06-20-11 Council Agenda - Laserfiche WebLink

Home Browse Search

Q � s (I 8) General changes in tax increment financing law and other general tax law changes ofa principally technical nature. (19) Federal assistance until the assistance has been repaid to, and reinvested by, the state or local government agency; (20) Funds from dock and wharf bonds issued by a seaway port authority; (21) Business loans and loan guarantees of $75,000 or less; and (22) Federal loan funds provided through the United States Department of Commerce, Economic Development Administration. The City will comply with MS., Section 1161.993 to 1161995 to the extent the tax increment assistance under this TIF [Ian does not fall under any of the above exemptions. (4S MODIFIED ON , 2011 TO INCLUDE NEW LANGUAGE IN CURRENT LAW) Pursuant to M.S., Section 116,.993, Subd. 3, the following two items related to what is considered a Business Subsidy were increased from $25,000 and $75,000 to $150,000: (1) A business subsidy of less than 5150,000; (21) Business loans and loan guarantees of 5150,000 or less; and The City will comply with M.S., Sections 1161993 to 1161.995 to the extent the tax increment assistance under this T1P Plan does not fall under any of the above exemptions in this Subsection. Subsection 2 -13. County Road Costs Pursuant to M.S., Section 469.175, Subd. la, the county board may require the City to pay for all or part of the cost of county road improvements if the proposed development to be assisted by tax increment will, in the judgement of the county, substantially increase the use of county roads requiring construction of road improvements or other road costs and if the road improvements are not scheduled within the next five years under a capital improvement plan or within five years under another county plan. lithe county elects to use increments to improve county roads, it must notify the City within forty -five days of receipt of this TIF Plan. In the opinion of the City and consultants, the proposed development outlined in this T1F Plan will have little or no impact upon county roads. The City is aware that the county could claim that tax increment should be used for county roads, even after the public hearing. Subsection 2 -14. Estimated Impact on Other Taxing Jurisdictions The estimated impact on other taxing jurisdictions assumes that the redevelopment contemplated by the TIP Plan would occur without the creation of the District. However, the City has determined that such development or redevelopment would not occur "but for" tax increment financing and that, therefore, the fiscal impact on other taxing jurisdictions is $0. The estimated fiscal impact of the District would be as follows if the "but for" test was not met: City of !dale Canada Tax Increment 1 acing Plan for 'fax Increment Financing District No. 5.1 2.10 16