Title
Action on Resolution 20-056, a Resolution Dissolving Tax Increment District #4 (Sieler Addition).
Body
Summary:
Tax Increment District #4 was created to assist with the development of affordable housing in the Sieler Addition. All eligible project costs associated with the TIF have been satisfied as of June 2019. A resolution dissolving the TIF District is required per statute.
Background:
Tax Increment District #4 was created on August 26, 2008 to assist with infrastructure improvements for an affordable housing development. The eligible project costs associated with the TIF District totaled $475,000. The project costs have been satisfied and the procedure for dissolving Tax Increment District #4 requires the City Council to adopt a resolution dissolving the district.
Fiscal Impact:
The property tax increment designated for repayment of the project costs will now be distributed to taxing entities.
Recommendation
Recommendation:
Staff recommends approval.
Body2
Attachments:
Memo
Resolution
Map