07-09-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

Pursuant to MS. Section 469.175 Subd la, clause 7 the TIF Plan must contain identification and description of studies and analyses used to make the determination set forth in MS. Section 469.175 Subd 3, clause (2)and the findings are required in the resolution approving the TIF district.. Following is a list of reports and studies on file at the City that support the City's findings: 1. City building inspection reports 2. Developer demolition and soil correction reports Subsection 2 -15. Definition of Tax Increment Revenues Pursuant to MS., Section 469.174, Subd. 25, tax increment revenues derived from a tax increment financing district include all of the following potential revenue sources: I. Taxes paid by the captured net tax capacity, but excluding any excess taxes, as computed under MS., Section 469.177; 2. The proceeds from the sale or lease of property, tangible or intangible, purchased by the City with tax increments; 3. Repayments of loans or other advances made by the City with tax increments; and 4. Interest or other investment earnings on or from tax increments. Subsection 2 -16. Modifications to the District In accordance with MS., Section 469.175, Subd. 4, any: 1. Reduction or enlargement of the geographic area of Development District No. 2 or the District; 2. Increase in amount of bonded indebtedness to be incurred, including a determination to capitalize interest on debt if that determination was not a part of the original plan, or to increase or decrease the amount of interest on the debt to be capitalized; 3. Increase in the portion of the captured net tax capacity to be retained by the City; 4. Increase in total estimated tax increment expenditures; or 5. 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 TIF Plan. Pursuant to MS. Section 469.175 Subd. 4(b), the geographic area of the District may be reduced, but shall not be enlarged after five years following the date of certification of the original net tax capacity by the county auditor. If a renewal and renovation development district is enlarged, the reasons and supporting facts for the determination that the addition to the district meets the criteria of MS., Section 469.174, Subd. 10a must be documented in writing and retained. The requirements of this paragraph do not apply if (1) the only modification is elimination of parcel(s) from Development District No. 2 or the District and (2) (A) the current net tax capacity of the parcel(s) eliminated from the District equals or exceeds the net tax capacity of those parcel(s) in the District's original net tax capacity or (B) the City agrees that, notwithstanding MS., Section 469.177, Subd. I, the original net tax capacity will be reduced by no more than the current net tax capacity of the parcel(s) eliminated from the District. The City must notify the County Auditor of any modification that reduces or enlarges the geographic area of Development District No. 2 or the District. Modifications to the District in the form of a budget modification or an expansion of the boundaries will be recorded in the TIF Plan. Subsection 2 -17. Administrative Expenses In accordance with MS., Section 469.174, Subd. 14, and MS., Section 469.176, Subd. 3, administrative City of lc Canada 'Fax Increment Financing Plan for Tax Increment Financing District No. 2 -2 2 -7