D-7. Approve Resolution Authorizing Decertification of TIF#5 (north Bay), and TIF #9 (Gateway Place)�1
1
CITY OF
CH NSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
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Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Website
www.ci.chanhassen.mn.us
MEMORANDUM
TO: Mayor & City Council
FROM: Greg Sticha, Finance Director
DATE: April 25, 2016 D\
SUBJ: Resolution Authorizing Decertification of Tax Increment District #5
(TIF #5) and Tax Increment District #9 (TIF #9)
PROPOSED MOTION:
"The City Council approves a resolution authorizing decertification of
TIF #5 and TIF #9 as of December 31, 2016 for taxes payable in 2017."
Approval of this item requires a simple majority vote of the City Council.
BACKGROUND
TIF #5: Tax Increment District #5, named "North Bay," was a housing district
created for the purpose of establishing an affordable residential project containing 76
owner -occupied townhomes. Within that development 35 of the units were priced at
a level to make them affordable within all state and federal guidelines. The project is
located near Lyman Boulevard & Lakeview Road East.
TIF #9: Tax Increment District #9, named "Gateway Place," was a housing district
created for the purpose of establishing an affordable apartment housing project. The
project was created with 48 units of which at least 47 of the units are to be affordable
within all state and federal guidelines. The project is located near Highways 212 and
101.
Both projects have had all debt and/or obligations met and are required to be
decertified.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution authorizing the
decertification of TIF #5 and TIF #9, as of December 31, 2016 for taxes payable in
2017.
ATTACHMENT
1. Resolution.
f:\gregs\council\2016\decertification of of 5 & 9 memo 4-25-16.docx
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE: April 25, 2016 RESOLUTION NO:
MOTION BY:
SECONDED BY:
2016 -
RESOLUTION APPROVING THE DECERTIFICATION OF TAX INCREMENT
FINANCING DISTRICT NO.5 AND NO.9 OF THE CITY OF CHANHASSEN
WHEREAS, on June 24, 1996, the City of Chanhassen (the "City") created its Tax
Increment Financing District No. 5 ("District No.") North Bay ("District Name'); and
WHEREAS, on April 10, 2006, the City of Chanhassen (the "City") created its Tax
Increment Financing District No. 9 ("District No.") North Bay ("District Name'); and
WHEREAS, as of the date hereof, all bonds and obligations to which tax increment from
District No. 5 and No. 9 have been pledged have been paid in full or defeased and all other costs
of the Project have been paid; and
WHEREAS, the City desires by this resolution to cause the decertification of District No.
5 and District No.9 as of December 31, 2016, after which all property taxes generated by
property within the District will be distributed in the same manner as all other property taxes.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Chanhassen that
the City staff shall take such action as is necessary to cause the County Auditor of Carver County to
decertify District No. 5 and District No. 9, as a tax increment district and to no longer remit tax
increment to the City effective for taxes payable in 2017.
Passed and adopted by the Chanhassen City Council this 25th day of April, 2016.
ATTEST:
Todd Gerhardt, City Manager
Denny Laufenburger, Mayor
YES NO ABSENT