07-09-2002 Council Agenda - Laserfiche WebLink

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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 of a 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 fax increment financing district by the authority or by the owner of the parcel in accordance with the fax increment financing plan, no additional tax increment may be taken from 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 on that parcel including qualified improvement of a street adjacent to that parcel, in accordance with the tax increment financing plan, the authority shall certy to the county auditor that the activity has commenced and the county auditor shall certify the net tax capacity thereof as most recently cert fed 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 of this 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 filth year following the year in which the parcel was certified as included in the district. For purposes of this subdivision, qualified improvements of a 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 MS., 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 MS., 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; 6. To finance or otherwise pay premiums and other costs for insurance or other security guaranteeing the payment when due of principal of and interest on bonds pursuant to the Plan or pursuant to MS., Chapter 462C. MS., Sections 469.152 through 469.165, and /or MS., Sections 469.178; and 7. To accumulate or maintain a reserve securing the payment when due of the principal and interest on the tax increment bonds or bonds issued pursuant to MS., Chapter 462C, MS., Sections 469.152 through 469.165, and /or IviS., Sections 469.178. Tax increments may not be used to circumvent any levy limitations applicable to the City nor for other purposes prohibited by MS, Section 469.176, Subd. 4. Revenues derived from tax increment from a Economic Develop! it Authority of the City or Little Canada Fax Increnrent 'inancine Plan for Tax Increment Pi ne Dist rim No. 3 -3 3 -11