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Council decertifies TIF District H-5 and transfers $33,414.31 to EDA
Summary
The council decertified Tax Increment Financing (TIF) District H-5 (Milford Heights), reported all debt paid, authorized excess TIF remittances to the county, and approved a $33,414.31 transfer from the TIF fund to the Economic Development Authority (EDA).
The City of New Ulm City Council on May 6 adopted a resolution to decertify TIF District H-5 (Milford Heights), declaring that related debt and financial obligations had been paid and authorizing staff to complete closeout payments and transfers.
City staff said the district, established in February 2007, has satisfied outstanding debt and that some residual funds must be returned to Brown County as excess TIF while other amounts may be transferred to the city’s Economic Development Authority (EDA) to reimburse loans originally advanced to the district. Following the decertification resolution, the council approved a separate resolution to transfer $33,414.31 from TIF H-5 to the EDA fund.
Both resolutions passed by roll call vote. Director Jorgensen called the roll and Councilor Christian, Councilor Warmka, Councilor Schmitz, Councilor Mack and President Becker voted yes on both actions.
