12-02-2020 Council Packet - Laserfiche WebLink

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Subsection 3-16.Supporting Documentation Pursuant to M.S. Section 469.175 Subd 1a, clause 7 the TIF Plan must contain identification and description of studies and analyses used to make the determination set forth in M.S. Section 469.175 Subd 3, clause (2)and the findings are required in the resolution approving the TIF district.. Following is a list of reports and studies on file at the City that support the Authority’s findings: Rice Street and Little Canada Road Redev elopment Plan Developer Market Studies. Subsection 3-17.Definition of Tax Increment Revenues Pursuant to M.S., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing district include all of the following potential revenue sources: 1.Taxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under M.S., Section 469.177; 2.The proceeds from the sale or lease of property, tangible or intangible, purchased by the Authority with tax increments; 3.Repayments of loans or other advances made by the Authority with tax increments; and 4.Interest or other investment earnings on or from tax increments. Subsection 3-18.Modifications to the District In accordance with M.S., Section 469.175, Subd. 4 , any: 1.Reduction or enlargement of the geographic area of Redevelopment Project Area No. 1 or the District; 2.Increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capi talized; 3.Increase in the portion of the captured net tax capacity to be retained by the EDA or City; 4.Increase in total estimated tax increment expenditures; or 5.Designation of additional property to be acqui red by the EDA or City, shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original Plan. Pursuant to M.S. Section 469.175 Subd. 4(b), the geographic area of the District may be reduced, but shall not be enlarged after five years following the date of certification of the original net tax capacity by the county auditor. If a housing district is enlarged, the reasons and supporting facts for the determination that the addition to the district meets the criteria of M.S., Section 469.174, Subd. 11 must be documented. The requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from Redevelopment Project Area No. 1 or the District and (2) (A) the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds the net tax capacity of those parcel(s) in the District's original net tax capacity or (B) the EDA agrees that, notwithstanding M.S., Section 469.177, Subd. 1, the original net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s) eliminated from the District. Economic Development Authority of the City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 3-3 3-10