Title
Action on Resolution 20-057, a Resolution Dissolving Tax Increment District #3 (Valley View Addition).
Body
Summary:
Tax Increment District #3 was created to assist with the development of affordable housing in the Valley View Addition. All eligible project costs associated with the TIF have been satisfied as of April 2019. A resolution dissolving the TIF District is required per statute.
Background:
Tax Increment District #3 was created on June 10, 2008 to assist with infrastructure improvements for an affordable housing development. The eligible project costs associated with the TIF District totaled $1,035,000. The project costs have been satisfied and the procedure for dissolving Tax Increment District #3 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:
Resolution
Memo
Map