02-14-1990 Council Agenda - Laserfiche WebLink

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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 list will be maintained by the Building Inspector of the City to document all building permits issued within the district for private redevelopment, including alterations, additions, new construction and demolition. 12. The tax increments received with respect to a Tax Increment Financing District shall be segregated by the City in a special account or accounts on its official books and records or as otherwise established by resolution of the City to be held by a trustee or trustees for the benefit of holders of the bonds. Minnesota Statutes, Section 469.177, Subd. 5. A -6 Page 34