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<br /> ~_1 I ~ l <br /> The State of Mimtcsota Jobs I3i11 authorized cash balances ut existing tax increment districts Co <br /> be used Co spur new construction or substantial reltabilitatiort in your community. Significantly, <br /> local governments can spend existing tax increntcnt regardless of when the district was certified <br /> without worrying about the many restrictions Chat have heretofore applied, such as the five-year <br /> ruIc and pooling limitations. Any cash balances mast be expended by llecember 31, 2011. <br /> The prgjcct ntusC consist oP the construction or substantial rehabilitation oP buildings and <br /> ancillary facilities, i£ doing so will create or retain jobs in the state, including construction jobs. <br /> Cmtstruction most begin befm•e July 1, 2011. <br /> The first step is to adopt a written spending plan that specifically authorized the assistance. You <br /> will then need to enter into a development agreement that specifies how much increment will be <br /> provided, what it will pay for, and what form it will take. Under the law, the assistance may be <br /> provided as a: <br /> Direct loan <br /> u Grant <br /> a Interest rate subsidy on developer's private tinancing <br /> n Iiquity or similar investment in corporation, partnership, or limited liability company <br /> Reimbursement to the City £or public improvements such as utilities, streets, and <br /> storm water improvements. <br /> Ycs. Assistance can be provided in any form to a private development consisting of construction <br /> or substantial rehabilitation of buildings. <br /> No. Tax increment cannot be used to pay for public land, public buildings, or recreational <br /> facilities. htcrement may be used to pay for public costs associated with a private construction <br /> project, such as utility connection Pees, sidewalks, parking, or storm water ponds. <br /> No. htcrement fi'om a housing district can be used to help build an office building or incrmncnC <br /> £rom a redevelopment district can be used for a raw land site. <br /> z' ~ H ~ ~ RJ U~t U9! IICi00 3U1i0 Cr our f anus ITivr. <br /> ienoens ie rueuc ruinn<E Olfices fllso in Wi,consv)~and l~6nnis G~1691~A.`i:iS RoSevilll, NN .i.~i ~3~112J <br /> E30U-:i2~ii71 <br /> 3 <br /> <br />