06-13-2002 Planning Comm. Agenda

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parcel located within a tcrx increment financing district by the authority or• by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken from that parcel and the original net tax capacity of that parcel shall be excluded,from the original net tax eapcrcity of the tax increrzaent firumcing district. If the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel including gzralifred ineprovemerzt of a street adjacent to that parcel, in accordance with the tccx increment financing plmz, the authority shall cert~ to the comzty auditor that the activity has commenced and the county auditor shall certify the net tax capacity thereof as most recently certified by the commissioner of revenue and add it to the original net tax capacity of the tax irzcrenzent ftnancing district. TJze cozrnry auditor must enforce the provisions of this subdivision. The authority must submit to the county auditor evidence that the required activity has taken place for each parcel in the disU•ict. The evidence for a pm•cel must be submitted by Febrzrary 1 of the ftfth year following the year in which the parcel was certified as included in the district. For purposes of this subdivision, gual~ed improvements of a street are limited to (1) construction or opening of anew street, (2) relocation ofa street, and (3) substantial reconstruction or rebuilding of an existing street. The EDA or City or a property owner must improve parcels within the District by approximately June, 2006 and report such actions to the County Auditor. Subsection 3-21. Use of Tax Increment The EDA or City hereby determines that it will use 100 percent of the captured net tax capacity of taxable property located irr the District for the following purposes: 1. To pay the principal of and interest on bonds issued to finance a project; 2. to finance, or otherwise pay the cost of redevelopment of the Redevelopment ProjecC Area No. pursuant to the MS, Sections 469.090 to 469.1082; 3. To pay for project costs as identified in the budget set forth in the Plan; 4. To finance, or otherwise pay for other purposes as provided in MS, Section 469.176, Subd. 4; 5. To pay principal and interest on any loans, advances or other payments made to or on behalf of the EDA or City or for the benefit of Redevelopment Project Area No. 1 by a developer; 6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing the payment when due of principal of and interest on bonds pursuant to the Plan or pursuant to MS, Chapter 462C. M.S, Sections 4<9.152 through 469.165, and/or M.S, Sections 469.178; and Z To accumulate or maintain a reserve securing the payment when due of the principal and interest on the tax increment bonds or bonds issued pursuant to MS, Chapter 462C, MS, Sections 469.152 through 469.165, and/or MS., Sections 469.178. Tax increments may not he used to circumvent any levy limitations applicable to the City nor for other purposes prohibited by MS, Section 469.176, Suhd. 4. Revenues derived from tax increment from a housing district must be used solely to Snance the cost of housing projects as defined in M.S., Section 469.174, Subd. 11. The cost of public improvements directly related to the housing projects and the allocated administrative expenses of the EDA or City may be included in the cost of a housing project. These revenues shall not be used to circumvent arty levy limitations applicable to the City nor for other purposes prohibited by MS, Sc>ctiorz 469.176, Subd 4. Tax increments generated in the District will be paid by Ramsey County to the EDA for the Tax Increment ticm~omic DevelopmentAmhoriry oCihe Cily of Little CauaAa Tax Lmmment Pinnneing Plen for'Cnx Increment Financing nisind No.33 3-II