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PROPOSED RESOLUTION
A RESOLUTION DECERTIFYING TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 18 OF THE CITY OF LUVERNE
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This proposed resolution decertifies Tax Increment Financing (TIF) Redevelopment District No. 18, established on May 14, 1997 for Luverne Family Housing. The resolution confirms that all bonds and obligations associated with the district have been satisfied, allowing decertification effective December 31, 2024, which will increase the tax base for all jurisdictions. The Finance Director is tasked with completing the necessary steps, including providing documentation to Rock County, redistributing excess tax increments, and closing the TIF District fund.
recommendation
City Administrator Recommendation: City Council Adopt Proposed Resolution No. 32-24.