HomeMy WebLinkAboutIV.B - Resolution - Decertify NAPA TIF District1
HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 2024-10
RESOLUTION APPROVING DECERTIFYING TAX INCREMENT
FINANCING DISTRICT NO. 5
BE IT RESOLVED By the Board of Commissioners of the Hastings Economic
Development and Redevelopment Authority, Minnesota (“HEDRA"), as follows:
Section 1. Recitals.
1.01. The HEDRA and the City of Hastings (“City”) propose to approve
decertification of Tax Increment Financing District No. 5 (“District”).
1.02. The City established the District as a renewal and renovation district on July
19, 2010, all pursuant to and in conformity with applicable law, including Minnesota Statutes
469.001 to 469.047, Section 469.090 to 469.1082, and Section 469.174 to 469.1799, all inclusive,
as amended.
1.03. Minnesota Statutes, Section 469.174 to 469.179 authorizes the City Council
to decertify a tax increment financing district on any date after all bonds and other obligations have
been satisfied.
1.04. As of the date hereof all obligations to which tax increment from the District
have been pledged are paid in full.
1.05. The HEDRA and the City desire by this resolution to decertify the District
effective December 31, 2024, by which all taxing jurisdictions will benefit from an increased tax
base effective for taxes payable in 2025.
1.06. The HEDRA and the City acknowledges such action will be taken by
Dakota County to decertify the District as a tax increment district and to no longer remit tax
increment from the District to the City after December 31, 2024.
Section 2. Approve Decertifying the District.
2.01. The City Finance Manager is authorized and directed to provide Dakota
County with documents related to decertification of the District, to submit the Confirmation of
Decertified TIF District form to the Office of the State Auditor and take any other steps required
for decertification by December 31, 2024.
2.02. The City Finance Manager is authorized and directed to determine the
amount of excess tax increment in the account for the District and to return all excess tax increment
to Dakota County for redistribution to other taxing jurisdictions.:
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Adopted by the Board of Commissioners of the Hastings Economic Development and
Redevelopment Authority this 11th day of July, 2024.
__________________________________________
Trevor Johnson, President
ATTEST:
Alexander Menke, Secretary