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Canby council decertifies TIF 1-4 and approves using future funds for new residential lots
Summary
Canby’s City Council adopted a resolution to decertify Tax Increment Financing District 1-4 and approved an HRA request to reserve future decertified TIF funds for street and utility extensions that would create nine residential lots on Lexington and Maple avenues; funds become available after 12/31/2024.
The Canby City Council voted Oct. 2 to adopt Resolution No. 2024-10-02-1 to request that the Yellow Medicine County Auditor decertify Tax Increment Financing (TIF) District 1-4 after bonds and obligations tied to the district were paid or defeased. John Meyer appeared during the meeting to discuss the decertification and the administrative steps outlined in the resolution for the county auditor to stop remitting tax increment payable in 2025 to the City.
Following the decertification vote, the council considered a Housing and Redevelopment Authority (HRA) request to allocate future decertified TIF 1-4 funds toward infrastructure for new home construction. John Meyer described two proposed street and utility extensions: a 300-foot extension of Lexington Avenue that would create five large residential lots and a 150-foot extension of Maple Avenue that would create four large residential lots. The council approved the HRA request by motion (moved by Diana Fliss; seconded by Susan Cram); Council Member Marisa Kack recorded an abstention.
The resolution text directs staff to take necessary action so the county will decertify the district and cease remitting tax increment from the district beginning with the 2025 payable cycle. The council’s action means property taxes generated within the former district will thereafter be distributed in the same manner as other property taxes.
No dollar amount for the cost of the street extensions was provided during the meeting; the HRA request notes the funds would be available after Dec. 31, 2024. The council did not discuss a detailed financing breakdown at the meeting; the motion carried and staff were directed to proceed with the administrative steps required by the resolution.
The council’s votes on the items were recorded in the meeting minutes: Resolution 2024-10-02-1 was adopted by unanimous vote; the HRA allocation motion passed with one abstention by Council Member Marisa Kack. The meeting packet lists the resolution language and the administrative instructions to notify Yellow Medicine County.
