III. 1. ITEM 2016-11 Authorize decertification of Tax Increment Financing District 2-9 of the City of Hopkins, adopt HRA resolution 515November 1, 2016HRA 2016-11
HOUSING & REDEVELOPMENT AUTHORITY
APPROVE DECERTIFICATION OF TIF DISTRICT 2-9
Proposed Action
Staff recommends adoption of the following motion: Move to adopt Resolution 515 pproving
ecertification of TIF District 2-9
Overview
TIF District 2-9 was created on August 20, 1996 and iscommonly known as the Pines - Oaks of Main.
The development consists of a townhouse development on Mainstreet. The duration of TIF District 2-9 is
25 years fromthe receipt of the first increment which was in 1997 thus making December 31, 2023 the
mandatory decertification date however all obligationsof the district have been met with the last bond
payment being made February 1, 2016. There are nooutstanding obligations of this TIF District.
For taxes payable in 2017 this decertified TIF districts tax base will be added to the City thereby adding
to the City’s taxable market value.
Primary Issues to Consider
All required TIF expenses have been met
Decertifying this district adds value to the tax base
Supporting Information
Resolution 515
______________________________________
Christine M. Harkess, CPA, CGFM
Finance Director
Financial Impact: $ increased tax capacity Budgeted: Y/N X N Source:
Related Documents (CIP, ERP, etc.): __ _________ Notes: ____________________
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF HOPKINS
COUNTY OF HENNEPIN
STATE OF MINNESOTA
RESOLUTION NO. 515
BEING A RESOLUTION APPROVING THE
DECERTIFICATION OF TAX INCREMENT FINANCING
DISTRICT NO. 2-9 OF THE CITY OF HOPKINS.
WHEREAS, on August 20, 1996, the Housing and Redevelopment Authority n and or the
Cityof Hopkins, (the “HRA”) established its Tax Increment Financing District No. 2-9 (the "District")
withinits Redevelopment Project No 1 (the "Project Area"); and
WHEREAS, on September 3, 1996, the City Council of the City of Hopkins approved the
creation of the District within its Project Area; and
WHEREAS,onFebruary1,2016 the taxincrement bonds to which tax increment from
theDistrict havebeen pledgedwas paid and
WHEREAS, all other costs of the Project have been paid; and
WHEREAS,there are no parcels locatedin the District which have delinquent taxes and
WHEREAS, the HRA desires by this resolution to cause the decertification of the District after
whichall property taxes generated by property within the District will be distributed in the same manner
as all other property taxes beginning in 2017.
NOW THEREFORE, BE IT RESOLVEDby the HRA that:
1.The Executive Director of the HRA shall return all tax increment when received in 2016
to the County for redistribution.
2.The Executive Director is further directed to deliver a copy of this resolution to the
County Auditor of Hennepin County together with a request to decertify the District
effective for taxes payable in 2017.
DATED: November 1, 2016
__________________________________
Molly Cummings, Chair
ATTEST:
_______________________________
, Executive Director
(Seal)