07/02/2019 EDAC Packet - Laserfiche WebLink

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Lino Lakes Economic Development Authority, Minnesota TABLE OF CONTENTS Section Page(s) A. Definitions B. Statutory Authorization................................................................................................... 1 C. Statement of Need and Public Purpose......................................................................... 1 D. Statement of Objectives................................................................................................. 1 E. Designation of Tax Increment Financing District as a Housing District .......................... 2 F. Duration of the TIF District............................................................................................. 3 G. Property to be Included in the TIF District...................................................................... 3 H. Property to be Acquired in the TIF District..................................................................... 3 I. Specific Development Expected to Occur Within the TIF District ................................... 3 J. Findings and Need for Tax Increment Financing........................................................... 4 K. Estimated Public Costs.................................................................................................. 4 L. Estimated Sources of Revenue..................................................................................... 5 M. Estimated Amount of Bonded Indebtedness.................................................................. 5 N. Original Net Tax Capacity.............................................................................................. 5 0. Original Tax Capacity Rate............................................................................................ 6 P. Projected Retained Captured Net Tax Capacity and Projected Tax Increment ............. 6 Q. Use of Tax Increment..................................................................................................... 7 R. Excess Tax Increment................................................................................................... 8 S. Tax Increment Pooling and the Five -Year Rule............................................................. 8 T. Limitation on Administrative Expenses.......................................................................... 8 U. Limitation on Property Not Subject to Improvements - Four Year Rule ......................... 8 V. Estimated Impact on Other Taxing Jurisdictions............................................................ 9 W. Prior Planned Improvements......................................................................................... 9 X. Development Agreements............................................................................................. 10 Y. Assessment Agreements............................................................................................... 10 Z. Modifications of the Tax Increment Financing Plan ....................................................... 10 AA. Administration of the Tax Increment Financing Plan ...................................................... 10 AB. Filing TIF Plan, Financial Reporting and Disclosure Requirements ............................... 11 Map of the Tax Increment Financing District and Development District .............................................. EXHIBIT I TIF District Assumptions Report......................................................................................................... EXHIBIT II Projected Tax Increment Report......................................................................................................... EXHIBIT III Estimated Impact on Other Taxing Jurisdictions Report..................................................................... EXHIBIT IV