HomeMy WebLinkAbout25-123 Early Decertification of TIF #22 CITY OF LAKEVILLE
RESOLUTION No. 25- 123
Early Decertification of TIF#22
WHEREAS, the Tax Increment Financing (TIF) district#22 for the Launch Park project,
included a Tax Increment Revenue Note in the maximum principal amount of$1,000,000,
which was repaid in full in July 2025; and
WHEREAS,the Office of the State Auditor requires early decertification of a TIF district
once pay-go notes are satisfied in order to make the new value of development more
quickly available to the tax base; and
WHEREAS, the City is obligated to return excess tax increment to the County for
redistribution to the School District, County and City.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Lakeville,
Minnesota:
1. TIF District #22 is approved for early decertification, on or before December 31.
2025.
2. Excess tax increment to be returned to the County for redistribution.
ADOPTED this 6th day of October 2025 by the City Council of the City of Lakeville.
CITY OF LAKEVILLE
B �-
Y•
Lu e . Hellier, Mayor
ATTES :
Ann Or ofsky, City Clerk