There will be a little more money in the city coffers this year now that the Ramsey City Council has decertified tax increment financing (TIF) district 10.
The council voted unanimously Jan. 8 to decertify the 2001 TIF district, which expired Dec. 31, 2012.
“TIF 10 was created for the creation of the Sunfish Lake Business Park. The district was used to construct Azurite Street and 144th Avenue with related storm, sewer and water trunk charges,” said Finance Director Diana Lund.
“The area created about $968,000 in TIF revenue through collection of Dec. 12, 2012, all of which went towards the improvements…,” she said.
“The last year of increment was $180,000, which will now go onto the regular tax roll and the city will receive its normal share of about 36 percent or the approximately $60,000.”
Tammy Sakry is at firstname.lastname@example.org