Resolution Number 10-26

RESOLUTION NUMBER 10-26

DECERTIFYING TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT NO. 1-16 OF THE CITY OF MOUNTAIN IRON

WHEREAS, on June 18, 2018, the City of Mountain Iron (the “City”) established Tax Increment Financing Redevelopment District No. 1-16, (the “District”); and

WHEREAS, Minnesota Statutes, Section 469.174 to 469.1794 (the “TIF Act”) authorizes the City Council to decertify a tax increment financing district on any date after all bonds and other obligations have been satisfied; and

WHEREAS, as of the date hereof all obligations to which tax increment from the District have been pledged will be paid in full; and

WHEREAS, the City desires by this resolution to decertify the District effective December 31, 2026, by which all taxing jurisdictions will benefit from an increased tax base effective for taxes payable in 2027; and

WHEREAS, the City Council acknowledges such action will be taken by Saint Louis County to decertify the District as a tax increment district and to no longer remit tax increment from the District to the City after December 31, 2026.

NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF MOUNTAIN IRON, MINNESOTA:

1. The City Administrator is authorized and directed to provide Saint Louis County with documents related to decertification of the District, to submit the Confirmation of Decertified TIF District form to the Office of the State Auditor and take any other steps required for decertification by December 31, 2026.
2. The City Administrator is authorized and directed to determine the amount of excess tax increment in the account for the District and to return all excess tax increment to Saint Louis County for redistribution to other taxing jurisdictions.

DULY ADOPTED BY THE CITY COUNCIL THIS 20^th DAY OF APRIL, 2026.

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Mayor Peggy Anderson

ATTEST:

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City Administrator