08-10-11 Council Agenda - Laserfiche WebLink

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i - Yes. Assistance can be provided in any form to a private development consisting of construction or substantial rehabilitation of buildings. Generally, no. Tax increment cannot be used to pay for government buildings, or for the cost of public improvements that primarily serve an aesthetic purpose. 'Fax increment may be used to pay for public infrastructure (such as utilities, streets, sidewalks, parking and storm water ponds) to the extent those improvements are needed to serve the specific private development being assisted. No. TIF from a housing district can be used to help build an office building or TIF from a redevelopment district can be used for greenfield development. TIF could be used to make low - interest or forgivable loans to rental property owners or businesses that will substantially renovate their property and create construction or permanent jobs. If the loans are repaid, the repaid amount is still considered tax increment and will need to be accounted for in the district from which the funds came. No. Existing cash balances and increment collected through December 31, 2012 must be used by that date — no new bonds or interfund loans are allowed. There are techniques for freeing up tax increment cash flow to use as much tax increment funds as possible before the end of 2012. Contact your Ehlers Financial Advisor at 651- 697 -8500. (A list of Minnesota Financial Advisors and their direct dial numbers can he found under the Contact Us tab at the top of our website at www.ehlers- ine.com) LE RS 651- 397-8500 unonns IN i'UOUC nw,nec Offices also in wiscon&in and Illinois 651.397.6555 .... 600.552 -1171 3 3030 Centre Pointe. Drive Roseville, MN 55113-1122