HomeMy WebLinkAbout[05b] Decertification of TIF District 1-3 (Borgert)t.:ITI' [)F S'1:,It)SH:I'H
Memorandum
To: Cynthia Smith-Strack, St. Joseph EDA
CC: Judy Weyrens, Administrator
From: Lori Bartlett, Finance Director
Date: May 20, 2009
RE: TIF 1-3 Decertification (SIGN Properties)
As you are aware TIF l -3 is scheduled to expire in 2009. According to the development plan for
TIF 1-3, Borgert Products, the tax increments for the district would be paid for nine (9) years or
until the Pay As You Go Note was paid off. In reviewing the tax records SKN Properties
received increment payments from May 2000 through December 2008 (nine years). As can be
seen from the attached TIF payment summary, the increments received did not cover the entire
debt incurred for the tax increment project. This is not unusual as T1F Plans are based on
estimated values. Since the project has exhausted the maximum years for TIF, no further
increments will be received from Steams County.
At this time TIF ] -3 can be decertified. Per Minnesota State Statutes, any excess tax increments
will be returned to Stearns County to be redistributed to all taxing jurisdictions of the district. As
of May 15, 2009, TIF 1-3 has a balance of $6,020.75. Final allowable administrative costs will
be deducted from this balance to determine the excess tax increment collected. Once the
decertification is approved, the remaining balance will be returned to Stearns County.
I am requesting St. Joseph EDA to consider recommending to the City Council decertification of
TIF 1-3, Borgert Products, effective immediately with any remaining excess tax increments to be
returned to Stearns County.
If you have any questions or need additional information please feel free to contact me.
Sincerely,
CITY OF ST. JOSEPH
Lori Bartlett
Finance Director
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