HomeMy WebLinkAboutResolution No. 273-22 (EDA22-012) (5E EDA) - Resolution EDA - Decertification of Tax Increment Financing District 38-1
EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
Rochester Economic Development Authority
County of Olmsted, State of Minnesota
APPROVING THE DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT
NO. 38-1.
BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Rochester
Economic Development Authority (the “EDA”) and the Common Council (the “Council”)
of the City of Rochester, Minnesota (the “City”), as follows:
Section 1. Recitals.
1.01. The Council and the Board have heretofore established Economic
Development District No. 38 (the “Development District”) and have adopted a
development program therefor (the “Development Program”) pursuant to Minnesota
Statutes, Sections 469.090 through 469.1082 and Sections 469.174 through 469.1799,
as amended (the “TIF Act”).
1.02. On June 6, 2011, the Council and the EDA approved the creation of Tax
Increment Financing District No. 38-1 (the “TIF District”) and adopted a tax increment
financing plan therefor (the “TIF Plan”).
1.03. It has been proposed that the EDA decertify the TIF District as of December
31, 2022.
1.04. The development documents pertaining to the TIF District have expired by
their terms and all obligations have been satisfied (the “Development Documents”).
Section 2. Findings for Decertification. The TIF District shall be deemed
decertified as of December 31, 2022. Any remaining increments not eligible for spending,
as determined by the Executive Director of the EDA, will be returned to Olmsted County
for redistribution in accordance with the TIF Act.
Section 3. 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,
2022.
0 = 1 " " RC110-20-828739.v2 RC110-20-828739.v2 RC110-20-828739.v2
EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
th
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 14 DAY OF
NOVEMBER, 2022.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2022.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2022.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
0 = 1 " " RC110-20-828739.v2 RC110-20-828739.v2 RC110-20-828739.v2