EDA looks at expired TIF Districts
January 22nd, 2009During these tough economic times and with the State of Minnesota facing budget cuts, Gaylord, Sibley County, and the Sibley East School District may be receiving some extra money.
At the Gaylord Economic Development Authority meeting Jan. 14, it was reported that Gaylord’s original tax increment financing district, established in the 1970′s for the downtown area, ended on Dec. 31, 2008. The tax increment financial district had a balance of $320,481.96 as of the end of 2008.
In addition, President Chuck Klimmek also reported that two other tax increment financing districts – one for the Gold Leaf Inn and Suites and Fluoroware – may also have expired in 2008. The Gold Leaf District has a balance of $54,952.53, while the Fluoroware District has a balance of $50,125.84.
City Administrator Kevin McCann was directed to obtain a cost estimate from Northland Securities, Gaylord’s financial advisor, for closing the districts.
Klimmek said he believed that some, if not all of the money, is returned to Sibley County, and then divided between the city, county, and school district.
