10-23-2024 Council Packet - Laserfiche WebLink

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City of Little Canada, Minnesota Baker Tilly Municipal Advisors, LLC Page 3 3. The City will require in the development agreement that the income limitations for the rental units in the apartment buildings will apply for the duration of the TIF District. Tax increments derived from a housing district must be used solely to finance the cost of housing projects as defined in section 469.174, subd. 11 and 469.176, subd. 4d of the TIF Act. The cost of public improvements directly related to the housing projects and the allocated administrative expenses of the City may be included in the cost of a housing project. The project will qualify for inclusion within the TIF District with at least 40% of the units occupied by persons with incomes that do not exceed 60% of the areawide median family income. The City anticipates using tax increment revenues to finance the costs of TIF eligible and development costs related to construction of the new housing units within the TIF District. Section F Duration of the TIF District Housing districts may remain in existence 25 years from the date of receipt of the first tax increment. Modifications of this TIF Plan (see Section AA) shall not extend beyond these limitations. Pursuant to Minnesota Statutes section 469.175, subd. 1(b), the City specifies 2027 as the first year in which it elects to receive tax increment from the TIF District, which is no later than four years following the year of approval of the TIF District. Thus, the City may collect increment from the TIF District through December 31, 2052. All tax increments from taxes payable in the year the TIF District is decertified shall be paid to the City. Section G Property to be Included in the TIF District The TIF District is an approximately 3.09-acre area of land located within the Development District. The TIF District comprises of the parcel listed below and also includes adjacent streets and right-of-ways located within the Project Area. A map showing the location of the TIF District is shown in Exhibit I. The boundaries and area encompassed by the TIF District are described below: Parcel Number Legal Description 072922220065 NORTH PARK EX E 200 FT & SUBJ TO RD; THE S 2/5 OF LOT 9 BLK 2 072922220038 TROWBRIDGE ADDITION EX E 72 FT; LOT 1 BLK 1 072922220040 TROWBRIDGE ADDITION LOT 3 BLK 1 072922220041 TROWBRIDGE ADDITION E 72 FT OF LOT 1 BLK 1 072922220042 TROWBRIDGE ADDITION LOT 4 BLK 1 The area encompassed by the TIF District shall also include all streets and utility right-of-ways located upon or adjacent to the property described above, as illustrated in the boundary map included in Exhibit I.