2004-63A
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
DATE:
September 13. 2004
RESOLUTION NO:
2004-63A
MOTION BY:
A votte
SECONDED BY:
LundQuist
RESOLUTION AUTHORIZING TIF FUND TRANSFERS
A. WHEREAS, the City Council of the City of Chanhassen, Minnesota, has determined that it has
insufficient tax increment revenues to cover all pre-existing debts in the Downtown Tax
Increment Financing (TIP) District; and
B. WHEREAS, this deficit is directly related to the reduced increment caused by changes in class
rates and modifications to the K-12 education funding formula beginning with taxes payable for
1998; and
C. WHEREAS, the City of Chanhassen has already availed itself of all statutory remedies for TIP
deficits including Minnesota Statutes 469.1794; and
D. WHEREAS, this deficit can be cured using funds available to district and the second half
payment of increment;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Chanhassen, Minnesota, as follows:
1. Authorization; Findings. The City Council hereby authorizes the City Manager and Finance
Director to apply to the Commissioner of Revenue to extend the de-certification date for the
Downtown TIP District from November 1, 2004 to December 31, 2004
Passed and adopted by the Chanhassen City Council this 13th day of September, 2004.
A TIEST:
~A
YES
NO
Ayotte
Furlong
Lundquist
Peterson
Labatt