Book# 79 01-13-98 -4-28-98 98-001 98-099

Home Browse Search

Agenda Section: V T T T-9 CITY OF NEW BRIGHTON Report Number: 98-099 REQUEST FOR COUNCIL CONSIDERATION • Report Date: Aoril 28 . 1998 ITEM DESCRIPTION: Resolution Regarding the Expected Duration of TIF Districts Nos. 1-10 and Nos. 12-15. DEPT. HEAD'S APPROVAL: MANAGER'S REVIEW/RECOMMENDATION:No comments to supplement this report gt—Z Comments attached EXPLANATION/SUMMARY (attach supplemental sheets as necessary) When the City created its first Tax Increment Financing districts it stated how long it expected those districts to be in place. Tif Districts#1 through#10 and#12 through#15 had expected durations from 12 to 19 years despite the fact that they have the legal ability to endure for 25 year. It is apparent now that the City will need the increment generated in these districts from years beyond the original expectations to assist with current and future Development Program expenses. In fact the City has pledged the use of increments from these TIF Districts for debt retirement beyond the originally anticipated duration of the districts. The attached resolution updates the City's expectation about the duration of TIF Districts#1 through#10 and TIF Districts #12 through#15. It states that the City now expects these districts duration to be the maximum allowable duration of 25 •iey ears. This action does not preclude the City Council from terminating any of the City's TIF Districts at an earlier date as see fit. It simply makes it clear that with changing conditions we expect these districts to endure beyond our original expectations. RECOMMENDATION: Motion to WAIVE THE READING AND ADOPT THE RESOLUTION EXTENDING THE EXPECTED DURATIONS OF TAX INCREMENT FINANCING DISTRICTS NOS. 1-10 AND NOS.12-15. ��-- ve Kevi Locke,Director of(sonrft�unity Delopmennt I:\COMM DEV1C D\-98-CCIREPORTS\KEVINIBO4 DU RAT.WPD