1j Decertify TIF District 4-1
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MEMORANDUM
TO:
Todd Gerhardt, City Manager
FROM:
Justin Miller, Assistant to the City Manager "\;11'
DATE:
September 9,2004
RE:
De-Certification of Eden Trace TIP District #4-1
BACKGROUND
The City of Chanhassen has established Tax Increment Districts to assist in the
economic development of the City. One of these districts, Eden Trace #4-1, has
reached a point where it needs to be decertified and placed on the general tax
rolls.
Eden Trace TIF District #4-1 (County District #23)
This district was originally created on July 26,1999. The purpose of this district
was to encourage development in the City's industrial park. All developer
payments will have been completed by the end of 2004, and the existing special
assessment charges applied to the City will be prepaid with fund balance money
available in the district.
Minnesota state statute requires cities to notify the State and Carver County of the
City's desire to decertify TIP districts. While staff is recommending that the
district actually be decertified effective December 31,2004, giving Carver County
this advance notice will allow them to produce more accurate Truth-In-Taxation
notices that will go out this fall.
RECOMMENDA TION
Staff recommends the City Council approve the attached resolution decertifying
the Eden Trace TIP District #4-1 effective December 31,2004. A simple
majority of the council is required for approval of this action.
The City of Chanhassen · A growlog comnlunlly WI!!I clearllakes
Da'ks preal place to live. worK arold play
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
September 13, 2004
RESOLUTION NO:
2004-63
MOTION BY:
SECONDED BY:
RESOLUTION APPROVING DECERTIFICATION
OF THE EDEN TRACE TIF DISTRICT
A. WHEREAS, on July 26, 1999, the City of Chanhassen (the "City") created its
Tax Increment Financing District No.4-I, (the "District") within its
Development District No.4 (the "Project"); and;
B. WHEREAS, Minnesota Statutes, Section 469.174 to 469.179 requires that the
Tax Increment Financing District be terminated when all obligations within
the district have been met;
C. WHEREAS, the City desires by this resolution to acknowledge the
decertification of the District, after which all property taxes generated by
property within the District have been and will continue to be distributed in
the same manner as all other property taxes beginning with taxes payable in
2005, and;
D. WHEREAS, as of December 31,2004 all bonds to which tax increment from
the District have been pledged have been paid in full; and;
E. WHEREAS, the remaining tax increment in the account for the District will
be returned after the books for 2004 are closed to the County Auditor for
redistribution to the regular taxing jurisdictions;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Chanhassen, Minnesota, as follows:
That the Carver County Auditor is authorized and requested to decertify the Eden Trace District
No. 4-1 (County District No. 23) as a tax increment district and to no longer remit tax increment
from the District to the City as of December 31, 2004.
Passed and adopted this 13th day of September, 2004.
ATTEST:
Todd Gerhardt, City Manager
Thomas A. Furlong, Mayor
YES
NO
ABSENT