10-27-1999 Council Agenda - Laserfiche WebLink

Home Browse Search

TIF District No. 3 -2 2.10 Modifications to District No. 3 -2 Certain modifications to District No. 3 -2 and this Plan require City approval upon the notice and after the discussion, public hearing and findings required for approval of the original plan.10 These modifications include: 5. any reduction or enlargement of the geographic area of the project or tax increment financing district; 6. 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 7. increase in the portion of the captured tax capacity to be retained by the City; 8. increase in total estimated tax increment expenditures; 9. designation of additional property to be acquired by the City. The geographic area of a tax increment financing district may be reduced, but shall not be enlarged after five years following the date of certification of the original tax capacity by the county auditor Modifications to District No. 3 -2 in the form of a budget modification or an expansion of the boundaries will be recorded in this subsection of the Plan. 2.11 Limitation of Increment Pursuant to Section 469.176, Subd. 1, of the Tax Increment Financing Act, no tax increment shall be paid to the City for the Tax Increment Financing District after three (3) years from the date of certification of the Original Net Tax Capacity value of the taxable property in the Tax Increment Financing District by the County Auditor unless within the three (3) years period: a) bonds have been issued pursuant to Section 469.178, or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to Chapter 474 prior to August 1, 1979, or b) the City has acquired property within the Tax Increment Financing District, or c) the City has constructed or caused to be constructed public improvements within the Tax Increment Financing District. ,,u,tst,uct.,l by apptuAittta y Nuvct.tl et 1998. The City issued bonds in 1995. The tax increment pledged to the payment of bonds and interest thereon may be discharged and the Tax Increment Financing 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 Minnesota Statutes, Section 469.176, Subdivision 6: 10 Minnesota Statutes, Section 469.175, Subdivision 4 Page 154 2 -12