My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
11-08-2018 Planning Commission Packet
>
Agenda Packets
>
2010-2019
>
2018
>
11-08-2018 Planning Commission Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
4/23/2019 9:22:28 AM
Creation date
11/26/2018 11:35:38 AM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
34
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 7-2 2-12 <br />Subsection 2-21. Excess Increments <br />Excess increments, as defined in M.S., Section 469.176, Subd. 2, shall be used only to do one or more of the <br />following: <br />1. Prepay any outstanding bonds; <br />2. Discharge the pledge of tax increment for any outstanding bonds; <br />3. Pay into an escrow account dedicated to the payment of any outstanding bonds; or <br />4. Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in <br />proportion to their local tax rates. <br />The City must spend or return the excess increments under paragraph (c) within nine months after the end <br />of the year. In addition, the City may, subject to the limitations set forth herein, choose to modify the TIF <br />Plan in order to finance additional public costs in Development District No. 7 or the District. <br />Subsection 2-22. Requirements for Agreements with the Developer <br />The City will review any proposal for private development to determine its conformance with the <br />Development Program and with applicable municipal ordinances and codes. To facilitate this effort, the <br />following documents may be requested for review and approval: site plan, construction, mechanical, and <br />electrical system drawings, landscaping plan, grading and storm drainage plan, signage system plan, and any <br />other drawings or narrative deemed necessary by the City to demonstrate the conformance of the development <br />with City plans and ordinances. The City may also use the Agreements to address other issues related to the <br />development. <br />Pursuant to M.S., Section 469.176, Subd. 5, no more than 10 percent, by acreage, of the property to be <br />acquired in the project area as set forth in the TIF Plan shall at any time be owned by the City as a result of <br />acquisition with the proceeds of bonds issued pursuant to M.S., Section 469.178 to which tax increments from <br />property acquired is pledged, unless prior to acquisition in excess of 10 percent of the acreage, the City <br />concluded an agreement for the development of the property acquired and which provides recourse for the <br />City should the development not be completed. <br />Subsection 2-23. Assessment Agreements <br />Pursuant to M.S., Section 469.177, Subd. 8, the City may enter into a written assessment agreement in <br />recordable form with the developer of property within the District which establishes a minimum market value <br />of the land and completed improvements for the duration of the District. The assessment agreement shall be <br />presented to the County Assessor who shall review the plans and specifications for the improvements to be <br />constructed, review the market value previously assigned to the land upon which the improvements are to be <br />constructed and, so long as the minimum market value contained in the assessment agreement appears, in the <br />judgment of the assessor, to be a reasonable estimate, the County Assessor shall also certify the minimum <br />market value agreement. <br />Subsection 2-24. Administration of the District <br />Administration of the District will be handled by the City Administrator. <br />Subsection 2-25. Annual Disclosure Requirements <br />Pursuant to M.S., Section 469.175, Subds. 5, 6, and 6b the City must undertake financial reporting for all tax <br />increment financing districts to the Office of the State Auditor, County Board and County Auditor on or
The URL can be used to link to this page
Your browser does not support the video tag.