06-20-11 Council Agenda - Laserfiche WebLink

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retained captured net tax capacity ofthe authority. (2) The county auditor shall exclude the retained captured net lax capacity of the author/fy from the net tax capacity of the local taxing districts in determining local taxing district tax rates. The local fax rates so determined are to he extended against the retained captured net tax capacity of the authority as well as the net fax capacity of the local taxing districts. The tax generated by the extension of the less of (4) the local taxing district tax rates or (13) the original local fax rate to the retained captured net tax capacity of the authority is the tax increment of the authority. The City will choose to calculate fiscal disparities by clause b. According to MS., Section 469.177, Sued. 3: (c) The method of computation of lax increment applied to a district pinion( to paragraph (a) a- (b) shall remain the same for the duration of the district, except that the governing body may elect to change its election from the method of computation in paragraph (a) to the method in paragraph (b). Subsection 2-12. Business Subsidies Pursuant to M.S. Sections 116.1993, Sarbd. 3, the following forms of financial assistance are not considered a business subsidy: (I) A business subsidy of less than $25,000; (2) Assistance that is generally available to all businesses or to a general class of similar businesses, such as a line of business, size, location, or similar general criteria; (3) Public improvements to buildings or lands owned by the state or local government that serve a public purpose and do not principally benefit a single business or defined group of businesses at the time the improvements are made; (4) Redevelopment property polluted by contaminants as defined in M.S., Section 116.5 2, Subd. 3; (5) Assistance provided for the sole purpose of renovating old or decaying building stock or bringing it up to code and assistance provided for designated historic preservation districts, provided that the assistance is equal to or less than 50% of the total cost; (6) Assistance to provide job readiness and training services if the sole purpose of the assistance is to provide those services; (7) Assistance for housing; (8) Assistance for pollution control or abatement, including assistance for a tax increment financing hazardous substance subdistrict as defined under M.S., Section 469.174, Suhd 23; (9) Assistance for energy conservation; (10) Tax reductions resulting floor conformity with federal tax law; (II) Workers' compensation and unemployment compensation; (12) Benefits derived from regulation; (13) indirect benefits derived from assistance to educational institutions; (14) Funds from bonds allocated under chapter 474A, bonds issued to refund outstanding bonds, and bonds issued for the benefit of an organization described in section 501 (c) (3) of the Internal Revenue Code of 1986, as amended through December 31, 1999; (15) Assistance for a collaboration between a Minnesota higher education institution and a business; (16) Assistance for a tax increment financing soils condition district as defined under 34.5,, Section 469.174, Subd 19; (17) Redevelopment when the recipient's investment in the purchase of the site and in site preparation is 70 percent or more of the assessor's current yea's estimated market value; City or Little Canada 'Fax Increment financing Plan Ibr Tax Increment Financing District No. 5 -1 2 -9 15