06-20-11 Council Agenda - Laserfiche WebLink

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(5) Additional information requested by the county or school district. The City is not aware of any standard questions in a county or school district written policy regarding tax increment districts and impact on county or school district services. The county or school district must request additional information pursuant to M.S. Section 469.175 Subd. 2(b) within 15 days after receipt or the tax increment financing plan. No requests for additional information from the county or school district regarding the proposed development for the District have been received. Subsection 2 -15. Supporting Documentation Pursuant to M.. S'. Section 469.175 Subd 1, clause 7 the TIF Plan must contain identification and description of studies and analyses used to stake the determination set forth in MS. Section 469.175 Subd 3, clause (b)(2) and the findings are required in the resolution approving the District. Following is a list of'reports and studies on file at the City that support the Authority's findings: • TIP Eligibility Inspection Report and Analysis • Letter from developer requesting TIE Subsection 2 -16. Definition of Tax Increment Revenues Pursuant to M.S., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing district include all of the following potential revenue sources: I. 'faxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under /v/.8., Section 469,177; 2. The proceeds from the sale or lease of property, tangible or intangible, to the extent the property was purchased by the Authority with tax increments; 3. Principal and interest received on loans or other advances made by the Authority with tax increments; 4. Interest or other investment earnings on or from tax increments; 5. Repayments or return of tax increments made to the Authority under agreements for districts for which the request for certification was made after August I, 1993; and 6. The market value homestead credit paid to the Authority under MS., Section 273.1384. Subsection 2 -17. Modifications to the District In accordance with Iv1.S., Section 469.175, Subd. 4, any: . Reduction or enlargement of the geographic area of the District, if the reduction does not meet the requirements of A9.S., Section 469.175, Subd. 4(e); 2. Increase in amount of bonded indebtedness to be incurred; 3. A determination to capitalize interest on debt if' that determination was not a part of the original T1 P Plan; 4. Increase in the portion of the captured net tax capacity to be retained by the City; 5. increase in the estimate of the cost ofthe project, including administrative expenses, that will be paid or financed with tax increment from the District; or 6. Designation of additional property to be acquired by the City, shall be approved upon the notice and after the discussion, public hearing and findings required for approval of the original TIE Plan. City of Little Canada Tax Increment Financing Plan 1'nr Tax Incranent Financier), Ui,trict No 5 -I 2 -13 19