HomeMy WebLinkAboutResolution No. 429-04A CITY OF ROCHESTER
COUNTY OF OLMSTEAD
• STATE OF MINNESOTA
RESOLUTION NO. -04)R
RESOLUTION DISSOLVING TAX INCREMENT
FINANCING DISTRICT NO. 2-1 AND RETURNING
EXCESS TAX INCREMENTS TO OTHER TAXING JURISDICTIONS
WHEREAS, on March 13, 1979,the City established Development District Number 2-1
(also referred to as Tax Increment Financing District No..2-1) and adopted a tax increment
financing plan therefor(hereinafter "Tax Increment Financing District No. 2-1");
WHEREAS, all of the capital and administrative costs of Tax Increment Financing /
District No. 2-1 as set forth in the tax increment financing plan have been paid or provided for;
and
WHEREAS, there is currently on deposit in the Tax Increment Financing District No. 2-1 .
Tax Increment Account funds in excess of the amounts needed to pay all remaining obligations
(the 'Excess Tax Increment").
NOW, THEREFORE,BE IT RESOLVED by the Common Council (the "Council") of
the City of Rochester,Minnesota, as follows:
• 1. The City Council hereby dissolves Tax Increment Financing District No. 2-1.
2. The Excess Tax Increment shall be returned to County Auditor of Olmsted
County for distribution to the affected tax jurisdictions in accordance with Minnesota Statutes,
Section 469.177, subd. 12.
3. The City Finance Director is hereby directed to send a copy of this resolution to
the County Auditor of Olmsted County and to take all other steps which are necessary to dissolve
Tax Increment Financing District No. 2-1 and to distribute the Excess Tax Increments to the
other taxing jurisdictions.
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
• ROCHESTER,MINNESOTA, THIS 8th DAY OF SEPTEMBER,2004.
SIDENT OF SkM COMMON COUNCIL
ATTEST:
CITY LE
Approved this";, tl dav,of , 2004.
(Seal of the City of
Rochester,Minnesota) MAYOR OF SAID CITY
Councilmember McConnell moved the adoption of the foregoing
resolution,which motion was duly seconded by Councilmember Stobaugh , and upon
vote being taken thereon, the following Councilmembers voted in favor thereof.
• President John Hunziker, Councilmembers Dennis Hanson, Marcia Marcoux,
Jean McConnell , Sandra Means, Bob Nowicki , Walter Stobaugh.
and the following Councilmembers voted against the same:
None
whereupon said resolution was declared duly passed and adopted.
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