11-13-2002 Council Agenda - Laserfiche WebLink

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(3) The EDA or City has constructed or caused to be constructed public improvements within the District. The bonds must be issued, or the EDA or City must acquire property or construct or cause public improvements to be constructed by approximately June, 2005 and report such actions to the County Auditor. The tax increment pledged to the payment of bonds and interest thereon may be discharged and the District may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or redemption date. Pursuant to MS., Section 469.176, Subd. 6: if, after four years from the date of certification of the original net tax capacity of the tax increment financing district pursuant to MS., Section 469.177, no demolition, rehabilitation or renovation of property or other site preparation, including qualified improvement ofa street adjacent to a parcel but not installation of utility service including sewer or water systems, has been commenced on a parcel located within a tax increment financing district by the authority or by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken fi om that parcel and the original net tax capacity of that parcel shall be excluded from the original net tax capacity of the tax increment financing district. If the authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation orn that parcel including qualified improvement ofa street adjacent to that parcel, in accordance with the tax increment financing plan, the authority shall certify to the county auditor that the activity has commenced and the county auditor shall certify the net tax capacity thereof as most recently certified by the commissioner of revenue and add it to the original net tax capacity of the tax increment financing district. The county auditor must enforce the provisions ofthis subdivision. The authority must submit to the county auditor evidence that the required activity has taken place for each parcel in the district. The evidence for a parcel must be submitted by February 1 of the fifth year following the year in which the parcel was certified as included in the district. For purposes ofthis subdivision, qualified improvements ofa street are limited to (1) construction or opening of a new street, (2) relocation ofa street, and (3) substantial reconstruction or rebuilding of an existing street. The EDA or City or a property owner must improve parcels within the District by approximately June, 2006 and report such actions to the County Auditor. Subsection 3 -21. Use of Tax Increment The EDA or City hereby determines that it will use 100 percent of the captured net tax capacity of taxable property located in the District for the following purposes: 1. To pay the principal of and interest on bonds issued to finance a project; 2. to finance, or otherwise pay the cost of redevelopment of the Redevelopment Project Area No. 1 pursuant to the M.S., Sections 469.090 to 469.1082; 3. To pay for project costs as identified in the budget set forth in the Plan: 4. To finance, or otherwise pay for other purposes as provided in M.S, Section 469.176. Subd 4; 5. To pay principal and interest on any loans, advances or other payments made to or on behalf of the EDA or City or for the benefit of Redevelopment Project Area No. 1 by a developer; Economic Development ,\Who of Lillle Canada Tax Increntem Financing Plan for Tax Increment Financing District No. 3-3 3 -12