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11-08-2018 Planning Commission Packet
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11-08-2018 Planning Commission Packet
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City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 7-2 2-9 <br />Subsection 2-15. Supporting Documentation <br />Pursuant to M.S. Section 469.175, Subd. 1 (a), clause 7 the TIF Plan must contain identification and <br />description of studies and analyses used to make the determination set forth in M.S. Section 469.175, Subd. <br />3, clause (b)(2) and the findings are required in the resolution approving the District. Following is a list of <br />reports and studies on file at the City that support the City's findings: <br />• Application for Tax Increment Financing. <br />• Letter from Developer requesting tax increment financing assistance. <br />Subsection 2-16. Definition of Tax Increment Revenues <br />Pursuant to M.S., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing <br />district include all of the following potential revenue sources: <br />1. Taxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under M.S., <br />Section 469.177; <br />2. The proceeds from the sale or lease of property, tangible or intangible, to the extent the property was <br />purchased by the authority with tax increments; <br />3. Principal and interest received on loans or other advances made by the authority with tax increments; <br />4. Interest or other investment earnings on or from tax increments; <br />5. Repayments or return of tax increments made to the Authority under agreements for districts for <br />which the request for certification was made after August 1, 1993; and <br />6. The market value homestead credit paid to the Authority under M.S., Section 273.1384. <br />Subsection 2-17. Modifications to the District <br />In accordance with M.S., Section 469.175, Subd. 4, any: <br />1. Reduction or enlargement of the geographic area of the District, if the reduction does not meet the <br />requirements of M.S., Section 469.175, Subd. 4(e); <br />2. Increase in amount of bonded indebtedness to be incurred; <br />3. A determination to capitalize interest on debt if that determination was not a part of the original TIF <br />Plan; <br />4. Increase in the portion of the captured net tax capacity to be retained by the City; <br />5. Increase in the estimate of the cost of the District, including administrative expenses, that will be paid <br />or financed with tax increment from the District; or <br />6. Designation of additional property to be acquired by the City, <br />shall be approved upon the notice and after the discussion, public hearing and findings required for approval <br />of the original TIF Plan. <br />Pursuant to M.S., Section 469.175 Subd. 4(f), the geographic area of the District may be reduced, but shall <br />not be enlarged after five years following the date of certification of the original net tax capacity by the <br />county auditor. If an economic development district is enlarged, the reasons and supporting facts for the <br />determination that the addition to the district meets the criteria of M.S., Section 469.174, Subd. 12 must be <br />documented in writing and retained. The requirements of this paragraph do not apply if (1) the only <br />modification is elimination of parcel(s) from the District and (2) (A) the current net tax capacity of the <br />parcel(s) eliminated from the District equals or exceeds the net tax capacity of those parcel(s) in the District's <br />original net tax capacity or (B) the City agrees that, notwithstanding M.S., Section 469.177, Subd. 1, the <br />original net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s)
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