04-25-1990 Council Agenda - Laserfiche WebLink

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The plans should be addressed as follows: Department of Revenue Centennial Office Building St. Paul, Minnesota 55155 6. The Administrator shall seek modification of a Tax Increment Financing Plan for a Tax Increment Financing District by the process required for approval of the original Tax Increment Financing Plan if the City seeks to do any of the following: (a) reduce or enlarge the geographic area of the Tax Increment Financing District (the geographic area can be reduced but not enlarged after five (5) years following certification of the gross tax capacity of the Tax Increment Financing District); (b) increase the amount of bonded indebtedness to be incurred, including a determination to capitalize interest on the debt if the determination was not part of the original plan or to increase or decrease the amount of interest on the debt to be capitalized; (c) increase the portion of captured gross tax capacity to be retained by the City; (d) increase the total estimated tax increment expenditures; or (e) designate additional property to be acquired by the City. Minnesota Statutes, Section 469.175, Subd. 4. 7. On or before July 1 of each year, the Administrator shall submit to the Ramsey County Board, all affected school boards, to the Commissioner of Trade and Economic Development, and to the State Auditor a report of the status of each Tax Increment Financing District in Development District No. 1. The information to be included in the report is given in the model form attached hereto. Minnesota Statutes, Section 469.175, Subd. 5 and 6. 8. An annual statement showing the net tax capacity received and expended in that year, the original net tax capacity, the captured nettax capacity, the amount of outstanding bonded indebtedness and any additional information the City deems necessary shall be published in a newspaper of general circulation in the City. Minnesota Statutes, Section 469.175, Subd. 5. A -3 Page 44