HomeMy WebLinkAbout2020.07.20 RESO 2020-32 Terminating TIF District No. 1-2RESOLUTION NO. 2020-32
RESOLUTION RELATING TO THE TERMINATION OF TAX
INCREMENT DISTRICT NO. 1-2 AND DIRECTING
DECERTIFICATION THEREOF BY THE COUNTY AUDITOR
WHEREAS, by adoption of a resolution on April 16, 2007, the City of Hugo, Minnesota
(the "City") has heretofore created Tax Increment Financing (Redevelopment) District No. 1-2
(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, this district must be decertified as there is no outstanding debt that meets the
five-year rule pursuant to Minn. Stat. Section 469.1763, subd. 4 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. 1-2 is hereby terminated as of December 31,
2020.
(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 20th day of July, 2020.
APPROV
Tom Weidt, Mayor
ATTEST:
Michele Lindau, City Clerk