09-23-1992 Council Agenda - Laserfiche WebLink

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C. Limitation on Duration of Tax Increment Financing Districts No tax increment shall be paid to an authority for a tax increment financing district after three years from the date of certification of the original net tax capacity of the taxable real property in the district by the County Auditor, unless within the three year period (1) bonds have been issued in aid of the project containing the district pursuant to Section 469.178, or any other law, except revenue bonds issued pursuant to Sections 469.152 to 469.165, or (2) the authority has acquired property within the district, or (3) the authority has constructed or caused to be constructed public improvements within the district. The City may therefore issue bonds, or acquire property, or construct or cause public improvements to be constructed by 1995 or the office of the County Auditor may dissolve the tax increment financing district. D. Limitation on Qualification of Property Tax Increment District Not Subject to Improvement Pursuant to Minnesota Statutes, Section 469.176, Subd. 6, "if, after four years from the date of certification of the original net tax capacity of the tax increment financing district..., no demolition, rehabilitation or renovation of property or other site preparation including qualified improvement of a street adjacent to a parcel but not installation of utility service including sewer or water systems, has been commenced on a parcel located within the tax increment financing district by the Authority or by the owner of the parcel in accordance with the tax increment financing plan, no additional tax increment may be taken from the parcel and the original net tax capacity value of that parcel shall be excluded from the original net tax capacity value of the tax increment financing district. If the Authority or the owner of the parcel subsequently commences demolition, rehabilitation or renovation or other site preparation on that parcel including qualified improvement of a street adjacent to that parcel, in accordance with the tax increment financing plan, the Authority shall certify to the County Auditor that the activity has commenced, and the County Auditor shall certify the tax capacity value thereof as most recently certified by the Commissioner of Revenue and add it to the original net tax capacity of the tax increment financing district. The evidence for a parcel must be submitted to the County Auditor by February 1 of the fifth year following the year in which the parcel was certified as included in the district. 15 Page 38