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accordance with M.S., Sections 469.174 to 469.1799, as amended, inclusive, find that the modified area
<br />to be included in the District, meet the qualifications of a redevelopment district pursuant to M.S.,
<br />Section 469.174, Subd.10a. as follows:
<br />In meeting the statutory criteria the City relied on the following facts and findings:
<br />• The modified portion of the District qualifies as a redevelopment district, consisting of' 2 parcels
<br />and adjacent easement property.
<br />• An inventory shows that parcels consisting of more than 70 percent of the area in the District are
<br />occupied by buildings, streets, utilities, paved or gravel parking lots, or other similar structures.
<br />• An inspection of the buildings located within the modified portion of the District finds that more
<br />than 50 percent of the buildings are structurally substandard as defined in the TIF Act. (See
<br />Appendix F).
<br />Subsection 2 -7. Duration and First Year of Tax Increment of the District
<br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration and first year of tax
<br />increment of the District must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. 1b,
<br />the duration of the District will be 25 years after receipt of the first increment by the City (a total of 26 years
<br />of tax increment). The City elects to receive the first tax increment in 2011, which is no later than four years
<br />following the year of approval of the District. Thus, it is estimated that the District, including any
<br />modifications of the TIF Plan for subsequent phases or other changes. would terminate after 2037, or when
<br />the TIF Plan is satisfied. The City reserves the right to decertify the District prior to the legally required date.
<br />(AS MODIFIED APRIL 10, 2013)
<br />Pursuant to M.S., Section 469.175, Subd. 1, and Section 469.176, Subd. 1, the duration of the District
<br />must be indicated within the TIF Plan. Pursuant to M.S., Section 469.176, Subd. ib, the duration of
<br />the District will be 25 years after receipt of the first increment by the City (a total of 26 years of tax
<br />increment). The District has not yet received increment but expects its first payment in 2015. Thus,
<br />it is estimated that the District, including any modifications of the TIF Plan for subsequent phases or
<br />other changes, would terminate after December 31, 2040, or when the TIF Plan is satisfied. The City
<br />reserves the right to decertify the District prior to the legally required date.
<br />Subsection 2 -8. Original Tax Capacity, Tax Rate and Estimated Captured Net Tax Capacity
<br />Value/Increment and Notification of Prior Planned Improvements
<br />Pursuant to M.S., Section 469.174, Subd. 7andM.S., Section 469.177, Subd. 1, the Original Net Tax Capacity
<br />(ONTC) as certified for the District will be based on the market values placed on the property by the assessor
<br />in 2009 for taxes payable 2010.
<br />Pursuant to M.S., Section 469.177, Subds. 1 and 2, the County Auditor shall certify in each year (beginning
<br />in the payment year 2010) the amount by which the original value has increased or decreased as a result of:
<br />1. Change in tax exempt status of property;
<br />2. Reduction or enlargement of the geographic boundaries of the district;
<br />3. Change due to adJustments, negotiated or court - ordered abatements;
<br />4. Change in the use of the property and classification;
<br />5. Change in state law governing class rates; or
<br />6. Change in previously issued building permits.
<br />City of Little Canada Tax Increment Financing Plan for Tax Increment Financing District No. 6-1 2 -5
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