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CITY OF PEQUOT LAKES <br />COUNTY OF CROW WING <br />STATE OF MINNESOTA <br />BEING A RESOLUTION APPROVING THE DECERTIFICATION OF <br />TAX INCREMENT FINANCING DISTRICT NO. 1 -1 (Gammello) OF THE <br />CITY OF PEQUOT LAKES <br />WHEREAS, on October 18, 1989, the City of Pequot Lakes (the "City ") created its Tax <br />Increment Financing District No. 1 -1 ( "District No.1-1 ") within its Development District No. 1 (the <br />"Project "); and <br />WHEREAS, as of the date hereof all bonds and obligations to which tax increment from District <br />No. 1 -1 have been pledged have been paid in full or defeased and all other costs of the Project have been <br />paid; and <br />WHEREAS, the City desires by this resolution to cause the decertification of District No. 1-1 as <br />of December 31, 2009, after which all property taxes generated by property within the District will be <br />distributed in the same manner as all other property taxes. <br />NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Pequot Lakes that <br />the City's staff shall take such action as is necessary to cause the County Auditor of Crow Wing County to <br />decertify the District No. 1 -1 as a tax increment district and to no longer remit tax increment from the <br />District No. 1 -1 to the City. <br />L <br />DATED: August 4, 2009 <br />ATTEST: <br />(Seal) <br />09 <br />Mayor <br />