HomeMy WebLinkAbout2013-143RESOLUTION NO. 2013-143
A Resolution Authorizing the Creation
of Tax Increment Financing District No. 11
WHEREAS, areas within the City have become substandard and dilapidated; and
WHEREAS, in order to encourage the Development of substandard areas it has been
proposed that a new Tax Increment Financing District be created; and,
WHEREAS, funds within the District are not available and, therefore it is necessary on a
temporary basis to advance funds from other City available funds to be repaid from the
increments generated from Tax Increment Financing District No. 1I and other funds that will
accrue to the District; and,
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. That the City Staff is hereby directed to begin the preparation of a new Tax Increment
District to be named Tax Increment District No. 11.
2. The General area of the City that should be studied for the creation of the Plan
includes the immediate area of South Main and Nelson Streets.
3. That Springstead Incorporated, 380 Jackson Street, Suite 300, St. Paul, MN
55101 -2887 is designated Financial Advisor in order to prepare the fiscal analyzing
necessary for creation of the Plan.
4. That the Chief Financial Officer of the City is empowered to advance funds from
other City funds sufficient to fund the action necessary to accomplish this purpose on
the condition that the funds from which advancement are made be reimbursed to each
fund as quickly as possible out of either available Tax Increments, grants in aid
received by the City through the State, Federal or other programs and with such rate
of interest as is recommended by the Chief Financial Officer. Further, that the Chief
Financial Officer is authorized to memorialize the advancements for accounting
purposes.
Enacted by the City Council of the City of Stillwater this 3`a day of September, 2013.
CITY OF STILLW.
Ken I ?aryl, Mayor
ATTEST:
004�
Diane F. Ward, City Clerk