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2
B. Tax Increment Financing District #17
Tax Increment Financing District Financing District #17 (former Di‐Hed‐Yokes property) will
expire and be decertified on December 31, 2014. The unencumbered balance (approximately
$255,150) will be returned to the Dakota County Auditor. The Auditor will distribute the funds
to the underlying jurisdictions (City, County and School District) of which the City of Lakeville
will receive approximately $85,000 from the distribution. The City can appropriate the funds
to any public purpose it deems appropriate including – but not limited to – the following:
a) Tax Levy reduction
b) General Fund – to finance current services
c) Equipment Fund – finance police, fire, streets or park equipment acquisitions
d) Building Fund – major maintenance of facilities
e) Economic Development initiatives such as a fund for small incentives to new or
expanding businesses that are consistent with the City’s Strategic Plan for
Economic Development
f) Community Redevelopment initiatives such as improvements to Pioneer Plaza
located Downtown along Holyoke Avenue
g) Road Improvements such as Dodd Boulevard or County Road 50 or intersection
signals
h) Park Improvements such as Land of Amazement.
3
C. TIF District #3
Tax Increment Financing District #3 will expire and be decertified on December 31, 2014. The
City Council will need to conduct a public hearing on December 1 in order to modify the TIF Plan
budget. The unencumbered balance in the Fund (approximately $164,000) can only be
expended within the Redevelopment Area – refer to Exhibit A. The following is a list of
potential projects the funds can be appropriated to – including but not limited to:
a) Public Improvements
i. Downtown streetscape including sidewalks
b) Community Redevelopment initiatives
i. Future Redevelopment of the former Ace Hardware / VFW block or other
redevelopment projects located in the Downtown
4
D. TIF District #8 and TIF District #9
Tax Increment Financing District #8 and #9 will expire and be decertified on December 31,
2014. The unencumbered balance in the Funds (approximately $174,656 and $99,835,
respectively) can only be expended within the I‐35 Redevelopment Area – refer to Exhibit B.
The following is a list of potential projects the funds can be appropriated to – including but not
limited to:
a) Public Improvements
i. 172nd Street / County Road 5 intersection improvements
ii. County Road 50
b) Redevelopment Initiatives
i. Assist in acquisition and/or demolition properties needed for future
I‐35/CR 50 interchange improvements
ii. BP site remediation