Discussion:
The City Council approved the decertification of TIF District #16 as of 12/31/2022, earlier than the required decertification date of 12/31/2025.
The district was established to assist Rahr with an expansion that consisted of additional manufacturing, assembly and processing, warehouse, research laboratory and maintenance warehouse space. The costs associated with the development and operation of the site, indicate the development would not have been feasible, and would not occur, but-fore the use of tax increment to finance a portion of the costs related to site improvements and infrastructure costs.
The remaining excess tax increment of $252,575.37 was returned to the County for re-distribution, leaving no remaining balance in the fund therefore the fund can be closed.