03-14-2013 Planning Agenda - Laserfiche WebLink

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Section 469.174, Subd. 10a. as follows: In meeting the statutory criteria the City relied on the following facts and findings: • The modified portion of the District qualifies as a redevelopment district, consisting of 2 parcels and adjacent easement property. • An inventory shows that parcels consisting of more than 70 percent of the area in the District are occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures. • An inspection of the buildings located within the modified portion of the District finds that more than 50 percent of the buildings are structurally substandard as defined in the TIF Act. (See Appendix F). Subsection 2 -7. Duration and First Year of Tax Increment of the District Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration and first year of tax increment of the District must be indicated within the TIF Plan. Pursuant to MS., Section 469.176, Subd. 1b, the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The City elects to receive the first tax increment in 201 I, which is no later than four years following the year of approval of the District. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after 2037, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. (AS MODIFIED APRIL 10, 2013) Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. lb, the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax increment). The District has not yet received increment but expects its first payment in 2015. Thus, it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or other changes, would terminate after December 31, 2040, or when the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date. Subsection 2 -8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity Value /Increment and Notification of Prior Planned Improvements Pursuant to M.S., Section 469.174, Subd. 7 and MS., Section 469.177, Subd. 1, the Original Net Tax Capacity (ONTC) as certified for the District will be based on the market values placed on the property by the assessor in 2009 for taxes payable 2010. Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning in the payment year 2010) the amount by which the original value has increased or decreased as a result of: I. Change in tax exempt status of property; 2. Reduction or enlargement of the geographic boundaries of the district; 3. Change due to adjustments, negotiated or court - ordered abatements; 4. Change in the use of the property and classification; 5. Change in state law governing class rates; or 6. Change in previously issued building permits. In any year in which the current Net Tax Capacity (NTC) value of the District declines below the ONTC, no City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6 -1 2 -5