HomeMy WebLinkAbout2020-124 (use of TIF District #6 Increment for costs of eligible infrastructure improvements within TIF District #6) RESOLUTION NO. 2020-124
RESOLUTION DESIGNATING USE OF TIF DISTRICT #6
INCREMENT FOR COSTS OF ELIGIBLE INFRASTRUCTURE
IMPROVEMENTS WITHIN TIF DISTRICT #6
WHEREAS, on May 18, 1993 the City Council approved the establishment of Tax
Increment Financing District#6 (the "District"); and
WHEREAS, the District has a statutorily required decertification date of December
31, 2020; and
WHEREAS,the District continues to generate tax increments that have been used for
financing of District obligations and eligible redevelopment activities within the District and
Project Area and prior to District decertification scheduled for December 31, 2020,
remaining funds will be utilized for payment of eligible infrastructure maintenance items
within the District as authorized within the TIF Plan; and
WHEREAS, the City Council approved the following improvement items within TIF
District#6 that were eligible to be funded with tax increments of the District with Resolution
No. 2017-051:
Improve retaining walls in lower parking lot on 3rd Street $230,000
Update 10 parking lot lights (poles, wiring&conversion to LED lights) $ 80,000
Reroute storm sewer from upper parking lot on 3rd Street to Pine St. $ 50,000
Construct 14 additional parking spaces in lower parking lot on 3rd St. $ 50.000
TOTAL $410,000
WHEREAS, the total cost of the improvements was $634,642, exceeding the original
designation by $224,642;
WHEREAS, there is $205,639 of eligible funds left in the district to pay for the
improvements;
NOW THEREFORE BE IT RESOLVED, that the City Council of the City of Stillwater
hereby designates use of TIF District #6 tax increments for the additional eligible costs of
$205,639 within TIF District#6.
Adopted by the City Council of the City of Stillwater, Minnesota this 15th day of
December, 2020.
CITY OF I LW ER•
Ted Kozlowski, Mayor
ATTEST:
Beth Wolf, City Cle