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G. Bonded Indebtedness. It is estimated that <br />approximately $895,000 of bonded indebtedness may be <br />incurred with respect to the project located within Tax <br />Increment Financing District No. 4. However, the City <br />wishes to reserve the right to pay for the public costs <br />listed in Subsection 1.8 of the Development Program as <br />tax increments are generated and become available in <br />lieu of issuing Tax Increment Bonds. <br />Subsection 1.16. Proposed Development Analysis. Pursuant <br />to Minnesota Statutes, Section 469.175, Subd. 1(7), specific <br />findings and analysis relating to the,proposed development in Tax <br />Increment Financing District No. 4 must be identified. Exhibit <br />II-8 contains all information relating to the determination that <br />the proposed development in the opinion of the City, would not <br />reasonably be expected to occur through private investment within <br />the reasonably foreseeable future, therefore, the use of tax <br />increment is deemed necessary. <br />Subsection 1.17. Tax Increment Financing Account for Tax <br />Increment Financing District No. 4. The tax increment received <br />with respect to Tax Increment Financing District No. 4 will be <br />submitted to the City and segregated by the City in a special <br />account or accounts on its official books and records or as <br />otherwise established by resolution of the City. <br />Subsection 1.18. Modification of Tax Increment Financing <br />District No. 4 and /or Tax Increment Financing Plan. Modi- <br />fications to this Tax Increment Financing Plan will be made in <br />accordance with the Act. <br />1556 <br />1 -8 <br />Pane '2p <br />