12-02-2020 Council Packet - Laserfiche WebLink

Home Browse Search

Subsection 3-28.Other Limitations on the Use of Tax Increment 1.General Limitations. All revenue derived from tax increment shall be used in accordance with the Plan. The revenues shall be used to finance, or otherwise pay the cost of redevelopment of Redevelopment Project Area No. 1 pursuant to the M.S., Sections 469.090 to 469.1082. Tax increments may not be used to circumvent existing levy limit law. No tax increment may be used for the acquisition, construction, renovation, operation, or maintenance of a building to be used primarily and regularly for conducting the business of a municipality, county, school district, or any other local unit of government or the state or federal government. This provision does not prohibit the use of revenues derived from tax increments for the construction or renovation of a parking structure. 2.Restriction on Pooling; Five Year Limit. Pursuant to M.S., Section 469.1763, (1) At least 80% of the tax increment derived from the District must be expended on Public Costs incurred within said district, and up to 20% of said tax increments may be spent on Public Costs incurred outside of the District but within Redevelopment Project Area No. 1; provided that in the case of a housing district, a housing project, as defined in M.S., Section 469.174, Subd. 11 is deemed to be an activity in the District, and (2) public costs within the District shall be limited to reimbursement of public costs paid before or within five years after certification of said district by the County Auditor and interest on all such unreimbursed expenditures. Subsection 3-29.Summary The Economic Development Authority of the City of Little Canada is establishing the District to provide an impetus for residential development and provide safe and decent life cycle housing in the City. The Tax Increment Financing Plan for the District was prepared by Ehlers & Associates, Inc., 3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105, telephone (651) 697-8500. Economic Development Authority of the City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 3-3 3-15