HomeMy WebLinkAboutResolution No. 265-24 (EDA24-013) (5A2) - Resolution (EDA) - Decertification of Tax Increment Financing District No. 39-1
JOINT RESOLUTION
EDA RESOLUTION NO.
COUNCIL RESOLUTION NO. ______
Rochester Economic Development Authority
Rochester City Council
County of Olmsted, State of Minnesota
Approving the Decertification of Tax Increment Financing District No. 39-1.
WHEREAS, the Common Council (the “Council”) of the City of Rochester, Minnesota (the
“City”) has heretofore established Development District No. 39 (the “Development
District”) and has adopted a development program therefor (the “Development Program”),
pursuant to Minnesota Statutes, Sections 469.090 through 469.1082 and Sections
469.174 through 469.1794, as amended (the “TIF Act”);
WHEREAS, on August 16, 2010, the Council approved the creation of Tax Increment
Financing District No. 39-1 (the “TIF District”) and adopted a tax increment financing plan
therefor (as amended on October 19, 2015, the “TIF Plan”);
WHEREAS, the City has heretofore transferred operation of all active tax increment
financing districts to the Rochester Economic Development Authority (the “EDA”), and the
EDA has established all of the property formerly in the municipal development districts
heretofore created by the City, including the Development District, as economic
development districts of the EDA pursuant to the TIF Act;
WHEREAS, it has been proposed that the EDA decertify the TIF District as of December
31, 2024;
WHEREAS, the development documents pertaining to the TIF District have expired by
their terms and all obligations have been satisfied (the “Development Documents”);
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the “Board”) of
the Rochester Economic Development Authority (the “EDA”), as follows:
Section 1. Findings for Decertification. The TIF District shall be deemed
decertified as of December 31, 2024. Any remaining increments not eligible for spending,
as determined by the Assistant Treasurer of the EDA, will be returned to Olmsted County
for redistribution in accordance with the TIF Act.
Section 2. Direction to EDA Staff. EDA Staff is authorized and directed to
determine the amount of tax increments to be returned to Olmsted County for
redistribution, if any, and to transmit a copy of this resolution to Olmsted County with a
request to de-certify the TIF District, it being the intent of the EDA that no further collection
of tax increment from the TIF District will be distributed to the EDA after December 31,
2024.
RC110-22-970178.v2
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS _9th__ DAY OF
___December__, 2024.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
RC110-22-970178.v2