12-02-2020 Council Packet - Laserfiche WebLink

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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 M.S., Chapter 462C. M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178; and 7.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 M.S., Chapter 462C, M.S., Sections 469.152 through 469.165, and/or M.S., Sections 469.178 . Tax increments may not be used to circumvent any levy limitations applicable to the City nor for other purposes prohibited by M.S., Section 469.176, Subd. 4. Revenues derived from tax increment from a housing district must be used solely to finance 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 any levy limitations applicable to the City nor for other purposes prohibited by M.S., Section 469.176, Subd. 4. Tax increments generated in the District will be paid by Ramsey County to the EDA for the Tax Increment Fund of said District. The EDA or City will pay to the developer(s) annually an amount not to exceed an amount as specified in a developer’s agreement to reimburse the costs of land acquisition, public improvements, demolition and relocation, site preparation, and administration. Remaining increment funds will be used for EDA or City administration (up to 10 percent) and the costs of public improvement activities outside the District. Subsection 3-22.Excess Tax Increments Pursuant to M.S., Section 469.176, Subd. 2, in any year in which the tax increment exceeds the amount necessar y to pay the costs authorized by the Plan, including the amount necessar y to cancel any tax levy as provided in M.S., Section 475.61, Subd. 3, the EDA or City shall use the excess amount to do any of the following: 1.Prepay any outstanding bonds; 2.Discharge the pledge of tax increment therefor; 3.Pay into an escrow account dedicated to the payment of such bonds; or 4.Return the excess to the County Auditor for redistribution to the respective taxing jurisdictions in proportion to their local tax rates. In addition, the EDA or City may, subject to the limitations set forth herein, choose to modify the TIF Plan in order to finance addi tional public costs in Redevelopment Project Area No. 1 or the District. Subsection 3-23.Requirements for Agreements with the Developer The EDA or City will review any proposal for private development to determine its conformance with the Redevelopment Plan and with applicable municipal ordinances and codes. To facilitate this effort, the following documents may be requested for review and approval: site plan, construction, mechanical, and electrical system drawings, landscapi ng plan, grading and storm drainage plan, signage system plan, and any other drawings or narrative deemed necessar y by the EDA or City to demonstrate the conformance of the development with City plans and ordinances. The EDA or City may also use the Agreements to address other issues related to the development. Economic Development Authority of the City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 3-3 3-13