03-14-2013 Planning Agenda - Laserfiche WebLink

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(2) Minimal impact on police protection, fire protection and emergency medical services is expected as part of this modification. The probable impact of any general obligation tax increment bonds issued for the District on the ability to issue debt for general fund purposes is expected to be minimal. Currently, bonds are not being considered for financing the projects. (3) It is estimated that the amount of tax increments over the life of the District that would be attributable to school district levies, assuming the school district's share of the total local tax rate for all taxing jurisdictions remained the same is $276,872; (4) It is estimated that the amount of tax increments over the life of the District that would be attributable to county levies, assuming the county's share of the total local tax rate for all taxing jurisdictions remained the same is $1,097,451; (5) No requests for additional information from the county or school district regarding the proposed modification for this District were received. Subsection 2 -15. Supporting Documentation Pursuant to MS. Section 469.175, Subd. 1 (a), 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 (b)(2) and the findings are required in the resolution approving the District. Following is a list of reports and studies on file at the City that support the City's findings: • Cooperative development agreement with the developer. • TIF Eligibility Inspection report and analysis. • Discussions with Developer requesting TIF. (AS MODIFIED APRIL 10, 2013) • City of Little Canada Redevelopment Assessment, Proposed Amendment to TIF District No. 6 -1 (2945 and 2959 Lahore Road), Stephen Westerhaus, Building Official, February 6, 2013. Subsection 2 -16. 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: 1. 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, to the extent the property was purchased by the Authority with tax increments; 3. Principal and interest received on loans or other advances made by the Authority with tax increments; 4. Interest or other investment earnings on or from tax increments; 5. Repayments or return of tax increments made to the Authority under agreements for districts for which the request for certification was made after August 1, 1993; and 6. The market value homestead credit paid to the Authority under MS., Section 273.1384. City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6 -1 2 -16