03-14-2013 Planning Agenda - Laserfiche WebLink

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USES OF TAX INCREMENT FUNDS TOTAL Land /Building Acquisition $100,000 Site Improvements /Preparation $500,000 Utilities $500,000 Other Qualifying Improvements 580,000 Administrative Costs (up to 10 %) 5208.000 PROJECT COST TOTAL $1,388,000 Interest 5900,000 PROJECT AND INTEREST COSTS TOTAL $2,288,000 The total project cost, including financing costs (interest) listed in the table above does not exceed the total projected tax increments for the District as shown in Subsection 2 -9. Estimated capital and administrative costs listed above are subject to change among categories by modification of the TIF Plan without hearings and notices as required for approval of the initial TIF Plan, so long as the total capital and administrative costs combined do not exceed the total listed above. Further, the City may spend up to 20 percent of the tax increments from the District for activities (described in the table above) located outside the boundaries of the District but within the boundaries of the Project (including administrative costs, which are considered to be spend outside the District), subject to all other terms and conditions of this TIF Plan. Subsection 2 -11. Fiscal Disparities Election Pursuant to MS., Section 469.177, Subd. 3, the City may elect one of two methods to calculate fiscal disparities. If the calculations pursuant to M.S., Section 469.177, Subd. 3, clause a, (outside the District) are followed, the following method of computation shall apply: (1) The original net tax capacity and the current net tax capacity shall be determined before the application of the fiscal disparity provisions of Chapter 276A or 473F. Where the original net tax capacity is equal to or greater- than the current net tax capacity, there is no captured net tax capacity and no tax increment determination. Where the original net tax capacity is less than the current net tax capacity, the difference between the original net tax capacity and the current net tax capacity is the captured net tax capacity. This amount less any portion thereof which the authority has designated, in its tax increment financing plan, to share with the local taxing districts is the retained captured net tax capacity of the authority. (2) The county auditor shall exclude the retained captured net tax capacity of the authority front the net tax capacity of the local taxing districts in determining local taxing district tax rates. The local tax rates so determined are to be extended against the retained captured net tax capacity of the authority as well as the net tax capacity of the local taxing districts. The tax generated by the extension of the lesser of (A) the local taxing district tax rates or (B) the original local tax rate to the retained captured nn tax capacity of the authority is the tax increment of the authority. City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6 -1 2 -10