RES 1991-58 - 00003714RESOLUTION NO. 58 - 1991
RESOLUTION ENCOURAGING THE FRIDLEY HOUSING AND
REDEVELOPMENT AUTHORITY TO DECERTIFY PORTIONS
OF TAR INCREMENT FINANCING DISTRICTS THAT ARE
NOT NEEDED FOR FINANCING OF ECONOMIC
DEVELOPMENT OR REDEVELOPMENT IMPROVEMENTS
WHEREAS, the Fridley City Council has recently authorized the
creation of Tax Increment District No. 11;
WHEREAS, ten percent of the City's total tax capacity is captured
by tax increment financing;
WHEREAS, Fridley City Council desires to maintain low property
taxes by limiting the amount of tax capacity captured by tax
increment financing; and
WHEREAS, it is the Fridley City Council's view that tax increment
districts should generally exist only as long as the increment
generated is necessary to fund publicly supported improvements to
the district.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Fridley that it encourages the Fridley Housing and Redevelopment
Authority to examine the eleven districts that have been
established in the City of Fridley and to decertify those districts
or portions of districts that are no longer needed to support
publicly supported improvements in any of the districts.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
22ND DAY OF JULY, 1991.
ATTEST:
1/ � �R IRLEY A. PALA CLERK
LLIAM J. PfE - MAYOR
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