HomeMy WebLinkAbout2007-018 EDAR1
1
1
its adoption:
Commissioner Mark Yelich introduced the following resolution and moved
EDA RESOLUTION NO. 2007 -18
RESOLUTION APPROVING DISSOLVING TAX INCREMENT
FINANCING DISTRICT NO. 1 AND RETURNING EXCESS TAX
INCREMENTS TO OTHER TAXING JURISDICTIONS
WHEREAS, on August 16, 1989, the Authority adopted a tax increment financing
plan for a housing tax increment financing district commonly referred to as Tax Increment
Financing District No. 1 (Brookwood); and
WHEREAS, all of the capital and administrative costs of Tax Increment
Financing District No. 1 as set forth in the tax increment financing plan have been paid or
provided for; and
WHEREAS, there is currently on deposit in the tax increment account for the Tax
Increment District No. 1 522,011.21 of excess tax increments as defined in Minnesota Statutes,
Section 469.177, subd. 9; and
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners (the
"Board of the Economic Development Authority of Brooklyn Center, Minnesota (the
"Authority as follows:
1. The Board hereby finds, determines and declares to dissolve and decertify Tax
Increment Financing District No. 1 as of September 24, 2007.
2. Excess tax increment as defined in Minnesota Statutes, Section 469.177, Sub. 9 in
the amount of 522,011.21 held in the tax increment account shall be returned to the
County Auditor of Hennepin County for distribution to the affected tax jurisdictions
in accordance with Minnesota Statutes, Section 469.177, Sub. 9.
3. The City Finance Director is hereby directed to send a copy of this resolution to the
County Auditor of Hennepin County and to take any other steps which are necessary
to dissolve Tax Increment Financing District No. 1 and to distribute the excess tax
increments to the other taxing jurisdictions.
September 24, 2007
60,1
Date President
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Mary 0 Connor
and upon vote being taken thereon, the following voted in favor thereof:
Tim Willson, Kay Lasman, Mary O'Connor, Dan Ryan, and Mark Yelich;
and the following voted against the same:none;_
whereupon said resolution was declared duly passed and adopted.
1
1
STATE OF MINNESOTA
ss.
COUNTY OF HENNEPIN
I, the undersigned, being the duly qualified and acting Secretary of the Economic
Development Authority of Brooklyn Center, Minnesota, DO HEREBY CERTIFY that the
attached resolution is a true and correct copy of an extract of minutes of a meeting of the Board
of Commissioners, duly called and held, as such minutes relate to the dissolution of Tax
Increment Financing District No. 1.