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for economic development activities or public activities that meet stated <br /> citywide objectives (attachment 2). The plan includes a list of projects <br /> that are to be funded with tax increment revenue. Municipalities may <br /> supplement the initial tax increment financing plan with amendments to <br /> modify more specific project and cost information over time. If the city <br /> chooses not to use tax increment revenues for these projects it might <br /> otherwise fund these public activities with capital improvement funds or <br /> through special assessments. <br /> Falcon Heights amended its tax increment financing plan in 1988 to <br /> include a broad scope of current and future projects for tax increment <br /> funding. <br /> C. Projects. The projects are anticipated activities identified within the tax <br /> increment financing plan that will be undertaken with tax increment <br /> revenue generated by the municipality. <br /> The March, 1988 Falcon Heights tax increment financing plan lists a <br /> series of projects (attachment 3). It may be appropriate to consider <br /> supplementing this 1988 tax increment financing plan to update the <br /> status of the TIF eligible projects. <br /> D. Tax increment district. To finance a development with tax increment <br /> financing the municipality identifies specific parcels and creates a tax <br /> increment district. A specific development activity is projected to <br /> generate tax increment revenue. Over the years state statute has refined <br /> the definitions of the type of tax increment districts permitted. Statute <br /> also provides a "life" for each type of district. Once the "life" is over <br /> and the TIF district expires all tax revenues are distributed like all other <br /> property taxes. <br /> The tax increment district can be in existence up to 25 years. If the tax <br /> increment funding source for the projects does not materialize the city <br /> would be required to make up any shortfall from available funds. <br /> The TIF districts that were established in Falcon Heights include: <br /> 1. 2 -1 Bullseve TIF redevelopment district. The purpose was to <br /> eliminate blight through redevelopment. It's maximum life is 25 <br /> years. <br /> Established in 1984 and terminates for pay 2011. <br /> Public funds used for site acquisition. <br /> 3 <br />