projects have been completed, all obligations to
which tax increment from the District has been pledged have been paid in full or defeased, and
the City has determined that it is in the best interests of the City to terminate and decertify the
District.
NOW, THEREFORE, BE IT RESOLVED by the City of Hugo, Minnesota that:
(1) Tax Increment Financing District No. 1-1 is hereby terminated as of December 31,
2018.
(2) The Clerk shall provide a certified copy of this resolution to the County Auditor of
Washington County so that the District may be decertified on the books and records
of the County Auditor with no further tax increment from the District being remitted
to the City.
ADOPTED by the City Council of the City of Hugo, Minnesota this 3rd day of December 2018.
AP V
Tom Weidt, Mayor
ATTEST:
1
Mich�Lindau, City Clerk