04-25-1990 Council Agenda - Laserfiche WebLink

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year period: (a) bonds have been issued pursuant to Section 469.178 or in aid of a project pursuant to any other law, except revenue bonds issued pursuant to Sections 469.152 to 469.165, prior to August 1, 1979, or (b) the City has acquired property within a Tax Increment Financing District or (c) the City has constructed or caused to be constructed public improvements within a Tax Increment Financing District. 2. The tax increments pledged to the payment of bonds and interest thereon may be discharged and the Tax Increment Financing District may be terminated if sufficient funds have been irrevocably deposited in the debt service fund or other escrow account held in trust for all outstanding bonds to provide for the payment of the bonds at maturity or redemption date. 3. No tax increments shall in any event be paid to the City from a Tax Increment Financing District except in accordance with the limits set forth in Section 469.176. 4. If, after four (4) years from the date of certification of the gross tax capacity of the Tax Increment Financing District pursuant to Section 469.177 of the Tax Increment Financing Act, no demolition, rehabilitation or renovation of property or other site preparation, including improvements of a street adjacent to a parcel but not installation of an underground utility service, has been commenced on a parcel located within a Tax Increment Financing District by the City or by the owner of the parcel in accordance with the Tax Increment Financing Plan, no additional tax increments may be taken from that parcel, and the original gross tax capacity of that parcel shall be excluded from the original gross tax capacity of a Tax Increment Financing District. If the City or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel, including improvement of a street adjacent to that parcel, in accordance with a Tax Increment Financing Plan, the authority shall certify to the County Auditor that the activity has commenced, and the County Auditor shall certify the gross tax capacity thereof as most recently certified by the Commissioner of Revenue and add it to the original gross tax capacity of a Tax Increment Financing District. The City must submit to the County Auditor evidence that the required activity has taken place for each parcel in the district. The evidence for a parcel must be submitted by February 1 of the fifth year in which the parcel was certified as included in the district. For purposes of this subdivision, "parcel" means a tract or plat of land established as a single unit for purposes of assessment. A -5 page dF